the Central Bank of Nigeria (CBN) has rejected claims that it plans to stop the Anchor Borrowers program.
This was revealed this afternoon by CBN Governor Godwin Emfiele during the 288th meeting of the Monetary Policy Committee (MPC) in Abuja.
Instead, Emefiele said the main bank will take a more aggressive approach to help farmers survive the impact of devastating floods across the country.
The CBN Plan: Answering the question about the anchor borrower program. He said:
- “We are gradually moderating our intervention in development financing. But that doesn’t mean we stop, as some people have told you.”
For the record: The CBN has awarded a total of N1.01 trillion to over 4.21 million smallholder farmers producing 21 commodities across the country through the Anchor Borrower Program (ABP).
After the Real Sector Facility, the Anchor Borrowers’ Program (ABP) is the intervention program with the second highest level of funding. The total amount paid to 426 projects across the country through the Royal Sector Support Facility (RSSF) to date is N2.10 billion.
As of September 2022, Apex bank had disbursed N4.5 trillion in intervention money to the private sector of the Nigerian economy.