Central Bank of Nigeria Disburses 791 Billion Naira To 3 Million Farmers in Nigeria CBN recently opened up on how much the Apex Bank paid Farmers Across the Country, Npower news was made to understand that the Apex bank paid a total sum of 791 Billion Naira to 3 Million Farmers in Nigeria, the payment was made through the CBN’s Anchor Borrowers’ Programme (ABP).
The Director, Development Finance Department of the bank, Mr Yusuf Yila, made this known on Friday in Abuja, during an interaction with newsmen.
According to Yila CBN had reduced interest rate on the loan from nine per cent to five per cent, to encourage more farmers to have access to the credit facility to boost farms output and also to encourage more citizens to take to farming in order to comfortably feed Nigeria as a country.
Anchor Borrowers’ Programme ABP was launched on November. 17, 2015 and designed to provide farm inputs to interested farmers and also more importantly cash to Small Holder Farmers (SHFs).
The programme was intended to create a linkage between Anchor Companies involved in food processing and SHFs of the required key agricultural commodities, through commodity associations.
He said the programme had helped participating farmers to improve their yields, especially maize from initial two metric tons per hectare, to five metric tons per hectare, while that of rice to four metric tons per hectare.
Yela said the bank was also investing in reducing post-harvest loses of farm produce, by encouraging dry season farming, describing it as “better in reducing such losses.
“Agriculture works better in the dry season, because you cannot control water during the rainy season, but you can control it during the dry season by using irrigation.
“The bank is also building silos and irrigation dams to reduce losses,’’ he said.
Yila said the apex bank had also disbursed about N312 billion, in energy infrastructure support through National Mass Metering Programme.
He explained that the programme was initiated to bridge the six million metering gap in the country, adding that 670 thousand meters had been distributed across the country.
“We are also ensuring value addition in the scheme, by ensuring the meters are not fully imported but assembled in Nigeria.
“By that, we are creating thousands of jobs and also supporting economic diversification,’’ the director said.
Some Nigerian Farmers are not yet aware of the ABP, many claimed online that they do not have the slightest Knowledge about the Programme, while some are asking, who are the 3 Million farmers in Nigeria that Benefitted the huge sum of 791 Billion Naira Farmers Credit from 20215 till date.