The Central Bank of Nigeria has flagged-off the 2020 input distribution to rice farmers and loan recovery drive under the RIFAN-CBN Anchor Borrowers’ Programme.
This is according to a disclosure by the apex bank on Facebook, as seen by Nairametrics.
Nairametrics had earlier in February 2020 reported that CBN is facing a herculean task in recouping loans disbursed to concerned farmers under its Anchor Borrowers Programme since 2015.
- Despite the challenges, the Central Bank of Nigeria revealed that beneficiaries of the RIFAN-CBN ABP have increased over the years, from an inaugural 75,000 beneficiaries in 26 states to about 275,000 beneficiaries; majority of whom were empowered in 2018 across the 36 states and FCT to cultivate 220,000 hectares.
- The apex bank also revealed that beyond rice, the Commodity Association Window has been expanded to cover more commodities like maize, cassava, sorghum, soybean, ginger etc.
What they are saying
Commenting on the recent development, CBN governor, Godwin Emefiele said:
- “Anchor Borrowers’ Programme has proven to be a game-changer in the financing of Smallholder farmers in Nigeria, as it has revolutionized agricultural financing and has remained the fulcrum of our agricultural transformation initiatives. Beyond being a tool for economic empowerment, job creation, and wealth redistribution, it has also galvanized financial inclusion in our rural communities.”
- “With a population of about 200 million people, importation of any major food item will continually drain our external reserves, export our jobs to countries where those food items are produced, and distort our commodity value chains as we will not be able to guarantee the supply of raw materials for our agro-allied companies.”
Why it matters
As implicitly stated by the CBN, the initiative has a potential of saving our hard-earned forex, creating more jobs, ensuring the smooth transition of our commodity value chain, and ensuring steady supply of raw materials for our agro-allied companies.
Is Rifan a loan? If so how long does it take to pay back