CBN tasks Nigerians on boosting agricultural production, unveils rice pyramids

*The Central Bank of Nigeria has showcased the Nigeria rice pyramids at the commencement of 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN─Rice Farmers’ Association of Nigeria Anchor Borrowers’ Programme in Kebbi State

Isola Moses | ConsumerConnect

In stressing the fact that the country is naturally endowed with abundant resources blessed to meet its food requirements, the Central Bank of Nigeria (CBN) has restated the need for all stakeholders to sustain current efforts championed by the Bank through the Anchor Borrowers’ Programme (ABP) to boost agricultural production towards meeting the requirements of the growing population.

It was gathered the Bank made a great display of rice pyramids at the flag-off of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN─Rice Farmers’ Association of Nigeria (RIFAN) Anchor Borrowers’ Programme  Tuesday, March 2, at Zauro, in Kebbi State, Northern Nigeria.

The display came up about three months after such an exercise in Niger State was part of the fifth anniversary of the ABP, according to report.

Mr. Godwin Emefiele, Governor of CBN, on the occasion said the ABP had emphasised the need for all stakeholders to sustain current efforts being championed by the Bank to improve agricultural production in order to meet the food and nutrition requirements of the country’s population.

The CBN Governor stressed that Nigeria is naturally blessed to meet its food requirement, thus, has no reason to continually repeat mistakes of the past in respect of neglecting agriculture as an important sector of the economy.

The Bankers’ Bank in a statement said Emefiele noted that “the rhetoric around neglect of previous years would remain part of our history, and the best time to correct those mistakes is now.”

“And every stakeholder must contribute their quota to guarantee the realisation of these national targets.

“COVID-19 and the associated lockdowns globally have shown that nations only export out of their reserves. Let us start building our own reserves now.”

According the him, the ABP, which is an essential part of President Muhammadu Buhari’s policy objective for economic diversification, has improved the fortunes of rural farmers, transforming agriculture into a potential for economic growth in the country.

In the past five years, the ABP has been characterised by huge successes, learning points and challenges, he stated.

Emefiele also disclosed that a total of 2,923,937 farmers cultivating 3,647,643 hectares across 21 commodities through 23 participating financial institutions had been financed in the 36 States of the Federation and Federal Capital Territory from inception till date.

He as well noted that apex bank, under the 2020 wet season CBN─RIFAN partnership, financed 221,450 farmers for the cultivation of 221,450 hectares in 32 states.

“The North-West zone with 85,261 farmers that cultivated 120,218 hectares represented 38.5% in the total number of farmers and 54.3% in the total number of hectares financed.

“The massive pyramids being launched in Kebbi were harvests from various fields across Kebbi State and a confirmation of the positive outlook of the Anchor Borrowers’ Programme.”

The CBN Governor further explained that the partnership between the CBN, Kebbi State Government and RIFAN is aimed at strategically complementing the Economic Sustainability Plan of the Buhari Administration.

On the importance of loan repayment to the sustainability of the agriculture support programme, Emefiele stated the CBN is constantly engaging the farmers to enhance their trust in the system, provide a competitive price arrangement, and facilitate effective market linkages for their produce.

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