The Central Bank of Nigeria (CBN) announced that it has disbursed N57.91 billion for the completion of 185,972 projects under the anchor borrowers’ scheme (ABP).
CBN Governor Godwin Emefiele announced at a news conference in Abuja on Tuesday.
Emefiele stated in the monetary policy committee communiqué released on Tuesday that the monies would be dispersed over two months for initiatives involving rice, wheat, and maize farming.
President Muhammadu Buhari introduced the ABP project in November 2015 to raise agricultural production, improve foreign exchange, and reverse Nigeria’s negative food trade balance.
Smallholder farmers participating in the program grew cereals (rice, maize, wheat, etc.), cotton, roots and tubers, sugarcane, tree crops, legumes, tomatoes, and cattle.
Emefiele stated that at least four million smallholder farmers in Nigeria have received assistance to increase agricultural commodity production in the country.
“Between April and May 2022, the bank released the sum of ₦57.91 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 ₦1.01 trillion, disbursed to over 4.2 million smallholder farmers cultivating 21 commodities across the country,” Emefiele said.
“The bank further disbursed the sum of N1.50 billion, under the accelerated agriculture development scheme (AADS), to one 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 private sector-led projects.
“In addition, the bank released N21.73 billion to finance seven large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS).
“The funds were utilised for the establishment of a ranch and milk processing facility; procurement of feed and medication for livestock/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 brings the cumulative disbursement under this scheme to ₦741.05 billion for 674 projects in agro-production and agro-processing”.
Meanwhile, the Central Bank of Nigeria has denied the sack of its Governor, Mr Godwin Emefiele, describing the report as an unfounded rumour.