The inaugural ceremony attracted farmers from all parts of the state yesterday.
The revolving loan, initiated to promote commercial agriculture has a maximum tenor of seven years and a year moratorium with 9.4 per cent annual interest rate.
Obi said that all the necessary measures have been taken to ensure that only genuine farmers benefitted form the largesse.
He said the beneficiaries were selected by All Farmers Association of Nigeria (AFAN).
Obi said that his administration was playing a key role in the ongoing efforts of the Federal Government to achieve food security and reduce importation.
He also spoke of plans to reposition the Omor Rice Mill and another mill at Ebenebe, Awka North Local Government Area to ensure self-sufficiency in rice production.
The Permanent Secretaryof the Ministry of Agriculture, Mr. Andy Umeobi, said the scheme would increase agricultural output, generate employment, diversify the revenue base, increase foreign earnings and provide the necessary raw materials for agro-based industries.
AFAN Chairman Nnamdi Mekoh said the inauguration of the scheme marked a turning point in the development of agriculture.
He noted that the governor has through the scheme touched the lives of more than 10,000 farming families and reduced state dependency on other states for food needs by 30 per cent.
Mekoh assured that the funds will be judiciously utilised.
Two of the beneficiaries – Mrs. Amaka Odunukwe and Mr. Samuel Nwafor thanked the governor for his intervention and assured to make judicious use of the funds.
Agriculture Minister Dr. Adewunmi Adesina, who was represented by Uche Nwafor, commended Obi’s efforts for being the first to key into the agricultural transformation agenda of the Federal Government.
Source: The Nation