CBN unveils first rice pyramids in S’West

THE Central Bank of Nigeria (CBN), the country’s apex bank, has pushed for more private sector investment in Nigeria’s agricultural value chain as it unveiled the first rice pyramids in the South-western part of Nigeria under its Anchor Borrowers’ Program (ABP). #ABP #ricepyramids

   The Central Bank of Nigeria in line with its developmental function established the Anchor Borrowers’ Program (ABP) to create a linkage between small holder farmers (SHFs) of the required key agricultural commodities and anchor companies involved in the processing.

The CBN, governor faulted claims suggesting that the Bank’s targeted interventions in the agricultural sector are tilted in favour of a certain section of the country.

According to Emefiele, Nigeria finances 3,107,890 farmers for the cultivation of 3,801,397 hectares across 21 commodities through 23 participating financial institutions in the 36 states of the federation and Federal Capital Territory.

The apex bank plans minimum 1 million hectares of rice through a combination of Rice Farmers’ Association of Nigeria (RIFAN) farmers and prime/private anchors for each planting season in 2021.

 “The CBN is positioned to ensure the integration of our farmers into the government’s economic sustainability program, aimed at providing 5 million homes with electricity using solar energy.”

 “We believe significant improvements in domestic production of staple food items would help in attaining our price stability goals while reducing our dependence on imported food items.”

Emefiele urged Nigerian youths to get involved in agriculture as they have talent, energy, enthusiasm, technological adoption capacity and drive to revolutionize agricultural production in Nigeria.

He also urged farmers to repay loans promptly to ensure sustenance of the Anchor Borrowers’ Programme (ABP).

The program thrust of the Anchor Borrowers’ Program is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilise inputs supply to agro-processors and address the country’s negative balance of payments on food.

At harvest, the small holder farmer supplies their produce to the Agro-processor (Anchor), who pays the cash equivalent to the farmer’s account.