120,000 maize farmers will receive CBN loans for this year’s maize farming season through the Anchor Borrowers’ Programme (ABP).
This was disclosed by Unity Bank CEO, Mrs Tomi Somefun in a statement on Friday, in Lagos.
She stated that the CBN funding during the wet season was part of the administration’s promise to farmers adding that the bank had been funding farmers through the scheme since 2019. Over 37,000 farmers received funding in 2019, while in 2020, the number of farmers rose to over 70,000.
“With agriculture contributing over 26% to Nigeria’s GDP and employing about 50% of Nigeria’s working population in the rural areas, the bank will continue to make strategic investments into the sector.
Investments are in line with the Federal Government’s quest to attain food sufficiency, diversify the economy away from oil, create jobs for the youth and reduce poverty,” she said.
Mrs Somefun also stated that the bank is fully committed to its partnership with the Maize Association of Nigeria (MAAN) and this commitment will ensure the attainment of FGN/CBN target of meeting self-sufficiency in maize production through the association.
What you should know
The Central Bank of Nigeria (CBN) revealed that 3.8 million farmers have so far benefited from its Anchor Borrowers’ Programme (ABP) since 2015, adding that N554.61 billion has so far been disbursed to the beneficiaries through the programme since its inception.
In March, President Muhammadu Buhari approved the sum of N600 billion to take advantage of this year’s rainy season and enhance food production, as Nigeria is expected to produce 60% of the country’s wheat demand under the CBN’s anchor borrowers programme.