The Federal Government has intensified the implementation of the Nigeria Industrial Revolution Plan. The plan was launched by President Goodluck Jonathan at the beginning of his administration to help stimulate growth in the industries. The Minister of Industry, Trade and Investment Olusegun Aganga said in Abuja that five new policies would soon be unveiled for the steel, textile and garments, palm and vegetable oil, cocoa processing and petro-chemical sectors.
A pilot programme was commenced to help farmers borrow up to 75 per cent of the value of their commodities in the custody of the Abuja Securities and Commodity Exchange.
We have a pilot programme which is mainly to support the agriculture Transformation Agenda. This is primarily to support our farmers in five commodities. Our farmers can now bring their products to a warehouse, where once they have been accepted, the farmers are able to borrow 75 per cent of the value of what they deposited in the warehouse. This will transform how those commodities are sold and solve a number of problems, thus making it easier for farmers to access loans to produce these commodities,” said the minister.
Aganga explained the Federal Government was working with Stanbic IBTC Bank to support farmers in the scheme, adding the move would enable them to produce more products. The minister also said that the code of corporate governance had been harmonised, noting that unlike before when it only regulated the conduct of private sector businesses, the public sector would now be governed by the new code.