Food security: CBN disburses N791bn to 3m farmers

The Central Bank of Nigeria (CBN) says it has disbursed N791 billion to over three million farmers across the 36 states, under its Anchor Borrowers’ Programme (ABP).

The Director Development Finance Department of the bank, Mr Yusuf Yila, made this known Friday in Abuja, during an interaction with newsmen.

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Yila said the apex bank had reduced interest rate on the loan from nine to five percent, to encourage more farmers to have access to the credit.

The News Agency of Nigeria (NAN) recalls that the ABP was launched on November 17, 2015 and designed to provide farm inputs and cash to Small Holder Farmers (SHFs).

The programme was intended to create a linkage between Anchor Companies involved in food processing and SHFs of the required key agricultural commodities, through commodity associations.

He said the programme had helped participating farmers to improve their yields, especially maize, from initial two metric tons per hectare to five metric tons per hectare, while that of rice to four metric tons per hectare.

Yela said the bank was also investing in reducing post-harvest losses of farm produce, by encouraging dry season farming, describing it as “better in reducing such losses.”