CBN approves N75.9b loan to farmers

The Central Bank of Nigeria (CBN) has disbursed a total sum of N75.9 billion loan to farmers between November and December 2021, under the Anchor Borrowers’ Programme (ABP).

The fund was to support the cultivation of over 383,000 hectares of maize, rice and wheat during last year’s dry season.

So far, the cumulative disbursements under the Programme to N927.94 billion to over 4.5 million smallholder farmers cultivating 21 commodities across the country.

In a CBN report, the apex bank said excess output aggregated from the financed farmers would be released to the Nigeria Commodity Exchange (NCX) to help moderate the prices of food in the market.

The bank also released N1.76 billion to finance two large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS).

In addition, the apex bank disbursed N151.23 billion under the Real Sector Facility to 15 additional projects in agriculture, manufacturing, mining, and services.

The funds were utilised for greenfield and brownfield (expansion) projects under the COVID-19 Intervention for the Manufacturing Sector (CIMS) and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).

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