Ondo State governor, Dr Olusegun Mimiko, has inaugurated the disbursement of N1 billion that was part of the share of the state in the agriculture loan put in place by the Federal Government.

This made the state to become the first in the country to benefit from and disburse to farmers the large scale agricultural credit scheme meant to fast-track the development of the agricultural sector and boost food production in the nation.

Presenting the letters of offer to the beneficiaries from the 18 local government areas of the state in Akure, Governor Mimiko disclosed that the commercial agriculture credit scheme was meant for the production of crops such as maize, cassava and vegetables, adding that livestock, fisheries and agricultural processing activities were also involved.

He said the scheme offered to states by the Federal Government was to upscale productivity, employment generation, diversification of the revenue base and increase in foreign exchange earning capacity.

The governor added that the move would also ensure availability of raw materials for the industrial sector of the Nigerian economy.

He said: “In line with our strategy, the state has accessed the N1.0 billion commercial agriculture credit facility for on-lending to our farmers.

The state executive council, as part of its implementation strategies, constituted both the Cabinet and Technical Committees working in collaboration with officials of the Central Bank of Nigeria, United Bank for Africa Plc (UBA) and other stakeholders to determine the modus operandi for the loan scheme.”