Nigeria took a step towards improving her declining farm production by establishing a new Agricultural Credit Bank this week.
LV INT Gowon and Chiefs of Staff
CU Gowon speaking
(SOUND STARTS: "The cardinal aim....."
SOUND ENDS: "...agricultural industry.")
SV General Manager of Bank receives certificate from General Gowon, delegates applaud (2 shots)
GENERAL GOWON: "The cardinal aim of the Bank is to improve our agricultural production techniques and stimulate the production, storage and marketing of our agricultural products. To this end, it will grant loans on easy terms to State Governments or institutions to finance both short term and long-term projects in all branches of agriculture, including horticulture, pig and poultry farming, ranching and animal husbandry, forestry and fisheries. The State Governments or institutions may lend all or part of such loans to farmers or cooperative societies and such other farmers' organisations.
"It is in this context that the launching of the Nigerian Agricultural Bank is such an important landmark in the history of agricultural development in this country. For the first time in our history, farmers will have access to a national financial institution devoted entirely to investing in all aspects of the agricultural industry."
Initials BB/1603 TH/AW/BB/1551
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Background: Nigeria took a step towards improving her declining farm production by establishing a new Agricultural Credit Bank this week. The bank will have an initial working capital of 12 million Naira (about 6.9 million sterling), and at the formal launching ceremony on Tuesday (March 6) Nigerian Head of State General Yakubu Gowon said more funds would be available as operations expand.
SYNOPSIS: This new bank in Lagos is aimed at improving farm production. Farmers can receive loans to increase their output. Head of State General Gowon explained the bank's function at Tuesday's opening:
The manager received the bank's certificate from General Gowon. Initially there'll be a capital of nearly seven million pounds.