‘Anchor saved Nigeria N1.3tr on rice import’

The Central Bank of Nigerian, (CBN), has said that the Anchor Borrowers Programme, (ABP), has saved the country N1.3 trillion that would have been spent on the import of rice and other commodities.

Speaking in Kaduna at a CBN/Bank of Agriculture, (BOA), session on the scheme, the Director, Development Finance Department of the CBN, Dr. Mudashir Olaitan, said the programme is aimed at increasing the number of agricultural production in the country.

He said it was observed that the country spends huge amounts of money importing food even though it has a large production capacity. 

The Managing Director, BOA, Danbala Danju, represented by the Executive Director, Corporate Services, Muhammad Adamu Sambo said investing in agriculture is the only way to get the country out of recession.