The Central Bank of Nigeria (CBN) has said that it would be funding 1.6 million farmers in the 2020 wet season across the country to help increase farming output.
The apex bank also said it would finance the farmers under the bank’s 10 focal commodities intervention programme, which would cut across the value chains.
The CBN director, Development Finance Department, Mr Yila Yusuf made this known during the flagoff of Farm Inputs Distribution for cotton farmers for 2020 planting season in Kwali, Abuja yesterday. Represented by Mr Ayoola Quadri.
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Yusuf said the step was to create an impact that would guarantee food security in the country. Yusuf said CBN had engaged 256,000 farmers in cotton production for 2020 planting season through its Anchor Borrowers programme. The farmers are expected to pay back the loan given by CBN under the bank’s Anchor Borrowers Programme.
He disclosed that the apex bank had reduced the interest rates paid on the loan from nine per cent to five per cent because of the COVID-19 pandemic. He said the CBN was working hard to revive Cottons, Textiles and Garments industry to create jobs and boost the economy of the country.
He further explained that with commitment of the bank in 2018 on cotton production, the textile industries in 2019 were self-sufficient as cottons used during the period were sourced within the country and even left some in warehouses.
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