1,250 Kwara farmers to access CBN N1bn agric loan

About 1,250 local farmers in Kwara State will benefit from N1 billion loan in the first phase of Kwara/ Central Bank of Nigeria 2018 Anchor Borrowers’ Programme (ABP).

Speaking yesterday in Ilorin at the flag-off of the programme, Governor Abdulfatah Ahmed said the new initiative by the state government to obtain N1billion loan from the CBN through the ABP platform to drive its initiatives in agriculture was to further empower local farmers in production of rice, maize, soybeans and cassava.

The governor, represented by the Commissioner for Agriculture, Adegoke Bamidele, said the programme would involve 500 maize farmers, 350 soybeans farmers, 150 rice farmers and 250 cassava farmers.

The governor explained that the programme was established to create a linkage between anchor companies that are involved in the processing and small holder farmers of the required key agricultural commodities.

“The programme thrust of the ABP is the provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food. At harvest, the shf supplies his /her produce to the agro processor (anchor) who pays the cash equivalent to the farmers’ account”, he said.

He charged the farmers to be conscious of their responsibility, saying that participating farmers must deposit a minimum equity requirement of 5 per cent in their accounts with designated commercial banks before loan disbursement.