Unity Bank to help farmers increase cashew production by 43%


By Peter Egwuatu.
Banking hall.
UNITY Bank Plc has actually concluded plan to fund the Nigerian cashew farmers to increase production by 43 percent to 50,000 metric tonnes from 35,000 metric tonnes.
Speaking at a top arranged by the bank in cooperation with the Association of Cashew Farmers, Processors and Aggregators of Nigeria, ACFAP, in Lagos, Minister of Farming, Sabo Nanono stated: “Nigeria is presently the 6th biggest manufacturer of cashew worldwide, with the nation producing an approximated 350,000 metric tonnes of cashew nuts and producing over $813 million in forex profits over the previous 3 years.”.

He kept in mind that the Unity Bank’s collaboration is anticipated to supply financing chances for farmers to increase production to about 500,000 metric tonnes over the next 3 years.”.
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Speaking on what motivated the bank’s collaboration, the Handling Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun specified that the assistance of ACFAP enhances the bank’s enduring dedication to the arrangement of financing for industrial farming, out-growers’ plans for little holder farmers and different product associations.”.
Represented by the bank’s Head of Agribusiness, Mrs. Patricia Ahunanya, Somefun stated: “The top has actually allowed us to re-engage with stakeholders to much better value where financing requirements are most needed now and in the medium term, to efficiently establish the sub-sector for the advantage of the economy at big”.
Somefun described that Unity Bank has, through active involvement in the Reserve bank of Nigeria, CBN’s intervention funds and other efforts, been at the leading edge of supporting smallholder farmers with the goal to drive the federal government’s program to diversify the economy through promoting development in the farming sector and its worth chain.”.
She stated: “Unity Bank has a tactical company goal anchored on farming, retail/SME and rural advancement and has actually established an effective company design that allows it to help with strong assistance efforts to significant product associations such as RIFAN, NACOTAN, MAAN, WFAN, Soybeans Farmers Association, and so on to successfully connect to specific gamers in Agribusiness.”.



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