The Central Bank of Nigeria (CBN) has disclosed it has so far disbursed about N374 billion to Smallholder Farmers (SHFs) under the Anchor Borrowers’ Programme (ABP).

The Apex bank said that the funds were disbursed across the cassava, maize, cotton and rice value chain from 2016 to date.

CBN Director, Development Finance Department, Mr. Yila Yusuf, disclosed this in a meeting of key stakeholders in the programme.

He noted that the bank released over N200 billion for the 2020 wet season, with the involvement of extra key players.

According to him, the funds have been the highest amount made available in a single year, since the inception of the programme.

“In this season, we have emphasised the use of new improved seeds which will guarantee bumper harvest for the farmers and enable the SHFs to pay back their loans with ease.

“The season also saw more involvement of prime anchors participation in the programme.

“The proposed 2020 dry season farming, will focus on the use of contagious lands for mechanisation by increasing land under cultivation with state government contributing between 20,000 to 100,000 hectares, use of improved seed and establishment of the off-take agreement,” he said.

The CBN Director, also noted that since the inception of the programme, the country’s agricultural value chain has witnessed a reasonable degree of success.

He noted key indicators like the reduction in food importation, development of processing capacity of indigenous companies, empowerment and job creation, among others.

Moving forward, Yila said that stakeholders would continue to document the successive stages of the programme, as doing so would ensure a better value chain.

“We will therefore capitalise on our learning experiences thus far to achieve early successes, to move the bank forward particularly in its effort to achieve employment creation, poverty reduction and sustainable economic growth,” he noted.

SOURCE: AGRONIGERIA