{"id":84728,"date":"2021-08-13T13:37:42","date_gmt":"2021-08-13T12:37:42","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=84728"},"modified":"2021-08-13T13:37:42","modified_gmt":"2021-08-13T12:37:42","slug":"food-security-cbn-disburses-n791bn-to-3m-farmers","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/food-security-cbn-disburses-n791bn-to-3m-farmers\/","title":{"rendered":"Food Security: CBN Disburses N791bn to 3m Farmers"},"content":{"rendered":"
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The Central Bank of Nigeria (CBN) has disbursed N791 billion to over three million farmers across the 36 states under its Anchor Borrowers\u2019 Programme (ABP).<\/p>\n

According to the News Agency of Nigeria (NAN) report, the Director, Development Finance Department of the bank, Mr Yusuf Yila, made this known on Friday in Abuja, during an interaction with newsmen.<\/p>\n

Yila said the apex bank has reduced interest rate on the loan from nine per cent to five per cent, to encourage more farmers to have access to the credit.<\/p>\n

ABP was launched November 17, 2015 and designed to provide farm inputs and cash to Small Holder Farmers (SHFs).<\/p>\n

The programme was intended to create a linkage between anchor companies involved in food processing and SHFs of the required key agricultural commodities through commodity associations.<\/p>\n

He said the programme has helped participating farmers to improve their yields, especially maize from initial two metric tonnes per hectare, to five metric tonnes per hectare, while that of rice to four metric tonnes per hectare.<\/p>\n

Yela said the bank was also investing in reducing post-harvest loses of farm produce, by encouraging dry season farming, describing it as \u201cbetter in reducing such losses\u201d.<\/p>\n

\u201cAgriculture works better in the dry season, because you cannot control water during the rainy season, but you can control it during the dry season by using irrigation.<\/p>\n

\u201cThe bank is also building silos and irrigation dams to reduce losses,\u2019\u2019 he said.<\/p>\n

Yila said the apex bank has also disbursed about N312 billion in energy infrastructure support through National Mass Metering Programme.<\/p>\n

He explained that the programme was initiated to bridge the six million metering gap in the country, adding that 670,000 meters had been distributed across the country.<\/p>\n

\u201cWe are also ensuring value addition in the scheme, by ensuring the meters are not fully imported but assembled in Nigeria.<\/p>\n

\u201cBy that, we are creating thousands of jobs and also supporting economic diversification,\u2019\u2019 the director said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The Central Bank of Nigeria (CBN) has disbursed N791 billion to over three million farmers across the 36 states under its Anchor Borrowers\u2019 Programme (ABP). 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