Wheat farmers received N41 billion in intervention funds to help with output, according to Heritage Bank Executive Director George Oko-Oboh, at a time when the country’s availability of the commodity decreased due to the conflict between Russia and Ukraine.
The Central Bank of Nigeria (CBN) has distributed N41 billion through Heritage Bank to help with the effects of the war. At the 15th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), titled “Repositioning the Financial Services Industry for an Evolving Global Context,” held in Abuja, Oko-Oboh made this revelation.
He explained that “As a Bank, we partnered CBN and other stakeholders such as wheat farmers association of Nigeria, wheat farmers, processors and marketers’ association of Nigeria, Lake Chad Research Institute and other development partners, flour mills of Nigeria, and several seed companies and others to support over 100,000 farmers in wheat production.”
Oko-Oboh further stated that “Also, Heritage Bank further factored consideration of value addition of financial services and products flowing to and/or through value chain participants to address and alleviate constraints to growth that have distorted product financing, receivables financing, physical-asset collateralization, risk mitigation products, and financial enhancements.”
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