Commodity Development Initiative: Tomatoes

Development Finance | Agriculture | Manufacturing | MSMEs | Health | Energy/Infrastructure | Financial Inclusion | National Collateral Registry | Export

Commodity Development Initiative | Cassava | Cocoa| Cotton | Fishery | Livestock and Dairy | Maize | Oil Palm | Poultry | Rice| Soya Bean | Tomatoes | Wheat

Overview

Based on the successes recorded in the increased level of local rice production under the ABP, the Bank introduced other commodities into the scheme. The Tomato value chain was added to the crops financed under the ABP in the 2019 dry season production cycle with a total number of 10,000 beneficiaries, cultivating 10,000 hectares in Kano State as the pilot state. The Bank's intervention in the development of the Tomato value chain is hinged on the desire to improve local production to meet local demand.

Objective of the Initiative

The objectives include:

• To increase local tomato production to reduce the import bill
• Ensure 85% backward integration in tomato value chain.
• Increase current yields of tomato
• Create at least 65,000 jobs along the tomato value chain.

Frequently Asked Questions

Why is Tomato one of the Focal Commodities of the Central Bank of Nigeria?

Tomato is an important ingredient in most Nigerian dishes and Nigeria imports a significant amount to meet the increasing demand not met by local production. As with other focal commodities also, it is to ensure the nation's self-sufficiency in food production to ultimately conserve foreign reserves and curtail imports.

How is the Central Bank of Nigeria promoting the local production of Tomato?

The Bank provides loans in cash and in-kind to Small Holder Farmers through the National Association of Tomato Producers to boost local production. High quality inputs such as seedlings and fertilizers are provided at a single digit interest rate (at 5% p.a to revert to 9% in March 2022).