CBN Governor says 2.9 million farmers financed by way of the Anchor Borrowers’ Programme

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The Governor of the Central Bank of Nigeria Mr. Godwin Emefiele visited Kebbi State to mark a big milestone achieved by the Anchors Borrowers Programme.

The Anchors Borrowers Programme is a Federal Government Initiative with the target of bridging the hole between small scale farmers and the monetary sector within the nation.

The CBN Governor speaking on the fifth anniversary of the Anchor Borrowers’ Programme (ABP) highlighted the nice and untapped alternative the Agriculture sector holds for the nation,

The programme which was the flag-off of the 2020 moist season harvest aggregation and 2020 dry season enter distribution below the CBN-Rice Farmers’ Association of Nigeria (RIFAN) was hosted at Zauro, Kebbi State.

Emefiele said that the Anchor Borrowers Programme is a part of President Muhammadu Buhari’s initiative to spearhead the diversification of the Nigerian financial system by bettering the output of rural farmers.

Mr. Emefiele went additional by highlighting the success of the initiative in since its inception. He listed the next;

  • 2,923,937 farmers have benefitted from the Programme.
  • 3,647,643 hectares have been cultivated by farmers below the Programme.
  • 21 commodity sectors benefited from this system.
  • In the 2020 moist season Banks below the CBN-RIFAN partnership financed 221,450 farmers for the cultivation of 221,450 hectares in 32 States.

On the general success of the Anchor Programme, the CBN Governor said that the favored rhetoric of agriculture being a uncared for sector within the Nigerian financial system is now a factor of the previous. He careworn the necessity for Nigeria to begin increase its agricultural reserves in order to be in a robust place when the wet days arrive.

“The rhetoric around neglect of previous years will remain part of our history and the best time to correct those mistakes is now and every stakeholder must contribute their quota to guarantee the realization of these national targets.

“Covid-19 and the associated lockdowns globally have shown that nations only export out of their reserves. Let us start building our own reserves now,” Emefiele mentioned.

On the profitable partnership between the CBN, the Kebbi State Government and RIFAN, Mr. Emefiele expressed satisfaction with President Buhari’s Economic Sustainability Plan

The Kebbi State Governor Sen. Abubakar Atiku Bagudu and the president of the Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo expressed gratitude to the Muhammadu Buhari administration for the profitable Agricultural Programme.

 What to know 

  • The President Buhari administration accepted the revamping and resuscitation of the Nigerian Commodity Exchange to boost post-harvest dealing with, assure efficient pricing for farmers, and reduce the antagonistic impact of middlemen.
  • The Central Bank of Nigeria flagged-off the 2020 enter distribution to rice farmers and mortgage restoration drive below the RIFAN-CBN Anchor Borrowers’ Programme.
  • The CBN made a N50bn commitment to the Nigerian Commodity Exchange so as to get it operating at its finest and impression the lives of small and medium farmers in Nigeria.

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