4 December 2018

Nigeria: Anchor Borrowers' Programme Created 2.5 Million Jobs - Central Bank

Photo: The Guardian

The Central Bank of Nigeria (CBN) said the Anchor Borrowers' Programme (ABP) has created 2.5 million jobs across the country.

The Governor of CBN, Godwin Emefiele, disclosed this at the annual bankers' dinner over the weekend.

ABP, an agricultural programme, was launched by President Muhammadu Buhari in 2015 and is aimed to create a linkage between anchor companies involved in the processing and smallholder farmers (SHFs) of the required key agricultural commodities.

According to Emefiele, "As at October 2018, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, have so far benefited from the Anchor Borrowers programme, which has generated over 2.5 million jobs across the country.

He said: "It is in light of the success of the Anchor Borrowers Program with regards to cultivation of rice and maize that the Monetary Policy Committee in its last meeting on the 21st of November 2018 recommended that the Anchor Borrowers program be applied to other areas such as palm oil, tomatoes, and fisheries to mention a few.

"The CBN recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than nine percent to new projects in the Agric and manufacturing sectors; aimed at boosting output and creating jobs.

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