CBN disburses N44bn to farmers, recovers N50bn

The Central Bank of Nigeria (CBN) has disbursed N43.92 billion to active farmers under the CBN Anchor Borrowers Programme (ABP) since its inception on November 17, 2015.

CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday during the CBN’s special day at the ongoing 12th Abuja International Trade Fair. The trade fair has the theme: ”Returning Nigeria to The Path of Sufficiency through Non-Oil Exports”.

The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers (SHF) to boost production of selected commodities, stabilise inputs supply to agro processors and address the country’s negative balance of payments on food.

At harvest, the SHF supplies its produce to the agro-processor (anchor) who pays the cash equivalent to the farmer’s account.

Represented by the acting Director, Corporate Communication, Mr. Isaac Okorafor, the CBN governor said the over N43.92bn disbursed to farmers was through 13 participating banks.

He said over, “200,000 small holder farmers from 29 states of the federation benefited and that about 233,000 hectares of farmland was cultivated with eight commodities, including rice, wheat, maize, cotton, soya-beans, poultry, cassava and groundnuts, in addition to fish farming.

“Reports from the real sector operators also indicate some companies had grown in geometric progression as a result of the policy. The bank has also continued to fund the foreign exchange window in a bid to stabilise the naira,” the CBN governor said.

Emefiele also disclosed that following complaints of illegal deductions from customers’ accounts, the CBN consumer protection directorate had recovered over N50bn from the banks in three years.

However, he also noted that they must also charge for their services to survive.

“Our consumer protection department in the last three years has refunded over N50bn to customers arising from illegal charges, He said.