CBN Hands N12.65 billion To 3 Agric Projects

The Central Bank of Nigeria (CBN) has revealed that N12.65 billion was disbursed to three agricultural projects under the Anchor Borrowers’ Programme (ABP) between January and February 2023.

Nigeria’s financial regulator said the funding was an intervention to stimulate production and productivity. 

This increased the disbursement under the Anchor Borrowers’ Programme to N1.09 trillion, while the number of beneficiaries hit 4.6 million smallholder farmers. 

According to an 8-page document obtained from the CBN website on Monday, 27 March 2023, which discloses the topic of discussion during the Monetary Policy Committee meeting held last week, it was learnt that the farmers cultivated 21 agricultural commodities on an approved 6.02 million hectares of farmland across the country.

“The Committee reviewed the performance of the Bank’s various interventions aimed at stimulating production and productivity across the real sector. 

“Between January and February 2023, the Bank disbursed N12.65 billion to three (3) agricultural projects under the Anchor Borrowers’ Programme (ABP), bringing the cumulative disbursement under the Programme to ₦1.09 trillion to over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland across the country,” CBN said in the document. 

Also, new agricultural projects benefited from the N23.70 billion the central bank released under the N1.0 trillion Real Sector Facility. 

Other sectors that benefited from the disbursement are manufacturing and services. Although the cumulative disbursements under the Real Sector Facility currently stand at N2.43 trillion “The Bank also released the sum of ₦23.70 billion under the ₦1.0 trillion Real Sector Facility to eight (8) new real sector projects in agriculture, manufacturing, and services.

“Cumulative disbursements under the Real Sector Facility currently stands at ₦2.43 trillion, disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects. Under the 100 for 100 Policy on Production and Productivity (PPP),” CBN wrote.