Agriculture
Banks to contribute 5% profit into a new Agric development Fund initiative
Banks (DMBs) operating in the country are now to contribute 5 per cent of their annual Profit After Tax to an Agriculture Development Fund, that will utilised to pursue Nigeria’s economic diversification efforts.
The Director of Banking Supervision of the Central Bank of Nigeria (CBN) Mr. Ahmad Abdullahi, disclosed this at the end of first 2017 Bankers’ Committee meeting, in Abuja.
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 programme of the federal government.
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