CBN disburses N178.48bn to 902,518 farmers

April 15th, 2019

By Chika Otuchikere

The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has disclosed that as at December 2018, the bank disbursed N178.48 billion to 902, 518 farmers through its Anchors Borrowers Programme (ABP).

The CBN governor who made the disclosure Friday night, during an informal meeting with potential investors in Washington DC, assured investors and the international community that the country having gone through a successful election, was ready for investments.

Emefiele, who enticed the investors with the Nigerian success stories, especially in agriculture, said that the Anchor Borrowers Programme, which targets local farmers was one of the major achievements of the bank under its development interventions.

His words: “As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to 902,518 farmers.

“During the period, over 2.8 million and 8.4 million direct and indirect jobs were created under the Anchor Borrowers Programme”.

On the country’s foreign exchange policy, Emefiele said that the focus had always been to ensure price stability.

He highlighted some of the foreign exchange reforms undertaken by the bank, which he said, included the ban of the 41 items, the establishment of the investor’s and export’s window and the SME Window of the foreign exchange market.

According to him, this resulted in stable exchange rate, foreign exchange liquidity, vibrancy in the capital market, improved supply of foreign exchange supply with positive impact on GDP growth.

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