Unity Bank said it has supported over 642,860 smallholder farmers across 35 states under the Central Bank of Nigeria (CBN) Anchor Borrower Programme (ABP) to boost food production and attain self-sufficiency in rice production.
Giving the assessment at the flag-off of the 2020 wet season harvest aggregation in Kebbi State on Tuesday, the Managing Director/Chief Executive Officer of Unity Bank, Mrs Tomi Somefun, reassured the rice farmers of the commitment of the bank to providing necessary support to them.
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Bustle, hustle inside the famous Wukari Yam Market
Mrs Somefun said, “Unity Bank remains fully committed to its partnership with the Rice Farmers Association of Nigeria (RIFAN) and its programmes.
“This commitment will ensure the attainment of CBN’s target to achieve self-sufficiency in rice production through the association.”
She recalled that the bank’s participation in ABP started in 2017 when the scheme was flagged off in Kebbi.
The bank’s strategic partnership with RIFAN in 2018 witnessed the financing of about 273,000 smallholder farmers to a tune of about N37bn which was the largest single ticket transaction that year, as the financing cut across 33 states of the federation, including the FCT.
The MD further said, “In 2019, the bank increased the tally by financing another 146,810 smallholder farmers to a tune of N42bn for the wet and dry seasons’ farming. This funding cut across 35 states of the federation, including the FCT.”
Despite the COVID-19 challenges in 2020, the bank through CBN increased funding to the agric sector cutting interest rate from nine to five per cent.
She added that, “So far, CBN has funded the association to the tune of N49bn to finance about 221,450 smallholder farmers across 32 states of the federation, including the FCT.”
