The Central Bank of Nigeria has revealed it issued a total of N756.51bn to over 3.7 million farmers under the Anchor Borrower’s Programme from the commencement of the initiative in 2015.
The bank revealed this in a communiqué no. 137 of the Monetary Policy Committee meeting released on Tuesday.
Beneficiaries of the loan include farmers cultivating cereals (rice, maize, wheat etc.) cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock.
The communiqué read, “Under the bank’s development finance initiatives, the bank granted N756.51bn to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land, of which N120.24bn was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme.”
It further stated, “For the Targeted Credit Facility, N318.17bn was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises.
“Under the National Youth Investment Fund, the bank released N3bn to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.”
President Muhammadu Buhari had launched the ABP to help boost agricultural production in the country.