The Central Bank of Nigeria, CBN, has set aside N432 billion for I.I million farmers for the the wet farming season in Nigeria under its Anchors Borrowers Programme, ABP.
Unveiling the plan in Abuja on Thursday, officials of the apex bank said the sum which is the largest in its financial support to farmers, is a loan, to finance an estimated 2 million metric tons of produce spread across nine different commodities including cocoa, oil palm, coffee, cotton, cassava, maize, groundnut.
Mr Isaac Okoroafo, a Director and Corporate Affairs head of the bank said at a stakeholders programme the “non-interest loan is to create intervention for farmers and the target objective informed the aggressive support for agriculture.”
The bank said the non-interest facility under the ABP would also accommodate farmers who suffered flooding.
