CBN says anchor borrowers programme creates 2.5million jobs

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CBN says anchor borrowers programme creates 2.5million jobs

By Udeme Clement

The Central Bank of Nigeria, CBN, said the Anchor Borrowers’ Programme, ABP, has created 2.5 million jobs across Nigeria.

The CBN Governor, Mr. Godwin Emefiele made this known at the annual bankers’ dinner, explained that by October 2018 economic year, a total of 862,069 farmers cultivated about 835,239 hectares with 16 different commodities.

According to him, these farmers also benefited from the programme that created over 2.5million jobs in different parts of the country.

He said, “In a sector like agriculture for instance, ABP ensures that Nigeria emerged from being a net importer of rice, to becoming a major producer of rice and supplying key markets within the neighboring countries”.

The CBN Governor added, “Apart from rice, ABP would be used for production of palm oil, fisheries and other farm produce within the country”.

His words, “It is the success of ABP with regards to cultivation of rice and maize that the Monetary Policy Committee in its last meeting by November 21, 2018, recommended that the programme be applied to other areas, such as palm oil, tomato and fisheries.

“The CBN recently introduced Real Sector Support fund,  which is meant to provide cheap funding, at not more than 9 percent to new projects in agriculture and manufacturing sectors. The target is to boost output and create jobs.

“Also, our effort in supporting small scale farmers and operators of Small and Medium Enterprises, SMEs, is based on the critical role they play in supporting economic recovery and growth”.


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