Gadgets Africa
  • News
    Microsoft introduces ads to Bing AI chatbot

    Microsoft introduces ads to Bing AI chatbot

    Executives at Meta Platforms Inc are discussing a company-wide ban on political advertising in Europe.

    Meta considers ban on political ads

    Twitter unveils prices for API access

    Twitter unveils prices for API access

    Microsoft raises Bing AI chat limit to 200 daily

    Microsoft raises Bing AI chat limit to 200 daily

    Instagram introduces bookmarking feature

    Instagram introduces bookmarking feature

    Hackers target UAE users with Spanish spyware - Google

    Hackers target UAE users with Spanish spyware – Google

    EFCC detains tech firm Kloud Commerce's founder Olumide Olusanya

    EFCC detains tech firm Kloud Commerce’s founder Olumide Olusanya

    Google to launch extreme heat alerts feature

    Google to launch extreme heat alerts feature

    Musk, experts call for pause on AI development

    Musk, experts call for pause on AI development

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

CBN loans to ABP farmers hit N976bn – Report

by Agency Report
April 21, 2022
in News
Reading Time: 2 mins read
CBN set to launch N100m digitalisation fund

Godwin Emefiele

Share on FacebookShare on TwitterShare on Telegram

The Central Bank of Nigeria has disbursed N975.61bn to farmers across the country under the Anchor Borrowers’ Programme.

Figures obtained from the CBN showed that this amount was released to over 4.52 million smallholder farmers as of February 2022.

The CBN said, “The committee reviewed the performance of the bank’s various interventions to stimulate productivity in manufacturing, industry, agriculture, energy, infrastructure, healthcare, and micro, small and medium enterprises.

“Between January and February 2022, the bank disbursed N29.67bn under the Anchor Borrowers’ Programme for the procurement of inputs and cultivation of maize, rice, and wheat, three crops that hitherto were significant concerns of FX demand.

“These disbursements bring the total under the programme to over 4.52 million smallholder farmers, cultivating21 commodities across the country, comes to a total of N975.61bn.”

The CBN had assigned the duty of providing insurance cover and assessing risk of farmers under its Anchor Borrowers’ Programme to underwriting firms.

The Development Finance Department of the CBN disclosed this in its revised Anchor Borrowers’ Programme Guidelines for September 2021.

The guidelines said the underwriters should “provide insurance cover for the projects; ensure timely processing and settlement of claims; provide technical assistance to farmers on insurance policies; and monitor projects for early warning signals or red flags”.

The guidelines further said that they should “render a periodic report on farm conditions; serve as members of the project management team; and carry out any other responsibilities as may be prescribed by the CBN from time to time.”

The revised guidelines addressed current realities and developments in the ABP, with the aim of promoting best practices in the implementation of the programme.

The document recognised the distinctiveness of smallholder farmers, the ABP transactions dynamics and the project management team in the implementation process.

It also adopted measures to ensure the protection of smallholder farmers.

The CBN outlined eligibility criteria and responsibilities of relevant stakeholders under the programme such as the loan limit, interest rate, tenor and agricultural commodities eligible for financing under the programme.

It also outlined the implementation windows and operating models under each window type.

The CBN said the guidelines were aimed at improving the programme’s implementation process and enhancing stakeholders’ participation for the realisation of the ABP’s objective.

It noted that the broad objective of the ABP was to create economic linkages between smallholder farmers and processors with a view to increasing agricultural output and ensuring food price stability.

Tags: Anchor Borrowers’ ProgrammeForex
ADVERTISEMENT

Related Posts

Microsoft introduces ads to Bing AI chatbot
News

Microsoft introduces ads to Bing AI chatbot

by Alex Omenye
March 30, 2023
Executives at Meta Platforms Inc are discussing a company-wide ban on political advertising in Europe.
News

Meta considers ban on political ads

by Alex Omenye
March 30, 2023
Twitter unveils prices for API access
featured

Twitter unveils prices for API access

by Alex Omenye
March 30, 2023
Microsoft raises Bing AI chat limit to 200 daily
News

Microsoft raises Bing AI chat limit to 200 daily

by Alex Omenye
March 29, 2023
Next Post
India fines Google $162m over market dominance

Google inaugurates first development centre in Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Elon Musk debunks affair with Google founder’s wife

Elon Musk debunks affair with Google founder’s wife

July 25, 2022
Facebook to settle privacy suit with $725m

Facebook threatens to remove news content from US platform

December 6, 2022

Trending.

Facebook to settle privacy suit with $725m

Facebook to settle privacy suit with $725m

December 23, 2022
World's largest chipmaker TSMC to employ 6000 staff

World’s largest chipmaker TSMC to employ 6000 staff

March 4, 2023
Twitter launches podcast, redesigns Spaces

Twitter launches podcast, redesigns Spaces

August 26, 2022
Elon Musk sets $8 monthly charge for verified Twitter accounts

Elon Musk sets $8 monthly charge for verified Twitter accounts

November 1, 2022
US to support Nigeria on digital transformation – Consul general

US to support Nigeria on digital transformation – Consul general

January 24, 2023
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version