The Nation Newspaper

Tag: Anchor Borrowers’ Programme

  • Anchor Borrowers prog: Thousands of defaulters can’t meet Sept 18 deadline

    Anchor Borrowers prog: Thousands of defaulters can’t meet Sept 18 deadline

    • Security agencies under pressure to recover balance of N500b

    There are indications that some thousands of beneficiaries of the Central Bank’s (CBN’s) pet project, Anchors Borrowers Programme, are unlikely to meet the September 18, 2023 deadline given them by the security agencies to offset their outstanding loans.

    Several banks which were used as channels of disbursement of the funds have also not been able to pay up.

    The security agencies have been on the necks of the defaulters to pay up in accordance with a presidential order that the money be recovered not later than tomorrow.

    However, investigation by The Nation during the week showed that while some of the defaulters have paid, many others have not been forthcoming.

    A security source knowledgeable about the debt recovery drive confirmed that some money has indeed come in but declined to give details of the total sum.

    “Some more funds have been recovered but I cannot give you details,” the source said.

    Read Also: FG mandates security agencies to recover N500b Anchor Borrowers loans

    He added: “some, including banks, farmers’ associations, corporate organisations and beneficiaries among others, who were involved in the loans, by all indications have not been able to meet up with the repayment.

    “The mandate of the President is to ensure these monies are recovered, so anyone who fails to meet up will face appropriate sanctions. The money has to be accounted for.

    “The President is passionate about agriculture and the need to ensure a better life for Nigerians and to achieve this requires the prudent use of our resources

    “Some banks received huge sums of money which they do not have any record of disbursement and still cannot account for where the money went.

    “There are farmers who received the money and have not paid at when due.

    “There is so much that seems not to have gone right with the programme, but we are going to ensure this matter is followed to a logical conclusion.”

    The loan recovery order was issued to the security agencies by President Tinubu last month.

    The CBN under the leadership of its former governor, Godwin Emefiele, had sunk about N1.1 trillion into the programme as part of the strategy of the last administration to assist farmers get funds to invest in their business.

    Only about N577 billion of the total had been recovered by May 29 when power changed hands.

    The initiative was launched in November 2015 by former President Muhammadu Buhari to boost agricultural production, improve foreign exchange and reverse Nigeria’s negative balance of trade on food.

    However, the inability of beneficiaries to repay the loan on maturity to enable others benefit from it also has held up the programme.

    Commenting on the issue yesterday, Senator Shehu Sani said a beneficiary told him, when asked why he refused to pay, that “ even if they name and shame him hundred times he still can’t pay.”

    Sani made the comment on his X (formerly Twitter) account @ShehuSani.

  • CBN eyes $10b revenue from palm oil

    An ambitious plan, which is expected to lift Nigeria to the world’s third-largest palm oil producer, was announced yesterday by the Central Bank of Nigeria (CBN).

    The plan is to overtake Thailand and Columbia as major palm oil producers.

    Addressing stakeholders in the palm oil industry in Abuja yesterday, CBN Governor Godwin Emefiele stated: “Our ultimate vision is to overtake Thailand and Columbia to become the 3rd largest producer over the next few years.”

    The CBN boss noted: “If we had kept pace with our peers in supporting improved cultivation of palm oil, at the current global market price of $600 per tonne, and an assumed production level of 16m tonnes, Nigeria could have generated close to $10bn worth of foreign exchange for the country.

    “This analysis does not take into consideration the amount of jobs that could have been created in our rural communities from large scale smallholder developments.”

    To achieve this, the CBN governor is advocating for improved financing.

    He said: “With regards to improving access to finance for smallholder farmers focused on cultivation of palm oil, the Bankers Committee has established a special sub-committee to make recommendations on sustainable financing models for oil palm and four other critical agricultural commodities that include cocoa, sesame seed, shea-butter, animal husbandry and cashew.

    “As part of the Anchor Borrowers Programme (ABP) and our Commercial Agriculture Credit Scheme (CACS), the CBN will work with large corporate stakeholders and smallholder farmers to ensure availability of quality seeds for this years planting season and agro-chemicals in order to enable improved cultivation of palm oil.

    “We will also work to encourage viable off taker agreements between farmers and large-scale palm producing companies.

    “Loans will be granted through our ABP and CACS programs at no more than nine per cent p.a to identified core borrowers.

    “With an estimated three million hectares of land under cultivation, abundance of suitable arable land, we need the cooperation of our state Governments in the oil palm producing zones to make land available to investors with proven financial and technical capabilities, who will be able to support developments of large scale palm oil plantations in the country.”

  • Rice production to hit record high in 2023

    Nigeria rice production could hit 16 million tons in 2023 if all the participating states under the Central Bank of Nigeria (CBN) Anchor Borrowers Programme convert their pilot programmes into massive  production, the  Executive Director, Agricultural and Rural Management Training Institute, Dr Olufemi Oladunni, has said.

    He said the nation’s rice production is expected to set a new record with increased cultivated area, which will increase paddy production to 16 million tons in 2023. The figure is now four million tons.

    According to him, Nigeria can produce more than 12  million tons over four-year with the support of President Muhammdau Buhari’s administration, adding that  increasing support to the paddy crop is likely to keep the country’s rice production high.

    He expects Nigeria to retain its ranking as the leading rice producer in Africa. Although most rice projects embarked by states are in pilot forms, Oladunni said the projects are  showing positive results.

    He said such projects, should be part of the nation’s strategy to stabilise and  increase the production of rice on a sustainable and economically viable basis. He urged more states to key into the CBN anchor  borrowers programme.

    Director-General,Africa Rice Center, Benin Republic, Dr Harold Roy-Macauley has said Nigeria has overtaken Egypt as the largest rice producer in Africa with four million tons a year

    Egypt was producing 4.3 tons annually, but it reduced by almost 40 per cent this year owning to the Egyptian government’s decision to limit cultivation to preserve water resources. Egypt’s rice cultivation requires about 1.8 billion metres of water in evaporation, transpiration and irrigation each year.

    Africa produces an average of 14.6 million tons of rough rice annually.

    He said there are efforts to increase overall rice production in Africa, but expressed doubts that it will curb rice importation as population has increased across the continent. Consumers, he said, are looking for safe and certified rice.

  • Buhari praises Unity Bank over Anchor Borrowers’ Programme

    President Muhammadu Buhari has commended Unity Bank Plc for its contributions to the Anchor Borrowers’ Programme (ABP).

    The lender got an award from Rice Farmers Association of Nigeria (RIFAN) for  participating in ABP.

    The farmers presented the award in Abuja during a gala night organised by beneficiaries of the government’s ABP  held at the old Banquet Hall of the Presidential Villa, Abuja.

    Receiving the award, the bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun praised the Federal Government, the Central Bank of Nigeria (CBN) and RIFAN for the recognition and promised that the bank would continue to contribute to the success of the ABP initiative.

    It would recalled that Unity Bank  recently  won the CBN sustainable banking award,  emerging tops in the sustainable transaction of the year in agriculture.

    The lender won the coveted award for its compliance with the Sustainable Banking Principles on the management of Environmental and Social Risk set out by the CBN for adoption by Nigerian Banks, Discount Houses and Development Banks.

    At the just-concluded Bankers’ retreat held in Lagos, the CBN while presenting the award to the bank, commended its efforts in promoting ABP, stressing that the lender deserved the award for the role it played in actualising and managing the project.

    The social and economic impact of the project on the household income of over 270,000 participating small holder farmers as well the contribution to gross domestic product of the country cannot be under estimated.

    Commenting on the Award, Mrs Somefun  observed that the lender has on-boarded over 90,000 financially excluded farmers and generated bank verification number for them to facilitate financial and banking transaction.

    Capacities of about 60 agro input suppliers were expanded through provision of facilities and financial advisory services.

     

  • CBN Anchor Borrowers: Okowa launches harvest, sales of fish in Delta

    Delta State Governor Ifeanyi Okowa  on Wednesday launched the harvest and sales of fish under the Central Bank of Nigeria (CBN) Anchor Borrowers Programme in Okelle Farms, Ugbisi, Udu Local Government area of the state.

    Okowa commended Mega Fish Farmers Co-operatives Union for keying into the programme known as “Private Window’’ in line with the states agenda.

    The governor said the agricultural sector suffered neglect over the years due to dependence on oil in spite of its potential to create jobs, food and develop the country.

    Okowa stressed the need for Nigerians to embrace agriculture because oil was no longer dependable.

    He urged people not to continue to depend on government alone for support and called on well meaning Nigerians and community leaders to support people to go into agriculture.

    The governor, who lauded the CBN for spending N1.2 billion so far on the programme, said the programme had succeeded in producing 2,046 tonnes of fish in four months.

    “We are happy when this window came and CBN, Bank of Agriculture supported us in rice, cassava and aquaculture (fish) production.

    “I am glad to hear that the Mega Fish Farmers have employed over 2,000 workers and currently training 300 youths.

    “I wish to thank you for embracing this programme and it is my hope that in the next five years, you will record more successes.”

    He advised the people to sustain atmosphere of peace to ensure security and development in the area and the state at large.

    The Branch Controller, CBN, Asaba, Mrs Elizabeth Agu, said that CBN had so far spent N1.2 billion on the Private Window of the programme, which has over 4,000 fish farmers.

    She commended the participating farmers for effectively utilising the funds made available to them for expansion as well as engaging more people in the scheme.

    Prince Niyi Akenzua, Executive Director, Finance and Risk, BOA said that the bank was committed to keeping its mandate of ensuring that the people were empowered through agriculture.

    Akenzua said the partnership between the state government and the farmers should be strengthened to ensure empowerment of the rural communities through agriculture.

    Mr Chris Egwuyenga, Chairman, Mega Fish Farmers Cooperatives Union, said with the support being given to the programme t the state would soon be placed on the map of fish cultivation in Nigeria and abroad.

    “It will interest you to know that Mega Fish Farmers with 682 profiled farmers for the first batch has turned out 2,046 tons of fish.

    “This translates to employment, generated directly and indirectly, of over 2000 workers in line with the state agenda and prosperity for all.

    “Still under the programme, about 300 youths are undergoing training with us to acquire fish farming skills.’’

    “Through this programme designed by CBN and with the support of the state government, we are optimistic that food security in terms of protein requirement of Deltans is assured,” Egwuyenga said.

  • Kogi farmers, govt bicker over N2m Anchor Borrowers’ scheme

    There appears to be a sharp disagreement between some farmers in Kogi and the state government in the implementation of the Central Bank of Nigeria’s (CBN’s) Anchor Borrowers’ programme. There are allegations that beneficiaries are being shortchanged.

    Some of the farmers under the scheme are crying foul over the programme implementation, alleging that they were denied the N2 million grant component of the scheme about a year after farming equipment were released by the state government.

    They claimed that soon after the takeoff of the Anchor Borrowers’ programme, the government announced a slash in the grant to N200,000 and later to N75,000, adding that they were however yet to access any of the money.

    Speaking with The Nation in Lokoja, the state capital, one of the aggrieved farmers, Mr. Francis Angulu said that the government has put them in a dilemma, “having invested so much in the enterprise”.

    He further alleged that farming inputs, including seedlings were sold to them at exorbitant rate by the government appointed consultants.

    He listed some of the rates at which they bought the input to include: Rice seeds – N20,000, NPK (four bags) – N34,000, urea (two bags) – N17,000, emstate (three liters) – N6,000, AgricShop – N6,000, Ag-zyme – N6,000, water pump – N55,650 and bird nets (six) – N27,000.

    The government in a swift reaction however debunked the allegations, saying that the farmers rather went about the Anchor Borrowers’ programne with an entirely wrong mindset.

    The state Commissioner for Agriculture, Hon. Kehinde Toba, said six months after the takeoff, the farmers were unable to show evidence of harvest from their rice paddies, while some of them outright sold the inputs provided them by the government, not minding that the programme is profit-oriented.

    He said, “I began as supervisory commissioner late December (2016). As at the time, Anchor programme was already on. I met them packaging it. There was dry season farming, and equipment given in February, and by June you ought to be getting harvest from the rice paddies.

    “When they took the input, some of them did not even plant, some were even selling the equipment. It is not a purely state arrangement, the CBN is backing it. And, with what they saw, the suppliers are asking for their money. So, we beckoned on them to return the equipment, since they are not using it.

    “That is something with some of them; they believe it is their share of the ‘National Cake’. They should even be sued for breach of contract. We can’t be wasting taxpayers’ money. How can I write to government to bring money; that is not how we run government here. How can they say there is foul play? There is no foul play here in Kogi State on the Anchor Borrowers’ programme”.

    Under the programme as rolled out by the CBN, six commodities, namely, rice, wheat, maize, soya beans, cotton and fish were to be cultivated by the farmers, and while their counterparts in places like Kebbi have been receiving commendations by their government over their success in its implementation, such appears not to be the case in Kogi.

     

  • Edo farmers seek allocation of farm settlements

    Edo farmers seek allocation of farm settlements

    Farmers in Edo State under the auspices of All Farmers Association of Nigeria, (AFAN), have appealed the Edo State government to begin allotment of prepared farm slots from farm settlements to its members across the state.

    Chairman of AFAN, Chief Emmanuel Odigie, who made the appeal in Benin, when the group paid a courtesy call on the Commissioner for Agriculture, Hon. Monday Osaigbovo, said the group has acquired 20,000 hectares of farmland in Edo South Senatorial district.

    Chief Odigie said the farmland would be used for commercial and cluster farming.

    Odigie urged the state government to give agricultural loans to farmers in fulfillment of Governor Obaseki’s promise during his governorship campaign in 2016.

    He called for the building of new farm settlements as well as reviving all old farms settlement.

    His words, “We are not oblivious of the investment the Edo State government have put in revamping agriculture, such as the Anchor Borrowers Programme, Growth Enhancement Support (GES) scheme, and many others which include in no small measure are very important in this new agricultural revolution.

    “The governor really try in his plans to construct earth roads in our rural areas, I must commend him because it will create employment, check rural areas for development, do not forget it will provide enough food even at a very cheaper rate,” he said.

    The Commissioner assured them that the state government would do its best to uplift the farmers in the state.

  • CBN’s Anchor Borrowers Programme berths in Delta

    CBN’s Anchor Borrowers Programme berths in Delta

    More than 30, 000 farmers across the selected enterprises of cassava, oil palm, rice and fisheries have been registered for the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP).

    Delta State Commissioner for Agriculture and Natural Resources Mr. Austin Chikezie, who broke the news in Asaba, the state capital, said the aim was to boost the production of fisheries, cassava, oil palm and rice production under the CBN‘s ABP in the state.

    The commissioner explained that the state policy on agriculture was directed at achieving agricultural growth and development. He said the state government would focus on providing food in excess for local consumption and industrial raw materials for agro-industries, employment and poverty alleviation.

    While noting that the CBN’s ABP would be used as a financial model for small holder farmers in those selected enterprises, Chikezie said about 30,000 farmers have been registered, and that high quality inputs and technical assistance would be provided for the farmers.

    The Commissioner, who emphasised that the scheme was designed to increase production and supply of raw materials to food processors, said through the programme, qualified commodity out growers are assisted to identify an anchor firm (off taker or processor) and supported with loan at nine per cent interest rate to increase their farm holdings in the state.

    Chikezie said for oil palm, the state government had commenced the raising of 220, 000 improved oil palm seedlings for distribution to 250 farmers for cultivation on 500 hectares of oil palm plantations.

    He added that five mini-oil mills have been fabricated and ready for distribution to farmers, and that the mills cost the state government about N115 million to execute. According to him, the oil palm programme will create 100 direct jobs and over 300 indirect jobs in the state.

    “In rice production, plans are on to ensure that rice cultivated in the state meets international standards, even as the state government has approved N51 million to boost its production by ensuring all season farming,” the Commissioner said.

    Similarly, government’s intervention in fisheries, particularly in aquaculture, he said, has yielded results with more than 5,000 being engaged in various clusters across the state through cooperatives societies. Annual fish production has also increased from 15,273 metric tonnes in 2008 to 24, 413 metric tonnes in 2016.

    The state government had last February inaugurated an agricultural marketing coordination committee, with a charge to reform the agriculture sector in the state. The committee would focus on developing the agricultural sector in line with the Governor Ifeanyi Okowa administration’s objectives of economic diversification, food security, self-reliance and prosperity for all.

  • Nigeria’s rice exportation to start in 2017 — CBN

    Nigeria’s rice exportation to start in 2017 — CBN

    The Central Bank of Nigeria, (CBN) on Tuesday said it’s set  to begin exportation of rice by 2017, based on its Anchor Borrowers Programme  for the promotion of Agriculture

    According to the CBN, the Anchor Borrowers Programme of  the CBN and the Presidential Committee on Rice Production, launched in July had jointly set the target.

    The Acting Director of Corporate Communications of the apex bank, Mr Isaac Okorafor, said this in Yenagoa at a sensitisation workshop for farmers.

    The theme of the workshop is entitled: “Promoting Stability and Economic Development’’.

    According to him, farmers in Kebbi, Jigawa, Ebonyi, Sokoto and Cross River states, among others, have already keyed into the programme, resulting in massive rice cultivation.

    He said the country would achieve self-sustenance in rice production if the momentum was sustained, adding that the country should commence exportation of locally produced rice by 2017.

    Okorafor said Kebbi State had already harvested one million tonnes of rice, adding that Ebonyi’s harvest had outstripped the earmarked production for the year.

    “The development is encouraging and by the end of 2017, we will not only meet our national demand which is between six and seven million tonnes but have a surplus to export.

    “We must rid ourselves of eating foreign rice that has been stored for over nine years in Thailand, Vietnam and India. Nigerian rice is fresh and healthier.

    “We should eat Nigerian rice provided for by the CBN Anchor Programme;  50 Kg of local rice is now N8, 000 in Ebonyi. Already, the Abia Government has ordered rice from Ebonyi for Christmas,’’ he said.

    He further said: “What we have done with this programme so far is to create jobs through farming, especially for the unemployed youths.

    “Nigerian youths must wake up, dust themselves up and join this worthy campaign.

    “Remember that the status of our farmers is now better due to the support they are receiving as a result of government’s policy.

    “Our currency is weak because we engaged in a needless importation of all kinds of foodstuffs, including toothpicks; the government is determined to stop this.’’

    The Branch Controller, CBN, Yenagoa, Mr Oke Nwajah, said the state was blessed with rich wet soil that supported rice cultivation.

    He,therefore, urged the farmers to take pride in farming, adding that the Anchor Borrowers Programme was an intervention to reduce their burden.

  • Sultan of Sokoto commends CBN’s rice initiative

    Sultan of Sokoto commends CBN’s rice initiative

    The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, says the Central Bank Nigeria (CBN), Anchor Borrowers’ Programme has boosted local rice production.

    The Sultan spoke at the launch of the dry season wheat farming and distribution of wheat seeds to farmers under the Anchor Borrowers’ Programme, in Isa Local Government Area of Sokoto State.

    Mr Isaac Okorafor, Director, Corporate Communications, CBN, via a statement issued on Sunday in Abuja, said the Sultan commended the CBN for making dry season farming possible.

    The Sultan enjoined farmers to continue to be diligent in their farming activities as oil would only provide funds but would not put food on the table.

    He harped on the need for partnership among all levels of government in order to end the farmers and herdsmen crisis.

    He stated that inability to resolve the crisis could frustrate government’s efforts at food security.

    Kebbi Governor, Alhaji Abubakar Atiku Bagudu, said that tremendous success had been achieved since the launch of the Anchor Borrowers’ Programme.

    Bagudu who is also the Chairman, Presidential Task Force on Rice and Wheat, revealed that where farmers have benefited from the programme, their yields increased tremendously.

    The governor said that adequate funding would guarantee diversification and transformation of the agricultural sector to ensure sufficient rice production in the country.

    Gov. Aminu Tambuwal of Sokoto State, said that almost 85 per cent of the state’s estimated population of about five million were engaged in farming as their main occupation.

    Tambuwal disclosed that with the advent of the Anchor Borrowers’ Programme, 12,000 wheat and 25,000 rice farmers had been registered.

    He said that the state government would continue to pursue policies to ensure the improvement of agriculture and its value chains.

    CBN Governor Godwin Emefiele, said that President Muhammadu Buhari’s administration was committed to reduce heavy reliance on imported food into the country.

    He commended the Sokoto State Government for meeting its equity counterpart funding, noting that the state could now access the N220 billion Commercial Agriculture Credit Scheme (CACS).