CBN boosts agricultural activities in Borno with N10.4bn
The Central Bank of Nigeria (CBN) on Friday said it had allocated N10.45 billion to augment farmer support services and encourage agricultural activities in Borno.
CBN’s Development Financial Officer, Mr. Mahmud Nyako, disclosed to newsmen in Maiduguri that the amount was provided under the Anchor Borrowers Programme (ABP) initiated by the nation’s apex bank.
The apex bank’s ABP scheme is generally believed to be a critical component of the Federal Government’s Agriculture Transformation Agenda (ATA), which was designed to enhance farmers’ support services, access to inputs, financing and add value to the produce as well as encourage farmers’ enterprising skills.
The programme, which is being executed in collaboration with Federal and state Governments, currently targeting about 40,000 gfarmers in Borno, who were expected to cultivate rice and other cash crops, Nyako has disclosed.
He noted that no fewer than 20, 000 farmers had so far registered, while 5, 000 of them had been screened to participate in the programme.
“The programme will be run in two phases, some 20, 000 farmers will be supported under the first phase, while 20, 000 others or more would be captured under the second phase.
“It is a soft a loan revolving scheme and the bank has worked out effective modalities to ensure its sustainability,” he said.
He added that farmers would be provided with assorted fertilisers, seeds, chemicals, water pumps, knapsack sprayer and money to settle labour activities such as ploughing, harrowing, packaging and transportation.
