CBN Applauded Over ABP’s impact on Agricultural Sector

Central Bank of Nigeria's (CBN) Anchor Borrowers' Programme (ABP)

People who work in the country’s agriculture have said that the Central Bank of Nigeria’s (CBN) Anchor Borrowers’ Programme (ABP) has had a big impact on the country.

They said that before the ABP, farmers in Nigeria had a lot of problems, like not having enough money, not having enough inputs, poor varieties, and not being able to sell their products for a profit because they didn’t have easy access to the market.

The CBN set up the Anchor Borrowers’ Program (ABP) to help small-scale farmers get loans from reputable businesses that make and process key agricultural goods. The goal of the program is to help small-scale farmers get loans from reputable businesses that make and process key agricultural goods.

Rice, maize, wheat, cotton, cassava, potatoes, yam, ginger, sugarcane, oil palm, cocoa, rubber, soybean, sesame seed, cowpea, tomato, fish, poultry, and ruminants are among the agricultural commodities covered by the ABP.

According to the strategy statement, the ABP’s main goal is to connect small-scale farmers and food processors in order to boost agricultural productivity and keep food prices stable.

Mr. Adeola Adegoke, President of the Cocoa Farmers Association of Nigeria (CFAN), said that the 2020/2021 loans given to some cocoa farmers in the country under the CBN’s ABP helped to boost productivity by at least 10%, with some farmers increasing their output from 30 to 40 bags of cocoa beans.

AFAN’s new National President, Mudi Farouk, said in his own statement at the event that agriculture now makes up three times more of Nigeria’s GDP than oil does.

According to Farouk, the program’s main goal is to provide loans to smallholder farmers in order to increase agricultural productivity, create jobs, and cut food import costs.

Oluwasin Olabanji, a representative of the Flour Millers Association of Nigeria (FMAN), spoke about wheat production in Nigeria. He said that the CBN was addressing problems with seeds and inputs by delivering good seeds from Mexico to Nigeria, which would help farmers.

Mr. Reji George, Vice President of Olam Agric, said the project can produce more crops for both food and industrial use.

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