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Farmers get N174.48bn from CBN

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Farmers gets N174.48bn from CBN

Farmers in the country have received credit worth N174.48 billion from the Central Bank of Nigeria through 19 commercial banks in a bid to diversify the country’s economy.

According to the bank, 902, 518 farmers have benefited from the have become beneficiaries under the CBN’s credit scheme for the agricultural sector.

CBN Governor, Godwin Emefiele stated this at the CBN Special Day at the outgoing 30th Enugu International Trade Fair, adding that the apex bank has also disbursed about N183.09billion to stabilise the generation of more than 1,200mw in both hydro and thermal plants overhaul of Jebba Hydro and Shiroro as well as Kaiji Dams.

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Emefiele, who was represented by the Director, Corporate Communications Department of Central Bank, Isaac Okorafor said that the Bank has sustained its intervention in other critical sectors particularly in Agriculture, Power, Aviation, Health and many others.

“It is with great sense of gratitude and honour that I welcome you all to the CBN special day at the ongoing 30th Enugu international trade fair with the theme; ” promoting and enhancing value addition in the oil and non-oil sector of the economy for robust economic growth and development”.

“The bank finds the aforementioned theme very fitting as it elaborately captured the effort of the central Bank of Nigeria toward diversification of the economy against the current overdependent on the oil sector. As part of its developmental functions, the bank has sustained its intervention in other critical sectors particularly in Agriculture, power, Aviation, Health, etc; aimed at triggering robust economic growth and development of the country.

“These intervention which has contributed significantly in driving Nigeria’s economic growth and development include, but not limited to the following: Anchor borrowers programme; This scheme was launched in 2015 and has recorded tremendous success not only in terms of reduction in the nation’s food import bills, conservation of foreign exchange and boosting the income levels/financial capacity of the local farmers.

“A cumulative of N174,48billion had been disbursed through 19 participating financial institutions to finance 902,518 farmers working with 194 anchor companies. The ABP had also created 2,807,775 and 8,423,325 direct and indirect jobs, respectively” Emefiele stated.

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