Bank loan

Cocoa and plantain farmers secure N2.5 billion bank loan

The Cocoa and Plantain Farmers Association of Nigeria said it secured a N2.5 billion loan for its members from a commercial bank to support their farming ventures.

The national chairman of the association, Mr. Ayodele Ojo revealed this while celebrating the group’s second anniversary in Akure, the capital of Ondo State, saying that the disbursement of the loan would start in April this year. year.

He congratulated the President, Major General Muhammadu Buhari (Retired) for the support given to the association.

He said the association applied for the loan from the Central Bank of Nigeria.

He said, “We thank God, it’s been two years today since we started the association; we are currently in 26 states. We thank the government for the support it has given us. We wrote the CBN and they got back to us as well. Very soon, the bank would release the money for cocoa and plantain farmers.

“We have written to the CBN requesting 2.5 billion naira for our members spread across 18 states of the federation. We had over 3,000 members before, but now we are over 60,000. At the end of April, the loan would be disbursed.

The chairman of CPFAN said that the association has established plantain processing factories in Anambra State, adding that there is a plan to establish cocoa and plantain factories in all six geopolitical zones of the country.

A member of the association, Ms. Helen Madu, who represented Anambra State at the anniversary event, revealed that Anambra factories will soon be inaugurated.

“Now we are building processing factories in Nnewi. We want to start producing cocoa drinks. When we launched in Enugu, our drinks were served. Similarly, during our inauguration at Awka, it was our products that were served. The processing plants would be inaugurated in February this year,” she said.

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