The Central Bank of Nigeria ( CBN) has dismissed claims that it plans to stop the Anchor Borrowers programme.
This was disclosed earlier this afternoon by the CBN Governor Godwin Emfiele during the 288th meeting of the Monetary Policy Committee (MPC) in Abuja.
Emefiele stated that the apex bank will instead take a more aggressive approach to help farmers survive the impact of the devastating flooding across the country.
The CBN’s plan: Responding to the question concerning the anchor borrowers programme. He said:
- “We are gradually moderating our intervention in developmental finance. But that doesn’t mean we are stopping, as some people have told you.”
For the record: The CBN has given a total of N1.01 trillion to over 4.21 million smallholder farmers producing 21 commodities across the country through the Anchor Borrowers’ Programme (ABP).
After the Real Sector Facility, the Anchor Borrowers’ Programme (ABP) is the intervention program with the second-highest funding level. The total amount paid out to 426 projects nationwide through the Real Sector Support Facility (RSSF) to date is N2.10 trillion.
As of September 2022, the Apex bank had disbursed N4.5 trillion in intervention money to the Nigerian economy’s private sector.
CBN is even aggravating the condition of farmers by paying them lip service or beguiling them with broken sill. If Anchor borrowers programme is meant to assist Nigerian farmers to achieve food security, then delaying it’s activities would endangered the objective as farmers now rely upon the programme 💯. Therefore to avoid 💯 failure act now.