Food Security: 4.1m Farmers participate in ABP with 200 brands of Nigeria Rice in markets ─CBN

*The Central Bank of Nigeria discloses over 4.1million smallholder farmers are currently participating in the Bank’s Anchor Borrower Programme (ABP), and more than 200 brands of Nigerian-made rice are now in the markets as a result of the intervention programme

Gbenga Kayode | ConsumerConnect

The Central Bank of Nigeria (CBN) has disclosed that over 4.1million Smallholder Farmers (SHFs) are currently participating in the Bank’s Anchor Borrower Programme (ABP) since its introduction in the country 2015.

ConsumerConnect learnt the Bankers’ Bank also stated that more than 200 brands of Nigerian-made rice are sold in the markets as a result of the positive impact of the ABP.

Some Nigeria Rice brands

Mr. Aminu Muhammad, Assistant Director, Head of Development Finance Office, Kaduna Branch of CBN, noted this development  during a One-Day interactive Enlightenment session with Organised Labour and Civil Society on the 5-year policy thrust of the Central Bank of Nigeria.

The apex bank organised the interactive section in order to educate North-West stakeholders in Kaduna State on the various CBN’s intervention programmes initiated by Central Bank of Nigeria Governor Godwin Emefiele’s leadership, and the Organised Labour and the Civil Society Organisations could also benefit from these interventions, report stated.

Mr. Muhammad, who enumerated the various intervention programmes, explained that, 706,719 beneficiaries nationwide have so far benefited from the Targeted Credit Facilities (TCF), where 364 billion has been disbursed to about 766,000 beneficiaries, Nigerian Tribune report said.

Likewise, the CBN chief also said that the ASMEA programmes had committed N134billion to about 37,000 beneficiaries, while the Health sector intervention facility has committed over N108 billion to about 117 projects in Nigeria.

Muhammad further stated that 37, 571 businesses have benefited from the Agric segment of the intervention programmes, and 107, 932 jobs were created.

He, therefore, urged stakeholders not to be left out in benefitting from the CBN’s  intervention programmes.

Economy records positively by 4.03 percent Q3 2021 ─CBN Director

In his remarks, Mr. Osita Nwanisobi, Director of Corporate Communications Department at CBN, said Mr. Emefiele has a five-year development plan tagged: ‘5-Year Policy Thrust’, aimed at building the Nigerian economy in a sustainable and inclusive manner.

Mr. Emefiele, Nigerian Governors, top Federal Government officials, and other dignitaries at the launch of Rice Pyramids under the ABP, in Kebbi State  Photo: CBN

Mr. Nwanisobi also noted that the Governor of CBN is bent on creating an economically viable for every Nigerian consumer.

Represented on the occasion by Sam Okogbue, Deputy Director of the Department, and speaking virtually, the Director of Corporate Communications said because of the various interventions by the CBN and the authority to grow the economy, the Nigerian economy despite slipping into recession on two occasions, had recorded positively Q3 of 2021, by 4.03 percent.

Nwanisobi said: “We’ve seen what has happened to the Nigerian economy, especially because Nigeria is a mono-product economy, dependent solely on oil for our FX earnings, as well as over 60 % of government expenditure.

“Of course, oil is susceptible to external shocks, so anytime there is shock, it transmitted to our economy immediately.

“That’s why we had a recession in 2016, and in 2020 again, as a result of the Coronavirus pandemic, that dovetails into economic crisis also.”

According to him, “all the intervention programmes, of course, you will see a lot of intervention programmes geared towards stimulating the Nigerian economy to recovery. “That is what Central Bank, in concrete terms, is doing. To get back our economy, to grow in a sustainable manner.”

The CBN further stated: “So, when you look at Governor Emefiele’s 5-year Policy Thrust, starting with the one he wants to grow the economy by double digits, and when you look at what happened to the economy from 2020 when we slipped into recession, recording about a negative 6.10 in quarter 2 of 2020, minus 3.62, 20 of quarter 3, and then move to a positive trajectory, but still very fragile.

“The whole essence is to rejig the economy, stimulate the economy, and we are seeing the impact. We are not where we should be, no doubt about that.”

He also said: “Our target is to ensure that we grow this economy sustainably to bring down inflation. We’ve already seen inflation trending downward from about 16.63 percent to about 15.4 percent.

“It’s still not where we want it to be because prices are still high. But we are very optimistic that both our dry season farming and then, wet season would come, mobilising the Anchor Borrower Programme, we would be able to produce more.”

The financial system, Nwanisobi as well stated, is now stable as people can put their money in banks and be able to go to sleep. Non-performing loans are driving downward which showed the stability of the financial system.

More so, Nigeria now has the e-Naira, which is the digital equivalent of the physical Naira, to drive the digital economy.

“Going by what is happening in the world today, Nigeria is positioning herself to be a world player. If we do nothing today, we would definitely be cut off.

“Today we’re talking of the world economy, internet economy, e-commerce, artificial intelligence, computing and the rest of them, unless we build a very robust infrastructure that would capture all these, we would be left behind and that’s what Central Bank is doing,” said he.

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