As of April 2021, the Central Bank of Nigeria (CBN) reported that 3,107,949 small-scale farmers had benefited from the Anchor Borrowers Program.
Mr Osita Nwanisobi, CBN’s acting director of corporate communications, made the announcement at the bank’s special day at the ongoing 42nd Kaduna international trade fair, which is themed “Promoting Domestic Production to Mitigate Current Economic Challenges.”
“The Anchor Borrowers Program was able to provide intervention facilities to 3,107,949 small holder farmers who cultivated 3.8 million hectares of land,” the director said, urging Nigerians, particularly women and youths, to participate in the CBN’s series of intervention programs. We therefore encourage Nigerians, particularly women and youths, to take advantage of our array of intervention programs, including the ABP, Targeted Credit Facility (TCF), Commodity Development Initiative (CDI), Creative Industry Financing Initiative (CIFI), Micro Small and Medium Enterprises Development Facility (MSMEDF), and the Agric-business/Small and Medium Enterprises Inv (AGSMEIS).
Mr Nwanibosi, who was represented by CBN Branch Comptroller Kaduna, Ahmed Mohammed Wali, said the CBN approved a one-year extension of the moratorium on principal repayments for its intervention facilities, as well as granting regulatory forbearance to banks to restructure loans given to sectors that were severely affected by the pandemic in Nigeria.
“The CBN also increased the Loan-Deposit Ratio (LDR) from 60% to 65% to encourage banks to lend more. “Through the NIRSAL Microfinance Bank, the bank also reduced the interest rate on CBN intervention loans from 9% to 5% and initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small medium enterprises,” he added.
“Approximately 29,026 beneficiaries have accessed N111.7 billion through the Agribusiness/Small and Medium Enterprises Investment Scheme,” he explained (AGSMEIS). So far, 7,057 beneficiaries have benefited from the National Youth Investment Fund, including 4,411 individuals and 2,646 SMEs. The Creativity Industry Financing Initiative (CIFI) has also granted financial facilities to 341 people in the film, television, music, and software development industries.”
The director, on the other hand, promised that the apex bank would continue to intervene in critical sectors of the economy, such as agriculture, manufacturing, MSMEs, infrastructure, creative industries, and health, among others, in order to promote the country’s robust economic growth and development.