Post by Trade Coach on Feb 24, 2021 0:50:47 GMT 1
2.85 Million Farmers Benefited From The Anchor Borrowers Programme Says CBN
The Central Bank of Nigeria has recently reported that about 2.85 million farmers in Nigeria have benefitted from the Federal Government’s Anchor Borrowers’ programme from inception of the scheme to the end of 2020.
The CBN revealed that 554.63 billion naira had been so far disbursed, and that N61.02bn was allocated to 359,370 dry season farmers.
Members of our forum that are farmers should please note that through this Anchor Borrowers Programme, they can borrow money from the government to finance their dry season farming projects.
Please don’t just sit on the fence criticizing, wake up, and make enquiries to gain knowledge about how to succeed in this harsh economic climate.
The CBN also stated in its last October monthly report, that under the programme, the sum of N1.9bn was disbursed to 2,521 farmers to cultivate 8,963 hectares of farmland through participating financial institutions.
Eligible Participating Financial Institutions (PFIs)
For your information as farmers, the following are the three financial institutions that are eligible to disburse the loans:
Deposit Money Banks (DMBs)
Development Finance Institutions (DFIs)
Microfinance Banks MFBs)
The report further revealed that the funds were disbursed to farmers cultivating about 3,097,834 hectares of land across the country for some commodities as follows: cassava, cotton, fish, ground nut, maize, poultry, rice, soya beans, wheat, cattle, sorghum, ginger, castor seed, sesame seeds, tomato, cocoa, yellow pepper, oil palm, cowpea, and onion.
The CBN stated that it guaranteed N1bn to 10,105 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in September, 2020.
Analysis of Loans and Beneficiaries:
A sub-sector analysis indicates that food crops obtained the largest share of N461m guaranteed to 4,744 beneficiaries.
Mixed crops recorded N405.3m guaranteed to 4,850 beneficiaries.
Livestock got N73.9m guaranteed to 238 beneficiaries
Cash crops got N33.5m guaranteed to 167 beneficiaries
Fishery got N25.8m guaranteed to 67 beneficiaries
Others got N9.8m guaranteed to 39 beneficiaries.
The apex bank also stated that it disbursed N26.99 to 6,372 beneficiaries under the AGSMEIS (Agri-business Small and Medium Enterprises Investment Scheme). This is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s effort at promoting Agri-business/Small and medium enterprises as a vehicle for sustainable economic development and employment generation.
This brings the cumulative disbursement from inception of the programme to the end of September, 2020 to N66.2bn in favour of 17,541 beneficiaries.
In order to facilitate the AGSMEIS, the Central Bank of Nigeria (CBN) said that it had ratified NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) to oversee the operations of the scheme.
The apex bank also reported that under the Health Scheme Intervention Fund (HSIF), that it disbursed a total of N7.75bn to 10 projects through nine PFIs in September, 2020.
This brought the cumulative total to N47.1bn in favour of 46 beneficiaries in September, 2020.
During the same period under consideration, the CBN disbursed the sum of N52bn in favour of 41 projects from inception to September, 2020 under the Textile Sector Intervention Facility (TSIF).
The CBN revealed that under the government Power and Airline Intervention Fund (PAIF), it disbursed a total of N3bn to Inez Global Limited in September, 2020, the period under review.
From the foregoing report, it is clear that the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN) has actually put many Programmes in place to help almost all sectors of the economy to make progress no matter the circumstances.
How farmers in this forum will take part in this programme is what we need to look at very critically. It makes no sense that so many farmers all over the country are benefiting from these programmes and we are doing nothing.
In our subsequent articles on this series, we are going to look into how to join these programmes, the conditions required of every farmer and how to repay the loans.
Look out for the articles as they will make interesting reading.
The Central Bank of Nigeria has recently reported that about 2.85 million farmers in Nigeria have benefitted from the Federal Government’s Anchor Borrowers’ programme from inception of the scheme to the end of 2020.
The CBN revealed that 554.63 billion naira had been so far disbursed, and that N61.02bn was allocated to 359,370 dry season farmers.
Members of our forum that are farmers should please note that through this Anchor Borrowers Programme, they can borrow money from the government to finance their dry season farming projects.
Please don’t just sit on the fence criticizing, wake up, and make enquiries to gain knowledge about how to succeed in this harsh economic climate.
The CBN also stated in its last October monthly report, that under the programme, the sum of N1.9bn was disbursed to 2,521 farmers to cultivate 8,963 hectares of farmland through participating financial institutions.
Eligible Participating Financial Institutions (PFIs)
For your information as farmers, the following are the three financial institutions that are eligible to disburse the loans:
Deposit Money Banks (DMBs)
Development Finance Institutions (DFIs)
Microfinance Banks MFBs)
The report further revealed that the funds were disbursed to farmers cultivating about 3,097,834 hectares of land across the country for some commodities as follows: cassava, cotton, fish, ground nut, maize, poultry, rice, soya beans, wheat, cattle, sorghum, ginger, castor seed, sesame seeds, tomato, cocoa, yellow pepper, oil palm, cowpea, and onion.
The CBN stated that it guaranteed N1bn to 10,105 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in September, 2020.
Analysis of Loans and Beneficiaries:
A sub-sector analysis indicates that food crops obtained the largest share of N461m guaranteed to 4,744 beneficiaries.
Mixed crops recorded N405.3m guaranteed to 4,850 beneficiaries.
Livestock got N73.9m guaranteed to 238 beneficiaries
Cash crops got N33.5m guaranteed to 167 beneficiaries
Fishery got N25.8m guaranteed to 67 beneficiaries
Others got N9.8m guaranteed to 39 beneficiaries.
The apex bank also stated that it disbursed N26.99 to 6,372 beneficiaries under the AGSMEIS (Agri-business Small and Medium Enterprises Investment Scheme). This is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s effort at promoting Agri-business/Small and medium enterprises as a vehicle for sustainable economic development and employment generation.
This brings the cumulative disbursement from inception of the programme to the end of September, 2020 to N66.2bn in favour of 17,541 beneficiaries.
In order to facilitate the AGSMEIS, the Central Bank of Nigeria (CBN) said that it had ratified NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) to oversee the operations of the scheme.
The apex bank also reported that under the Health Scheme Intervention Fund (HSIF), that it disbursed a total of N7.75bn to 10 projects through nine PFIs in September, 2020.
This brought the cumulative total to N47.1bn in favour of 46 beneficiaries in September, 2020.
During the same period under consideration, the CBN disbursed the sum of N52bn in favour of 41 projects from inception to September, 2020 under the Textile Sector Intervention Facility (TSIF).
The CBN revealed that under the government Power and Airline Intervention Fund (PAIF), it disbursed a total of N3bn to Inez Global Limited in September, 2020, the period under review.
From the foregoing report, it is clear that the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN) has actually put many Programmes in place to help almost all sectors of the economy to make progress no matter the circumstances.
How farmers in this forum will take part in this programme is what we need to look at very critically. It makes no sense that so many farmers all over the country are benefiting from these programmes and we are doing nothing.
In our subsequent articles on this series, we are going to look into how to join these programmes, the conditions required of every farmer and how to repay the loans.
Look out for the articles as they will make interesting reading.