The House of Representatives has initiated an investigation into the N1.12 trillion Anchor Borrowers Scheme, a Federal Government initiative for agricultural funding through the Central Bank of Nigeria (CBN).
A Federal High Court sitting in Lagos has ordered Guaranty Trust Bank (GTB) to temporarily seize the assets of Afex Commodities Exchange over a N17.808 billion outstanding debt associated with the much-talked-about Anchor Borrowers Programme of the Central Bank of Nigeria (CBN).
The Rice Farmers Association of Nigeria (RIFAN) has called on the federal government to restart the Anchor Borrowers Program (ABP) and address insecurity across the country as a measure to stem the ever-increasing rice prices.
The Anchor Borrowers Program (ABP) of the CBN was established in November 2015 with the objective of creating economic linkages between Small Holder Farmers (SHF) and Anchors.
The move is part of the measures initiated by the CBN to help address the rising cost of food prices in the Nigerian market.
Despite the actions of the CBN, growth in the sector is yet to show a remarkable improvement.
SEC ha expressed worry that credit to agriculture sector in the last 10 years remains as low as 5%, severely hampering the sector’s growth.
