CBN Governor says 2.9 million farmers financed through the Anchor Borrowers’ Programme

March 4, 2021
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The Governor of the Central Bank of Nigeria Mr. Godwin Emefiele visited Kebbi State to mark a significant milestone achieved by the Anchors Borrowers Programme.

The Anchors Borrowers Programme is a Federal Government Initiative with the objective of bridging the gap between small scale farmers and the financial sector in the country.

The CBN Governor speaking on the fifth anniversary of the Anchor Borrowers’ Programme (ABP) highlighted the great and untapped opportunity the Agriculture sector holds for the country,

The programme which was the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of Nigeria (RIFAN) was hosted at Zauro, Kebbi State.

Emefiele stated that the Anchor Borrowers Programme is part of President Muhammadu Buhari’s initiative to spearhead the diversification of the Nigerian economy by improving the output of rural farmers.

Mr. Emefiele went further by highlighting the success of the initiative in since its inception. He listed the following;

  • 2,923,937 farmers have benefitted from the Programme.
  • 3,647,643 hectares have been cultivated by farmers under the Programme.
  • 21 commodity sectors benefited from the program.
  • In the 2020 wet season Banks under the CBN-RIFAN partnership financed 221,450 farmers for the cultivation of 221,450 hectares in 32 States.

On the overall success of the Anchor Programme, the CBN Governor stated that the popular rhetoric of agriculture being a neglected sector in the Nigerian economy is now a thing of the past. He stressed the need for Nigeria to start building up its agricultural reserves so as to be in a strong position when the rainy days arrive.

“The rhetoric around neglect of previous years will remain part of our history and the best time to correct those mistakes is now and every stakeholder must contribute their quota to guarantee the realization of these national targets.

“Covid-19 and the associated lockdowns globally have shown that nations only export out of their reserves. Let us start building our own reserves now,” Emefiele said.

On the successful partnership between the CBN, the Kebbi State Government and RIFAN, Mr. Emefiele expressed satisfaction with President Buhari’s Economic Sustainability Plan

The Kebbi State Governor Sen. Abubakar Atiku Bagudu and the president of the Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo expressed gratitude to the Muhammadu Buhari administration for the successful Agricultural Programme.

 What to know 

  • The President Buhari administration approved the revamping and resuscitation of the Nigerian Commodity Exchange to enhance post-harvest handling, guarantee effective pricing for farmers, and minimize the adverse effect of middlemen.
  • The Central Bank of Nigeria flagged-off the 2020 input distribution to rice farmers and loan recovery drive under the RIFAN-CBN Anchor Borrowers’ Programme.
  • The CBN made a N50bn commitment to the Nigerian Commodity Exchange in order to get it running at its best and impact the lives of small and medium farmers in Nigeria.

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