Farmers benefiting from the government’s Anchor Borrowers Programme.
So far the Central Bank of Nigeria has disbursed N43.92 billion to local farmers through the Anchor Borrowers Programme. Isaac Okorafor, the acting Director of Corporate Communication of CBN, disclosed this yesterday at the 12th Abuja International Trade Fair.
The programme, launched by President Buhari on November 17, 2015, was designed to create cooperation between processing companies and farmers of certain key agricultural commodities.
The programme provides farmers support in form of kind or cash to boost production of rice, wheat and maize, cotton, soya beans, poultry, cassava and groundnuts, including fishery. The programme is also meant support agro-processing for export.
So far 200,000 small holder farmers from 29 states have benefited from the programme, with 13 participating financial institutions.
In the first year alone the programme has resulted in the production of about two million tonnes of rice, against the national demand of about six million tonnes. If all things remain equal, Nigeria’s output of rice by next year could sufficiently cover the national demand.