Nigerian Banks to Fund Agri-Business, Exports with 5% profit
The Bankers Committee of the Central Bank of Nigeria are to contribute 5 percent of their annual profit after tax to an agriculture fund. This is in line with the current administration’s efforts at diversifying the nation’s economy. The fund to be domiciled in the CBN is to be used as equity stakes in agri-businesses and for other sectors that would make a success of the import-substitution program of the federal government.The scheme is such that each bank has an equity holding based on its annual contributions.
Any industry that is into processing of agricultural produce towards export or towards imports substitution would be eligible to benefit from the plan. The plan would commence this year using 2016 Financial Accounts of banks which could be published anytime from April. Immense infrastructure had been put in place to provide the necessary platform for its success. Included is re-introducing the cashless policy that was introduced in 2012. By doing this, they take care to ensure that the vulnerable among them are well protected. Ponzi and other virtual currency businesses are unregulated and highly risky, so Nigerians should avoid them.
For the full article, CLICK HERE.