The Central Bank said loans between N100,000 and N10 million have been provided for artisans, entrepreneurs and small business operators to assist them grow their outfits, noting that Nigeria, as a country, in the past used the revenue proceeds from oil to import consumables such as rice, eggs, toothpicks, palm oil, etc. but intervention programmes by the bank had led to the ban on the importation of 43 items.
The Branch Controller of the Central Bank in Akwa Ibom state, Mrs. Ogbomon Paul, while speaking at the event, said:
“Cassava, cotton and soya beans farmers in Cross River State are to benefit from CBN’s Anchor Borrowers’ Scheme, which was initially initiated for increased rice production“.
“Anchor Borrowers’ Scheme is loan to farmers without collateral and the benefiting farmers are given farm inputs and cash to cultivate their farms and with the experiment on rice which has achieved huge success, it is time to extend the scheme to cotton, soya beans and cassava farmers,” the bank said.
The CBN Governor, since assumption of office, has initiated several programmes aimed at growing the economy of Nigeria and also bring closer to the people schemes to help them achieve financial stability and growth through taking advantage of the bank’s intervention initiatives.