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Home Business News Business

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

Chike Olisah by Chike Olisah
March 5, 2021
in Business
Ghanaian farmers seek adoption of Nigeria’s rice ban policy 
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The Central Bank of Nigeria (CBN) has revealed that 3.8 million farmers have so far benefited from its Anchor Borrowers’ Programme (ABP).

The apex bank also said that N554.61 billion has so far been disbursed to the beneficiaries through the programme since its inception in 2015.

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

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While commending President Muhammadu Buhari for taking the initiative to start the programme, Yusuf said the programme had done a lot to help farmers improve their yields and generate employment.

What the CBN Director for Development Finance is saying

Yusuf at the interview said, “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 said.

He said the CBN was making efforts to keep prices stable and to ensure food security adding that the programme had contributed to food sufficiency during the global lockdown occasioned by COVID-19.

He said, “Apart from jobs that have been created, there is also productivity, which is important to CBN. We also look at how we can keep prices stable because food security is very important. A lot of countries went into protectionist mood due to COVID-19, if we did not have this programme we would be in serious trouble.’’

The CBN Director also said that as a way of encouraging more farmers into ABP, the apex bank no longer took cash from them as repayment for their loans.

He said, “We rate every single commodity they produce and guarantee the prices. This will encourage more farmers to enrol in the programme.’’

What you should know

  • The Anchors Borrowers Programme which was launched by President Muhammadu Buhari on November 17, 2015, was intended to create a linkage between anchor companies involved in the processing and smallholder farmers of the required key agricultural commodities.
  • The thrust of the programme is the provision of farm inputs in cash and kind to smallholder farmers to boost production of these commodities, stabilize input supply to agro-processors and address the country’s negative balance of payments on food.
  • 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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Tags: Anchor Borrowers’ ProgrammeCBN
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 7

  1. Anonymous says:
    March 5, 2021 at 2:35 pm

    Can the location of the farmers be mention cause all this is story for the iletrate

    Reply
  2. Alade olatunde says:
    May 18, 2021 at 10:31 pm

    Our farmer association is interested,can
    You please links us with the right site to apply ABP AND PARTNERSHIP with UNITY BANK AGENT,OUR association have it agri-agent bank services Partnership firm that can partner with unity bank, if the bank want our farmers community to enable us to benefit in the programs,our Association is victim of ABP, project a lot, but this time help us to make it real,we have maize farmers value chain that can meet the production quest.thank you

    Reply
  3. odo dennis says:
    May 19, 2021 at 2:19 pm

    A gud one we have farmes association in kaduna we only farm maize how can we get the loan

    Reply
  4. Oyawale olusoji adekunle says:
    July 8, 2021 at 6:03 pm

    I’m happy for federal government for this opportunity.

    Reply
  5. masud tanko says:
    July 12, 2021 at 1:20 am

    i need the loan for rice farming

    Reply
  6. Olufemi Adetola says:
    August 1, 2021 at 5:46 pm

    Am interested in anchor borrower loan for my farm, and I need your help to link me up with the process

    Reply
  7. Muhammadmuazu says:
    August 8, 2021 at 3:42 pm

    Mnbf Lond covid19
    Muhammad
    muazu

    Reply

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