The Cross River State Government has announced plans to unveil a N30 billion commercial agriculture development fund aimed at providing farmers with access to loans to boost agriculture and ensure food sufficiency in the state. The announcement was made by the Commissioner for Agriculture and Irrigation Development, Mr. Johnson Ebokpo, and the Commissioner for Information, Mr. Erasmus Ekpang.
The fund, provided and guaranteed by the state government, will be warehoused by a consortium of banks. The initiative aims to transition farmers from subsistence farming to commercial farming and enhance the agricultural value chain in the state. Focus areas include boosting maize, cassava, aquaculture, and rice farming, with the goal of promoting all-year-round farming.
Mr. Ebokpo highlighted the need for the fund to address challenges faced by farmers in accessing loans. The state, with about 1.8 million hectares of arable land, aims to cultivate more maize to meet local demand, especially for flour mills in Calabar.
The commissioner emphasized that the fund’s principal contribution would come from the state government, with the potential for banks and international development partners to bridge the gap based on the government’s commitment.
In addition to the agriculture development fund, the state will soon launch the Code River State-Wide Irrigation Infrastructure Development Project. This initiative aims to support year-round agricultural production and attract investments in the cassava sub-sector.
Mr. Ekpang discussed the state’s efforts to reduce fiscal wastage and subsidize productivity, focusing on soil survey and fertility mapping, the development of oil palm seedling nurseries, and the Home Stead Farming Project to address food insecurity.
The proactive measures and policies underscore the state government’s commitment to transforming agriculture, promoting sustainability, and ensuring long-term prosperity for its residents.