CBN releases N798.09bn for disbursement to 3.9m smallholder farmers

The Central Bank of Nigeria (CBN) has cumulatively released the sum of N798.09 billion to 3.9 million smallholder farmers cultivating 4.9 million hectares of land across the country under its Anchor borrowers Programme.

The CBN recent data showed that out of amount for the 2021 wet season farming, the sum of N161.18 billion was allocated to 770,000 small-holder farmers cultivating seven commodities on 1.10 million hectares across the country.

Reviewing the performance of the Bank’s intervention to sustain the recovery of output growth and address the downside risks to other external.

and domestic shocks to the economy, the Governor Central Bank of Nigeria, Mr Godwin Emefiele told journalist after Monetary Policy Committee that while harvesting for the 2020 dry season under the programme is rounding up, harvesting activities have commenced for the 2021 wet season cultivation.

He stated that the Strategic Maize Reserve Programme of the CBN has been useful in moderating maize prices by directly targeting large feed mill producers.

Under Commercial Agriculture Credit Scheme (CACS), he said the CBN has supported 657 large-scale agricultural projects, to the tune of N708.39 billion, adding that CBN has supported MSMEs across the country by disbursing N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS).

But for the Targeted Credit Facility (TCF), the apex bank governor said the sum of N343.21 billion has been disbursed to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises.

The CBN further stated that under Real Sector Facility a total of N1.0 trillion has been invested to 269 real sector projects, of which 140 are in light manufacturing, 71 in agro-based industry, 47 in services and 11 in mining.

The apex bank also noted the improvement in lending to the real sector following the introduction of the Loans-to-Deposit Ratio (LDR) in 2019, adding that Industry gross credit increased by N6.63 trillion from N15.57 trillion at end-May, 2019 to N22.20 trillion at end-July, 2021.