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Food security: CBN disburses N554bn to 2.8m farmers

The Central Bank of Nigeria (CBN) has disbursed N554.61 billion to 2,849,490 farmers to boost food security under its Anchor Borrowers Programme (ABP) beginning from 2015. In a communiqué issued in Abuja yesterday, CBN Governor, Mr. Godwin Emefiele, said that out of the amount, N61.02 billion was disbursed to 353,370 dry season farmers. T he communiqué was issued at the end of the apex bank’s Monetary Policy Committee (MPC) meeting for January which began on Tuesday in Abuja.

Emefiele added that the CBN also allocated huge sums of money to mitigate the adverse effects of COVID-19 pandemic on Nigerians. “Of the CBN’s real sector interventions, under the ABP, N554.63 billion was disbursed to 2,849,490 beneficiaries in 2015, of which N61.02 billion was allocated to 359,370 dry season farmers.

“In the light of the ongoing synchronised efforts by the monetary and fiscal authorities to mitigate the impact of the COVID-19 pandemic, the bank has committed substantial amount of money towards this objective. “Indeed, total disbursements as at January 2021 amounted to N2 trillion.

“For COVID-19 Targeted Credit Facility (TCF) meant for household and small businesses, we have disbursed N192.64 billion to 426,016 beneficiaries. “We have also disbursed N106.96 billion to 27,956 beneficiaries under the AgriBusiness Small and Medium Enterprises Investment Scheme,” Emefiele said. He added that the apex bank also provided huge sums to support the health sector, youth empowerment as well as the creative industry.

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