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Loan Application – CBN disburses ₦948 billion to 4, 478, 381 Farmers

CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan

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

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Mr. Osita Nwanisobi, Director of the Corporate Communications Department at the CBN, made this announcement in Enugu during the Enugu International Trade Fair that is currently taking place.

The Agricultural Loan Program (ABP) was initiated by the Central Bank of Nigeria (CBN) and the Federal Government in the year 2015.

The primary objectives of the program are to increase agricultural yields, put a stop to the importation of large quantities of food, and improve the negative trade balance.

He stated that the beneficiaries included approximately 130 000 small and medium businesses in addition to the 648 052 households.

According to what he had said, “the interventions were carried out through the bank’s development finance initiatives.”

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He mentioned a few of the initiatives, some of which include the Non-oil Export Stimulation Facility, the Agri-business/Small and Medium Enterprises Investment Scheme, and the Regional Stimulus and Stimulating Fund (RSSF).

Mr. Jasper Nduagwuike, President of the Enugu Chamber of Commerce, Industries, Mines, and Agriculture (ECCIMA), had earlier praised the Central Bank of Nigeria (CBN) for the many different intervention efforts it had taken.

In particular, the bank provided N1.452 trillion in funding to 337 large real sector projects in the areas of agriculture, manufacturing, services, and mining as part of the Real Sector Support Facility (RSSF).

“The Central Bank of Nigeria (CBN) accomplished this 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

In the meantime, Nwanisobi stated that the smallholder farmers who benefited from the program cultivated 5.2 million hectares of farmland across the country, which resulted in the creation of over 12.5 million jobs both directly and indirectly.

The director stated that the apex bank had disbursed a total of N368.79 billion to 778, 000 beneficiaries as part of the CBN targeted Credit Facility. This facility was designed to mitigate the effects of the coronavirus pandemic.

Nduagwuike requested that the CBN increase the amount of effort it puts into the supervision of banks.

“There must be some method by which the CBN will be able to control the activities of crooks operating in the financial circle.

He stated that “Ponzi schemes seem to have a way of dodging the organization until it has wrecked huge financial damage to individuals and the economy.” “Ponzi schemes appear to have a way of dodging the organization.”

The president of ECCIMA expressed that the organization was pleased to have such a close relationship with the bank.

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