Banking

CBN to spend N432bn on 9 commodities for 2020 wet season

Published

on


The Central Bank of Nigeria (CBN) has concluded plan to fund the value chains of nine commodities to the tune of N432 billion in the 2020 wet season.


Mr Yila Yusuf, the Director, Development Finance Department of the CBN, disclosed this at a stakeholders meeting in Abuja on Thursday.

Yusuf disclosed that about 1.1 million farmers, cultivating over one million hectares of farmland, were expected to benefit from the loans that would help to produce a collective output of 8.3 million metric tons.

According to him, the focus for the 2020 wet season is to ensure the provision of improved seeds to incentivize the farmers to return to their farms.

He further stated that the CBN adopted the value chain approach across all the commodities to ensure that every player along the entire value chain, from the farmers through to the processors, was financed.

Yusuf said the Bank’s funding of the Anchor Borrowers’ Programme (ABP) for the 2020 season was the highest since the inception of the programme in 2015.

The director explained that this was quite significant considering the successes recorded in the 2019 season that contributed to shielding Nigeria from any food shortage, particularly rice, in the heat of the global lockdown.

He stated that during the lockdown, some major producing countries of staples, such as rice, closed their silos and halted the export of such produce from the shores of their respective countries.

The CBN’s Director, Corporate Communications, Mr Isaac Okorafor, said the meeting was to review the successes recorded under the Anchor Borrowers Programme (ABP) and the strategies for the 2020 agricultural wet season.

According to him, the creation of a non-interest window followed appeals by concerned stakeholders for farmers across the country to also be considered for funding under the window.

He also disclosed that work had been concluded on the funding document, and the policy would be issued shortly, outlining how farmers under the category could apply and benefit from the agricultural programmes of the CBN.

The director said the Bank, in the 2020 agricultural wet season, was committed to aggressively fund its agricultural programmes and spur farmers along selected crop value chains.

He said this was to prevent the country from sliding into a recession, as is currently being experienced in some major economies of the world.

Okorafor also spoke on the Targeted Credit Facility (TCF) of the Bank, aimed at alleviating the impact of the coronavirus on individuals and small businesses.

He said that the Bank was determined to push the economy to ensure Nigeria did not experience consecutive quarters of negative growth.

He said that the Development Finance Department of the Bank as well as the NIRSAL Micro-Finance Bank (NMFB) had been directed to fast-track the approval process of loans, which were to help restore businesses and livelihoods.

In attendance were Presidents of the Rice Farmers Association of Nigeria (RIFAN),  Alhaji Alhaji Aminu Goronyo; and National Cotton Association of Nigeria (NACOTAN), Mr Anibe Achimugu.

Those of Maize Association of Nigeria (MAN), Maize Association of Nigeria (MAAN), Alhaji Bello Abubakar; and Maize Growers, Processors, and Marketers Association of Nigeria (MAGPMAN) Dr Edwin Uche, were also present.

Edited By: Oluwole Sogunle (NAN)

https://nnn.ng/cbn-to-spend-n432bn-on-9-commodities-for-2020-wet-season/

Women affairs minister urges Ebonyi Govt. to check early girl-child marriage Reed grabs halfway lead, as Tiger misses cut at United States Open Aguero could be out of action until November, Guardiola says Whirlwind Bayern Munich dismantle Schalke 8-0 in season opener FG set to support 1.7 million businesses, individuals — Minister Niger Govt opens Minna-Bida road to articulated vehicles Laloko wants 25% of local players in Super Eagles Divers rescue 5 as bus plunges into river in Ebonyi Visa Ban: FG says sanctioning electoral offenders disrespectful to Nigeria’s sovereignty Edo 2020: PDP Reps caucus condemn seige on governors by security agents APC receives former Saraki commissioner, others in Kwara Lawmaker promises APC befitting secretariat in Kwara 1,000 fans at Italian Open better than none, says Djokovic Enugu ex-governors Nnamani, Chime in closed door meeting Tinubu greets Lagos dep gov, Hamzat, at 56 Ondo 2020: Jedege advises citizens to reject violent politicians with votes Sanwo-Olu fecilitates with deputy at 56 COVID-19 FG will support MSMEs with N75bn loan — DG SMEDAN Ondo 2020: Speaker receives SDP, ADC Councillorship candidates in Ifedore Edo election: Group lauds committee over peace accord LASG plans establishing fashion hubs in Lagos Central, East Group condemns alleged vote buying video ahead Edo poll NIMR unveils COVID-19 molecular testing kit PDP alleges harassment of its governors in hotel, tells IG to vacate officers Pomp, pageantry as Akran of Badagry turns 84 Edo: INEC Chairman warns staff members against partisanship MPC: Financial experts seek monetary, fiscal policies alignment  Save us from DPO’s alleged abetting of criminals, 1004 Estate residents beg FG Edo Election: Yiaga Africa to adopt PVT methodology to check credibility of election results  Nasarawa Govt inaugurates 18-man committee on education sector Nigeria, EU envoys meet to resolve access to airspace, travel ban JOHESU strike: Medical, business activities cripple at AUTH Gwagwalada Institute wants stakeholders to develop useful curriculum in education Open Defecation: FG to use educational institutions to enlighten Nigerians NNPC shortlists 78 companies for pipelines rehabilitation bidding Flooding: Sultan visits Kebbi, seeks FG’s urgent assistance for victims NSCDC arrests 19 suspected rapists in Kaduna   Recapitalisation: AIICO not resting in its drive — MD Gov El-Rufai urges NIPSS Alumni to find solutions to banditry Edo election:Prices of livestock increase in Benin markets Strike: National Hospital Abuja witnesses low patronage Domestic oil refiners urge FG to establish modular refineries in Niger Delta Edo election: Remember your commitment to peace accord – CSOs tell political actors Kaduna Govt to revive guidance, counselling unit in public schools Osinbajo inaugurates fashion cluster shared facility for MSMEs in Lagos Kidnappers free ex-US Army officer in Ekiti School resumption: Education Commission boss tasks teachers on dedication to duty Pharmaceutical Products: Nigeria plans 60% local production Lagos NUJ: I won’t suspend legal actions on Pen Jewel Estate if elected — Ajayi Facebook announces opening of new office in Lagos