CBN Anchor Borrowers’ Programme Rice Farmers And Loan Recovery Flag-Off

Anchor Borrowers’ Programme {ABP} has proven to be a game-changer in the financing of Smallholder farmers in Nigeria as it has revolutionized agricultural financing and has remained the fulcrum of our agricultural transformation initiatives. Beyond being a tool for economic empowerment, job creation, and wealth redistribution, it has also galvanized financial inclusion in our rural communities.

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With a population of about 200 million people, importation of any major food item will continually drain our external reserves, export our jobs to countries where those food items are produced and distort our commodity value chains as we will not be able to guarantee the supply of raw materials for our agro-allied companieS.

CBN leading the revolution because our economic and financial policies will amount to nothing if we cannot address the volatility of food prices as a Nation. From a modest pilot of 75,000 farmers in 26 states, the RIFAN-CBN ABP has now been fully established in all States of the Federation and the FCT.

The 2018 wet season witnessed a geometric rise in beneficiaries, as about 275,000 farmers were empowered to cultivate 220,000 hectares across all the 37 States of the Federation and FCT. The target hectarage for 2019 was 500,000 and we hope to achieve 1 million by 2020 dry season.

Beyond rice, the Commodity Association Window has been expanded to cover more commodities like maize, cassava, sorghum, soy bean, ginger etc and we are hopeful that all these efforts will contribute to our national aggregates and galvanize our drive to economic diversification.

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