The Central Bank of Nigeria (CBN) says it has distributed a total of N1.01 trillion to over 4.2 million smallholder farmers under the Anchor Borrowers’ Programme (ABP).
The bank added that between April and May 2022, it released the sum of N57.91 billion under the Anchor Borrowers’ Programme (ABP) to 185,972 new projects.
Data obtained from the CBN by Persecondnews showed that the apex bank also loaned a total of N21.23 billion under the Accelerated Agriculture Development Scheme (AADS) for 10 state-led and three (3) private sector-led projects.
Also, under the Commercial Agriculture Credit Scheme (CACS), the apex bank issued N21.73 billion to support seven (7) large-scale agricultural projects.
Between April and May 2022, the Bank released the sum of N57.91 billion under the Anchor Borrowers’ Programme (ABP) to 185,972 new projects for the cultivation of rice, wheat, and maize, bringing the cumulative disbursement under the Programme to N1.01 trillion, disbursed to over 4.2 million smallholder farmers cultivating 21 commodities across the country.
“The Bank further disbursed the sum of N1.50 billion, under the Accelerated Agriculture Development Scheme (AADS), to one (1) new youth-led project, 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 N21.23 billion for 10 state-led and three (3) private sector-led projects,” CBN stated.
Persecondnews reports that the main aim of ABP is to provide loans to smallholder farmers to boost agricultural production, create jobs, and reduce food import bills for the conservation of the foreign reserves.
ABP also provides economic linkages between smallholder farmers and processors to increase agricultural output and ensure food prices.
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