CBN earmarks N10.6b for Borno farmers
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.