Anchor borrowers scheme crashes prices of foodstuffs in Borno – CBN
The Central Bank of Nigeria (CBN) says the successful implementation of its Anchor Borrower Programme (ABP), has reduced the prices of foodstuffs due to the bumper harvest recorded by farmers in Borno state.
Head of Development Finance Office of the CBN in Maiduguri, Mahmood Nyako, made this known in an interview on Tuesday.
Nyako said that over 50, 000 farmers cultivated crops and perishable produce under the programme in the previous cropping and dry seasons in the state.
He said that the mass participation in agriculture coupled with the support given to farmers under the programme resulted to higher yields and improvement in the supply of the produce to the market.
“It is the first time in many decades that prices of food items dropped during the cropping season. Farmers have enough food to feed their families and the market is flooded with grains, the trend has push prices down.
“The programme enhanced the financial inclusion strategy of the apex bank, thereby bringing the un-bank farmers into the banking system.
“Each of the participants must have an account with any of the commercial banks to enable them to access services under the anchor borrowers’ programme,” he said.
Nyako also revealed that the apex bank has registered private and prime anchors as well as eight farmers associations to distribute inputs and provide support services to the farmers.
He listed the associations to include the Rice Farmers Association of Nigeria (RIFAN), Maize Association of Nigeria (MAN), North East Commodity Association of Nigeria (NECAS) and Sorghum Associations.
Others are Cotton Farmers Association of Nigeria (COFMAN), National Cotton Processors Association of Nigeria (NACOTPAN) and sesame associations, among others.
The officer explained that farmers received fertilisers, seeds, chemicals, knapsacks, sprayers and money for farm labour under the programme.
Nyako said that about 70, 000 farmers and businesses were targeted in 2019 to participate in the anchor borrowers programme and other programme initiated by the apex bank.
He said that this is to accelerate agricultural activities and encourage the development of Small and Medium Scale Enterprises (SMSEs) in the state even as the bank has concluded plans to commence the distribution of fertilisers and other inputs to farmers for dry season farming in the state.
