Why CBN Is Worried For Livestock Farmers
Banks are not lending to businesses in Nigeria, especially small ones, and one of the businesses hardest hit is livestock farming.
Livestock farmers make sure we get all the animal protein that we need. But lack of access to finance from banks and other formal financial institutions is threatening the sector, according to Central Bank of Nigeria, CBN.
CBN said it became worried after it discovered that less than 20% of the total sum of credit extended to agriculture goes to the livestock sub-sector.
The Director, Development Finance Department of the CBN, Dr Mudashiru Olaitan, disclosed this on Monday in Kano in his keynote address, at a workshop on Sustainable Financing of Livestock Development in Nigeria.
He noted that the livestock sub-sector, accounted for one-third of Nigeria’s Agricultural Gross Domestic Product.
Olaitan said the unwholesome scenario, informed the decision of the CBN to organise the workshop, in order to sensitise and educate livestock farmers on how to access loans to better their fortunes.
According to him, the sub-sector, comprises herds of cows, sheep and goats which provides edible products such as meat, milk, butter, cheese and yoghurt, as well as non-edibles drawn from hides and skin, feathers, horns and fur.
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