Saturday, March 29, 2025
26.7 C
Lagos

CBN: Anchor Borrowers’ Programme Loan Repayment Tops 52.39% in Feb 2023

 

The Central Bank of Nigeria (CBN) says it remains committed to its developmental mandate of stimulating access to finance for the real sector, disclosing that total repayments as of the end of February 2023 under the Anchor Borrowers’ Programme (ABP) stood at N0.503 trillion, representing 52.39 per cent, adding that the balance of N0.119 trillion was not due for repayment.

The Acting Director, Corporate Communications Department, Dr. AbdulMumin Isa, disclosed this in Abuja over the weekend while exchanging views with journalists on the performance of the ABP, revealing that the Bank had released the sum of N1.079 trillion, as of February 28, 2023, of which N0.960 trillion was due for repayment.

According to him, the CBN ABP had supported about 4.57 million smallholder farmers at end-February, 2023, who cultivated over 6.02 million hectares of 21 commodities across the country. He listed the commodities as rice, wheat, cowpea, millet, maize, cotton, fish, soya bean, poultry, cassava, groundnut, ginger, sorghum, oil palm, cocoa, sesame, tomato, castor seed, yellow pepper, onions, and cattle/dairy.

Citing statistics from the Food and Agriculture Organisation (FOA), Dr. Isa noted that the ABP had contributed significantly to the increased national output of focal commodities, with maize and rice peaking at 12.2 and 9.0 million metric tonnes in 2021 and 2022, respectively. He said the programme had also helped to improve the national average yield per hectare of these commodities, with productivity per hectare almost doubling within the eight years of the Programme’s implementation.

While further noting that repayments under the ABP are made through cash or produce by the beneficiaries, the Acting Spokesperson of the CBN stressed that the outstanding due balance on loans was still under moratorium due to the COVID-19 forbearance granted to beneficiaries of the Bank’s interventions in March 2020 and extended to February 28, 2022.

“It is pertinent to note that the tenor of loans under the ABP is based on the commodity gestation period. For instance, loans granted to farmers cultivating some perennial crops could have up to seven-year tenor,” he explained.

Dr. Isa emphasised that the Bank’s interventions, with the core objective of catalysing the economy’s productive base, have continued to support investments in capital assets in sectors with high-growth and employment-elastic potential.

“The Central Bank of Nigeria remains committed to its developmental mandate of stimulating access to finance for the real sector, particularly agriculture, as it continues to support the Federal Government’s drive for food security and economic growth. Accordingly, the Central Bank of Nigeria continues to welcome applications from eligible Nigerian farmers and firms under the Anchor Borrowers’ Programme,” he added.

spot_img
spot_img
spot_img

Hot this week

Leadway Pensure Advocates Additional Voluntary Contributions for Future-Proof Financial Security

Leadway Pensure, a leading Pension Fund Administrator (PFA) in...

Kano Residents Benefit from Fidelity Food Bank Initiative

Over 1,500 residents have benefited from a Fidelity Food...

We Need More than CNII Order to Secure Telecom Investments – Experts

L-R: Associate Director, Government Relations, IHS Nigeria, Bond Abbe; Co-founder,...

PenCom: States Should Implement CPS for Pension-secure Nigeria

The National Pension Commission (PenCom) has called on all...

Fidelity Bank Equips Entrepreneurs for Global Trade Success with EMP 18

L-R: Prof Frank Ojadi, Director, Export Management Program, Lagos...

Topics

NGX, Stock Exchange of India Explore Areas of Partnership

OPENING REMARKS BY ALH (Dr) UMARU KWAIRANGA NGX CHAIRMAN...

AIICO Insurance Reaps CEO, Corporate Brand Awards

It was a moment of celebration and recognition for...

InterswitchSPAK 4.0 Kicks Off N12.5m National Science Competition Nov 6

Interswitch, Africa’s leading integrated payments and digital commerce company,...

AfDB Unveils ‘New Deal for Energy in Africa’

The African Development Bank Group (AfDB) unveiled its landmark initiative to solve Africa’s huge energy deficit by 2025 at a High Level Stakeholder Consultative Meeting attended by business and political leaders at its headquarters in Abidjan. The “New Deal for Energy in Africa,” which charts the way for a transformative partnership on energy focuses on mobilising support and funding for the initiative from five key areas.

Orange Strengthens Connectivity Leadership in Africa with Djoliba Network

At the AfricaTech Festival (international trade fair, Orange and...

Big Brother Naija All-Stars Gained 23.2m Global Reach

Media Intelligence Consultancy, P+ Measurement Services recently undertook a comprehensive evaluation...

Wema Bank: 5for5 Promo Season 2 Grand Finale Enters Final Countdown

The second edition of the ALAT 5for5 promo, a...

Nova Merchant Bank ED, Funke Okoya, Named Chairperson, Women’s Empowerment Commission

Mrs. Funke Okoya, an Executive Director, NOVA Merchant Bank...
spot_img

Related Articles

Popular Categories

spot_imgspot_img