Calabar - A total of 565 farmers have benefitted from the N1 billion agriculture loan in the state, Mr Emmanuel Abung, the Coordinator, Farm Credit Scheme, has said.
Abung disclosed this while speaking with newsmen in Calabar on Friday.
"The N1 billion agriculture loan is disbursed on a single digit interest rate to 565 farmers in Cross River."
He explained that the state Ministry of Agriculture was supervising the disbursement of loan facilities provided by the state government.
According to him, the loan has created job opportunities for the people as well as reduced poverty in the state.
He said that the beneficiaries were complying with the payment schedule, adding that any defaulters would be sanctioned.
''It is expected that there will be food security and stability as the scheme stands a healthy chance of continuity."
The coordinator urged farmers who had yet to join any cooperative society to do so in order to access the loan and advised those who have farm lands and collateral to also apply for the loan to enhance their agricultural activities.
Abung gave assurance that the state government would continue to provide a conducive atmosphere for agricultural loan administration.
He said that the beneficiaries had better chances of "reaping bountifully from their investments and then pay back with smiles".