CBN Disburses N948bn To Smallholder Farmers Nationwide

The New Diplomat
Writer
CBN Owes $14Bn Debt, Finally Releases Financial Statement After Seven Years

Ad

Ex-NIIA Chief, Akinterinwa Labels Tinubu’s UNGA No-Show as a Masterstroke Against Trump’s Potential “Diplomatic Drama”

By Abiola Olawale Prof. Bola Akinterinwa, a former Director-General of the Nigerian Institute of International Affairs (NIIA), has defended President Bola Tinubu's decision to skip the 80th United Nations General Assembly (UNGA). Akinterinwa described the development as a calculated move to sidestep what he described as a potential humiliation from United States President Donald Trump.…

Olubadan to Tinubu: Ibadan State is our priority, give it to us before 2027

By Obinna Uballa The newly crowned Olubadan of Ibadanland, Oba Adewolu Ladoja, has urged President Bola Tinubu to ensure the creation of Ibadan State before the 2027 general election, describing it as the foremost demand of his people. Addressing a large gathering at Mapo Hall after receiving the Staff of Office from Oyo State Governor…

Court rejects Kanu’s bid to halt trial, orders him to defend terrorism charge

By Obinna Uballa The Federal High Court in Abuja has dismissed a no-case submission filed by Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), and ordered him to open his defence in the terrorism case brought against him by the Federal Government. Delivering ruling on Friday, Justice James Omotosho held that the…

Ad

The Central Bank of Nigeria (CBN) says it has disbursed N948 billion to 4, 478, 381 smallholder farmers under the Anchor Borrowers’ Programme (ABP) across the country.

The Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi disclosed this on Friday in Enugu during the ongoing Enugu International Trade Fair.

The News Agency of Nigeria (NAN) reports that the ABP is an agricultural loan scheme launched in 2015 by the Federal Government through the CBN.

The main aim of the programme is to boost agricultural yields, halt large volumes of food importation and address negative trade balance.

Meanwhile, Nwanisobi said that the smallholder farmers who benefited from the scheme cultivated 5.2 million hectares of farmland across the country, thereby, creating over 12.5 million direct and indirect jobs.

Under the CBN targeted Credit Facility designed to cushion the effect of the Coronavirus pandemic, the director said that the apex bank had disbursed N368.79 billion to 778, 000 beneficiaries.

He said that the beneficiaries comprised 648, 052 households and about 130, 000 Small and Medium Enterprises.

“Specifically, the bank disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services and mining under Real Sector Support Facility (RSSF),” he said.

Nwanisobi said that the CBN did it through its developmental role as enshrined in the CBN Act 2007 (as amended) led policy and financing support to about 40 interventions.

He said that the interventions were executed through the bank’s development finance initiatives.

He mentioned some of the initiatives to include the RSSF, the Agri-business/Small and Medium Enterprises Investment Scheme and the Non-oil Export Stimulation Facility among others.

Earlier, the President, Enugu Chamber of Commerce Industries, Mines and Agriculture (ECCIMA), Mr Jasper Nduagwuike, applauded the CBN for its various intervention efforts.

Nduagwuike urged the CBN to redouble its efforts in bank supervision.

“There must be a way the CBN will control the activities of fraudsters in the financial circle.

“Ponzi schemes seem to have a way of dodging the organisation until it has wrecked huge financial damage to individuals and the economy,” he said.

The ECCIMA president said that ECCIMA was proud to be associated with the bank. (NAN)

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp