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CBN Disburses Over N1trn To 4.2 Million Farmers

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele said that over N1trn has been disbursed to farmers under the Anchor Borrowers Programme.

He said that between April and May 2022, the Bank released the sum of N57.91bn under the programme to 185,972 new projects for the cultivation of rice, wheat, and maize.

The Governor who spoke shortly after the Monetary Policy Committee meeting in Abuja said that the disbursement brings the cumulative amount given under the programme to N1.01tr.

He said this was given to over 4.2 million smallholder farmers cultivating 21 commodities across the country.

Emefiele said the Bank further disbursed the sum of N1.50bn, under the Accelerated Agriculture Development Scheme, to one new youth-led project, which was piloted and funded through the government of Ondo State for the acquisition of assets for oil-palm cultivation and the establishment of poultry farms.

This brings the total disbursement under the Scheme to N21.23bn for 10 state-led and three private sector-led projects.

In addition, he said the CBN released N21.73bn to finance seven large-scale agricultural projects under the Commercial Agriculture Credit Scheme.

The funds were utilized for the establishment of ranch and milk processing facility; procurement of feed and medication for livestock and dairy production; construction of a 300 metric-tonne per day oil mill in Gusau, Zamfara State; acquisition and installation of an agrochemical factory; as well as purchase and stockpiling of homegrown maize for animal feed production.

This, he noted, brings the cumulative disbursement under this Scheme to N741.05bn for 674 projects in agro-production and Afro-processing.

Emefiele added that under the Paddy Aggregation Scheme, N6.20bn was disbursed by the Bank to three new projects for the purchase and mopping-up of home-grown rice paddy, thus bringing the total funds disbursed to 42 integrated rice millers under the PAS to N106.39bn.

To support the growth of the manufacturing sector, he explained that the Bank disbursed the sum of N436.85bn to 34 new projects under the N1trn Real Sector Support Facility RSSF.

He added, “The Bank disbursed N55.34bn, under the 100 for 100 Policy on Production and Productivity to 44 projects, comprising 24 in manufacturing, 17 in agriculture, 2 in healthcare, and one in the services sector.

“The Bank released the sum of N21bnn Under the Export Facilitation Initiative (EFI), for three projects in domestic production and value addition of cocoa and sesame seed.”

Emefiele said the intervention is targeted at further expansion of the economy’s non-oil export basket towards improving foreign exchange revenue earnings for the country.


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