Senate Hijack CBN Anchor Borrowers’ Project Turns It National Cake in 36 States plus FCT

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The Senate, on Tuesday, requested for the extension of the Anchor Borrowers Programme (ABP)of the Central Bank of Nigeria (CBN) to all the 36 states and the FCT for the acceleration of the Federal Government’s bid to diversify the economy.

The ABP scheme was introduced by CBN almost two years ago to boost domestic food production and save the country’s capital outflow as a result of about N1 trillion annual food import bill.

The request followed the adoption of a motion sponsored titled: “Anchor Borrowers Programme and its Benefits to Farmers” moved by Senator Shaaba Lafiagi (APC, Kwara). Lafiagi said the Anchor Borrowers Programme conceived to create a linkage between anchor companies involved in processing of key agricultural commodities and smallholder farmers had succeeded in turning around the fortunes of farmers where the programme was ongoing.

“The thrust of the programme is the provision of farm inputs in kind and cash (for farm labour) to smallholder farmers to boost  production of these selected commodities, stabilise inputs to agro-processors and create a new generation of farmers/entrepreneurs, thereby ensuring employment.

Amehnews recalled that sometimes ago Manufacturers Association of Nigeria, MAN, called for the expansion of the scope of Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) to further boost production of key commodities and stabilize inputs supply to agro processors.

MAN President, Dr. Frank Jacobs, in a chat with journalists said the initiative was laudable going by the impact it has had so far on the agricultural sector of the economy.

He stated: “We recommend that the scheme be expanded to include medium scale as well as large scale integrated processors to act as anchor companies, so as to increase private sector involvement in the scheme, in order to boost production of key commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food.”


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