The Central
Bank of Nigeria (CBN) has said N10.45b was earmarked for 40, 000 Borno State
farmers, under the apex bank’s Anchor Borrowers farming scheme. This
was
disclosed by CBN Development Financial Officer, Mahmud Nyako, while briefing
journalists on implementation of Federal Government’s Agricultural
Transformation Agenda (FG-ATA).
“The scheme
is to augment farmers’ support services and encourage agricultural activities
in Borno State. It is a critical component of government’s Transformation
Agenda designed to enhance farmers’ support services, access to inputs,
financing, as well as encourage farmers’ enterprising skills,” he said.
He explained
that the programme is being executed in collaboration with federal and state
governments, and that the targeted 40, 000 farmers are expected to cultivate
rice and other cash crops.
On implementation
of scheme, he said: “About 20, 000 farmers have so far registered, while 5, 000
of them have been screened to participate in the programme, which will be run
in two phases. While 20, 000 farmers will be supported under the first phase,
another 20, 000 or more will be captured under the second phase.
“It is a
soft loan revolving scheme and the bank has worked out effective modalities to
ensure its sustainability,” he said.
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