CBN says 3.8 million farmers benefitted from Anchor Borrowers’ Programme, disburses N554 bn

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The Central Bank of Nigeria (CBN) has revealed that 3.8 million farmers have up to now benefited from its Anchor Borrowers’ Programme (ABP).

The apex financial institution additionally stated that N554.61 billion has up to now been disbursed to the beneficiaries by way of the programme since its inception in 2015.

This disclosure was made by the CBN Director for Development Finance, Mr Yila Yusuf, throughout an interview with the News Agency of Nigeria (NAN) on Friday, March 5, in Abuja.

While commending President Muhammadu Buhari for taking the initiative to begin the programme, Yusuf stated the programme had carried out so much to assist farmers enhance their yields and generate employment.

What the CBN Director for Development Finance is saying

Yusuf on the interview stated, “We have to commend President  Buhari for putting the ABP in place. Over 3.8 million farmers have so far benefited from the programme. The multiplier effect on the economy is huge.

“The ABP has helped farmers improve their yields. For maize, we now do five metric tonnes per hectare and for rice, we’re improving from four metric tonnes to 10 metric tonnes per hectare.

“We will be trying out some Brazilian seeds that we will give to the anchors and their association,” he stated.

He stated the CBN was making efforts to maintain costs secure and to make sure meals safety including that the programme had contributed to meals sufficiency throughout the international lockdown occasioned by COVID-19.

He stated, “Apart from jobs which were created, there may be additionally productiveness, which is necessary to CBN. We additionally take a look at how we are able to maintain costs secure as a result of meals safety is essential. Quite a lot of international locations went into protectionist temper as a consequence of COVID-19, if we didn’t have this programme we might be in deep trouble.’’

The CBN Director additionally stated that as a approach of encouraging extra farmers into ABP, the apex financial institution now not took money from them as reimbursement for his or her loans.

He stated, “We charge each single commodity they produce and assure the costs. This will encourage extra farmers to enrol within the programme.’’

What it is best to know

  • The Anchors Borrowers Programme which was launched by President Muhammadu Buhari on November 17, 2015, was supposed to create a linkage between anchor corporations concerned within the processing and smallholder farmers of the required key agricultural commodities.
  • The thrust of the programme is the availability of farm inputs in money and sort to smallholder farmers to spice up manufacturing of those commodities, stabilize enter provide to agro-processors and tackle the nation’s detrimental stability of funds on meals.
  • The Governor of the Central Bank of Nigeria Mr. Godwin Emefiele visited Kebbi State to mark a significant milestone achieved by the Anchors Borrowers Programme.

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