Premier Seeds MD appeals against CBN monetary policy, says will affect farmers

One of the strongest seeds producing companies in Nigeria and Africa Managing Director (MD) Dr. Ibitoye Oyewole has called on the country's Apex Bank to be very considerate of inflationary effects its Monetary Policy Rate ( MPR) on commercial banks saying the negative effect will bounce back on farmers in terms of increase in improved seeds prices.

The Premier Seeds MD Dr. Ibitoye Oyewole said this to Foodfarmnews in his office at Zaria, Kaduna state last Monday during a brief interview session on President Ahmed Bola Tinubu state of emergency declaration on food security in Nigeria.

Oyewole argued that for the Mr. President's  declaration to be very effective, there must be consideration to policies that would enhance productivity through food value chains system adding that the CBN harch policy on commercial banks through high MPR would impact negatively on loan charges to private Agricultural companies who might be left to the option of increasing their products'  prices, and thereby impacting negatively on farmers disposal income and food security entirely.

According to him " the CBN increase of MPR from 18.5% to 22.75% to commercial banks does not show any concern for agricultural private companies whose loan charges might be negatively affected after the order of CBN on them"

He said further " You know MPR is a benchmark rate by CBN to regulate monetary policy within the economy. It is one of the parameters employed by the CBN to maintain inflationary pressure and economic stability. But by increasing the rate may affect agricutural private companies in terms of loans rate increase"

" Why we are saying this is to check likely increase in the prices of quality seeds that are sold to farmers together with affiliated hike price borden that could hinder food security in the country"

Dr. Oyewole called the attention of Mr. President to this for immediate actions through the CBN in order to ameliorate farmers' challenges and to ensure food security.

He admitted that private companies especially those in the food system value chains must be supportive to help the economy through taking viable economic risk that would remove the nation out of her present predicament, adding that Government also must be ready to ensure friendly business policies through efficient infrastructure that will be an enablers to economic growth in the country.

He promised that his company will not relent in its productivity to seeds system in the country saying " we will continue to re- imaging seeds availability and ensure reduction of farmers' vulnerability to fake seeds with adequate improved quality seeds varieties availability"