CBN To Give 120,000 Maize Farmers Loan Under The CBN’s Anchor Borrowers Programme

The Central Bank of Nigeria has planned to give 120,000 maize farmers a loan for this year’s maize farming season, this loan will be carried out through Unity Bank.

This CBN funding was part of the federal government promise to farmers and according to federal government stats, it shows that since 2019 over 37000 has received this fund and likewise in 2020, over 70,000 farmers have also benefited.

On Friday in Lagos Mrs Tomi Somefun Unity Bank CEO stated that “With agriculture contributing over 26% to Nigeria’s GDP and employing about 50% of Nigeria’s working population in the rural areas, the bank will continue to make strategic investments into the sector.

Investments are in line with the Federal Government’s quest to attain food sufficiency, diversify the economy away from oil, create jobs for the youth and reduce poverty,” she said.

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Mrs Somefun also stated that the bank is fully committed to its partnership with the Maize Association of Nigeria (MAAN) and this commitment will ensure the attainment of the FGN/CBN target of meeting self-sufficiency in maize production through the association.

What you should know about Anchor Borrowers’ Programme (ABP)

The Central Bank of Nigeria (CBN) revealed that 3.8 million farmers have so far benefited from its Anchor Borrowers’ Programme (ABP) since 2015, adding that N554.61 billion has so far been disbursed to the beneficiaries through the programme since its inception.

In March, President Muhammadu Buhari approved the sum of N600 billion to take advantage of this year’s rainy season and enhance food production, as Nigeria is expected to produce 60% of the country’s wheat demand under the CBN’s anchor borrowers programme.