By Jimoh Babatunde & Gabriel Ewepu
The Central Bank of Nigeria has in recent years come up with different programmes to grow the country’s agriculture and ensre food security in the country. One of such programmes is the Anchor Borrowers’ Programme.
Under the programme, the CBN set aside N40 billion, out of the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) to be given to farmers at a single-digit interest rate of maximum nine percent per annum.
As part of the apex bank’s financing framework, the CBN has facilitated the funding of rice and maize farmers and processors through the Anchor Borrowers’ Programme, Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).
ECONOMY
Maize farmers under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) are set to release about 300,000 metric tonnes of maize which watchers believe will reduce the current price of maize.
The huge supply boost according to stakeholders is aimed at inducing a decline in the price of the commodity to N120,000 per metric tonne from the current price of N155,000 per metric tonne.
The planned release follows moves made by the critical stakeholders, working with relevant government and security agencies, to put a halt to reprehensible and speculative activities of middlemen and bandits respectively.
With the release of 300,000 metric tonnes in February 2021, it is expected that the prices of maize in the Nigerian market will drop significantly, thereby increasing demand for the crop and ultimately enhancing the gains of maize farmers. Prior to the Central Bank of Nigeria and Nigeria Custom Service collaboration, President Muhammadu Buhari had approve
By Nume Ekeghe
About 300,000 metric tonnes of maize are to be released into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN) next month.
Owing to this, the current price of maize N155,000 per metric tonne is expected to reduce significantly.
According to a statement, the planned release followed moves made by the critical stakeholders, working with relevant government and security agencies, to put a halt to reprehensible and speculative activities of middlemen and bandits respectively.
With the release of 300,000 metric tonnes in February 2021, it is expected that the prices of maize in the Nigerian market will drop significantly, thereby increasing demand for the crop and ultimately enhancing the gains of maize farmers.
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