You remember the Anchor Borrowers’ Programme, ABP?

The Central Bank of Nigeria, CBN used the programme to intervene in the agriculture sector, especially in rice production.

Well, Godwin Emefiele, the governor of the CBN is saying that the programme was so successful that it resulted in the creation of 2.5 million naira across Nigeria.

The ABP was launched by President Muhammadu Buhari on November 17, 2015, and “intended to create a linkage between anchor companies involved in the processing and smallholder farmers (SHFs) of the required key agricultural commodities”.

He said the programme has been effective in correcting Nigeria’s imbalances, and suspending the bank’s policy suite will spell doom for Nigeria.

Also Read: What World Bank’s Reversed Economic Forecast Means For Nigeria

“The CBN recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than 9% to new projects in the Agric and Manufacturing sectors; aimed at boosting output and creating jobs,” Emefiele said while speaking at the Annual Bankers dinner over the weekend.

“In the agriculture sector, the ABP has ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighboring countries.

“As at October 2018, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, have so far benefited from the Anchor Borrowers programme, which has generated 2,502,675 jobs across the country.”

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