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Monday, July 18, 2011

N3.04trn loan to boost Soya-bean production in Nigeria

As a demonstration by Sterling Bank's commitment to lending to the agricultural sector in the nation, Sterling bank aided the Karma Milk Industries Ltd with $20m, about N3.04 trillion, for its Soya Bean Processing Mill and Edible Oil Refinery Plant in Abuja.

The aid, which is the main objective of Commercial Agriculture Credit Scheme (CACS) established by the Central Bank of Nigeria, to provide farmers with funds in order to enhance national food security among others, reports The Nation.

Karma Milk Industries Ltd, the Nigeria-based farm has started the establishment of a N3.04 trillion factory that would take charge of delivery of locally produced soya beans after harvest this year.

It is expected that through this huge investment Sterling Bank will make provision for reposition of soya bean production in the country. Read more


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