Lamido Sanusi promises improved agriculture lending

Jan 26, 2011

Nigeria's Central Bank Governor has pledged to boost lending to the country's agriculture sector during 2011.

According to figures from the News Agency of Nigeria, published by the news source, Nigeria's Central Bank distributed 8.281 billion Nigerian naira (€39.67 million) during the fourth quarter of 2010 through its Commercial Agriculture Credit Scheme.

Mr Lamido Sanusi made the guarantee at the investiture ceremony of the Man of the Year Award - which was held in Ibadfan last week - and also used the event as an opportunity to say the central bank will work on diversifying its range of products over the course of the year.

He added that "at least four" of the banks in the country that had to be bailed out will have finished their memorandum of understandings within the next few weeks, putting their recapitalisation on track to be completed "by the first half of this year".

Earlier this month, Nigeria's state asset management company AMCOM said it is issuing zero-coupon bonds worth 500 billion naira as part of a move to rid banks of toxic assets.