The Nigerian apex bank, (CBN), is set to take measures to recover loans given to farmers through the Federal Government’s Anchor Borrowers’ Programme.
The initiative would commence in Gombe state in collaboration with the Rice Farmers Association of Nigeria (RIFAN).
The Federal Government’s (FG) support to the Central Bank of Nigeria’s (CBN) rice-growing program has contributed to the drop in rice prices. Mr. Abdullahi Baba-Isa, Head of the CBN’s Development and Finance Office in Gombe, said this. Daily Episode reports how CBN Gives N4b Loan To Rice Farmers In Jigawa Recall that the Daily Episode reported that the CBN gave an N4 billion loan to rice farmers in Jigawa, While it also ordered commercial banks to offer Nigerian youths agricultural loans at 5% interest,
The CBN’s statement
Baba-Isa stated that the CBN intends to increase Nigeria’s rice production capacity as a means of conserving foreign reserves and discouraging imports.
“The Anchor Borrowers’ Programme has had a significant positive impact on our economy, output, and even the national food security system,” he explained.
He also urged farmers to continue repaying their loans to persuade the government to include more farmers in the program in 2022.
Alhaji Aminu Goronyo, President of RIFAN, stated that the CBN’s intervention has created wealth for smallholder farmers in the state and the country, claiming that many farmers would no longer want loans since they would be empowered beyond “borrowing.”
RIFAN also urged its members to repay their debts as soon as possible, noting that measures had already been completed ahead of the start of the state’s dry season farming.
CBN further stated that about 30,000 bags of paddy rice were recovered during the start of its Unity Bank/RIFAN Partnership and that with the intervention in 2021, 14,000 rice farmers were helped for the dry season phase and 28,000 for the wet season farming.
What you need to know
In September, President Muhammadu Buhari claimed that the Central Bank of Nigeria’s Anchor Borrowers’ Programme had placed over N300 billion accessible to over 3.1 million small-scale farmers.
Farmers of 21 food grains, including rice, wheat, maize, cotton, cassava, chicken, soybeans, groundnuts, and fish, were identified as awardees by the President, who cultivate over 3.8 million hectares of farmland.
