CBN to Give Farmers #432Billion Before The Year End

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The Central Bank of Nigeria are going to fund farmers a total sum of #432bn for farmer’s that specialize in the following agricultural commodities like rice, maize, cassava, tomato, oil palm, cocoa, poultry, fish and livestock/dairy.

This was disclosed during the stakeholders’ meeting to evaluate the success recorded so far under the CBN Anchor Borrowers Programme and the strategies for the 2020 agricultural wet season.

For farmers and households that have been affected by the Pandemic or small and medium scale business that need loan to cushion the effect of Covid 19 pandemic.

keep reading to discover how to apply for the intervention loan and be a part of beneficiary of #432bn

There are also plan by the bank to implement non-interest in all it intervention programme.

Senior official of the bank further disclosed that the programme intend to target and support household that have been affected by Covid -19 pandemic , micro, small and medium enterprises.

Yila Yusuf, the Director, Development Finance Department, CBN explained that farmers will have access to #432bn for 2020 planting season for all the nine value chain agricultural commodities.

He said that over 1.1million farmers cultivating over 1million Hectares of farmland will benefit from this programme. The loan amount will be sent through designated banks of the beneficiary.

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The total output expected from this intervention programme for all the commodities is 8.3 million metric tonnes of commodities .

“The bank’s funding of the Anchor Borrowrs Programme for the 2020 season is the highest since the inception of the programme in 2015” he said.

The aim of the initiative is to ease the impact of the pandemic on small businesses and individual.

Godwin Emefiele, CBN Governor had directed the Development Finnance Department of bank as well as the NIRSAL Micro Finance Bank to fast-track the approval process o loan to help restore businesses and livelihoods.

To apply for the loan visit the website below and register

www.nirsalmfb.caderp.com

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