Central Bank of Nigeria reveals over 190 billion naira has been disbursed through the Anchor Borrowers Programme

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who appeared before the senate committee on Banking, Insurance and other Financial Institutions to be screened for reappointment, said over 190 billion naira has been disbursed to more than 1.1 million smallholder farmers through the Anchor Borrowers Programme.

Emefiele defended his accomplishments during his time in office by saying “the results are there to see that as a result of our Anchor Borrowers Programme where we have disbursed over 190 billion naira to over 1.1 million smallholder farmers, cultivating over 1.3 million hectares of land, that we need to do more of this”.

The Governor stated that the Anchor Borrowers Programme has made it possible for the masses to access credit, generate employment and boost economic activity amongst our rural population.

According to Emefiele, “we from the Central Bank of Nigeria from the Monetary policy side, have come to the realisation that using the instrumentality of the Anchor Borrowers Programme where access to credit is being provided to our masses all over the country, that it will be a way to generate employment and boost economic activity amongst our rural population”.

He said that as part of the CBN‘s statutory responsibilities, it will continue to ensure that funds are available at a low interest rate, in order to guarantee easy accessibility to credit facilities by Nigerians.

Emefiele further stated that the economy is not measuring up when compared to the other countries of the world, especially those in Asia. According to him, the level of development recorded in Nigeria over the last 50 years has been unimpressive.

He assured that the monetary authority will do everything possible to accomplish its policy mandate.

The Anchor Borrowers Programme (ABP) was launched by President Muhammadu Buhari in November 2015, and was intended to create a linkage between anchor companies involved in the processing and smallholder farmers (SHFs) of the required key agricultural commodities

The programme was designed to- increase banks’ financing to the agricultural sector; Reduce agricultural commodity importation and conserve external reserves; Increase capacity utilization of agricultural firms; Create a new generation of farmers/entrepreneurs and employment; Deepen the cashless policy and financial inclusion; Reduce the level of poverty among smallholder farmers and assist rural smallholder farmers to grow from subsistence to commercial production levels.

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