CBN disburses ₦948 billion in loans to 4, 478, 381 farmers through the Anchor Borrowers’ Programme (ABP)

CBN disburses ₦948 billion in loans to 4, 478, 381 farmers through the Anchor Borrowers’ Programme (ABP)

The Central Bank of Nigeria (CBN) has announced that it has distributed N948 billion to 4, 478, 381 smallholder farmers across the country through the Anchor Borrowers’ Programme (ABP).

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Mr Osita Nwanisobi, Director, Corporate Communications Department, CBN, made the announcement in Enugu during the ongoing Enugu International Trade Fair.

The ABP is an agricultural loan scheme launched by the Federal Government through the Central Bank of Nigeria in 2015.

The program’s main goal is to increase agricultural yields, reduce food imports, and address a negative trade balance.

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He stated that the recipients included 648,052 households and approximately 130, 000 Small and Medium Enterprises.

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“The interventions were carried out as part of the bank’s development finance initiatives,” he explained.

Among the initiatives mentioned were the RSSF, the Agri-business/Small and Medium Enterprises Investment Scheme, and the Non-oil Export Stimulation Facility.

Earlier, Mr Jasper Nduagwuike, President of the Enugu Chamber of Commerce, Industries, Mines, and Agriculture (ECCIMA), praised the CBN for its various intervention efforts.

“Specifically, under the Real Sector Support Facility, the bank disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services, and mining” (RSSF).

“Through its developmental role, as enshrined in the CBN Act 2007 (as amended), the CBN led policy and financing support to approximately 40 interventions.”

READ: Latest Update on CBN Agric loans to Farmers

Meanwhile, Nwanisobi stated that the scheme’s smallholder farmers cultivated 5.2 million hectares of farmland across the country, creating over 12.5 million direct and indirect jobs.

The director stated that the CBN targeted Credit Facility, designed to mitigate the effects of the coronavirus pandemic, had disbursed N368.79 billion to 778, 000 beneficiaries.

Nduagwuike urged the CBN to step up its bank supervision efforts.

“There must be a way for the CBN to control the activities of financial fraudsters.”

“Ponzi schemes appear to have a way of evading the organisation until they have caused massive financial harm to individuals and the economy,” he said.

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The president of ECCIMA stated that the organisation was honoured to be associated with the bank.

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