• Business - Companies
  • Updated: November 25, 2022

Farmers Get N1 Trillion From CBN

Farmers Get N1 Trillion From CBN

The Central Bank of Nigeria has disbursed about N1.07 trillion to farmers under the Anchor Borrowers Programme as it targets 95 per cent financial inclusion by 2024.

This CBN disclosed in a statement released after its recent Monetary Policy Committee meeting in Abuja.

Nigeria’s President, Major General Muhammadu Buhari (retd) said at the event that his administration understands the impact of financial inclusion on economic growth and development, having provided the enabling policy environment to achieve the expected results.

Mohammed Bello, the Federal Capital Territory Minister, who represented Buhari said: “For instance, in 2019, I launched the Micro Pension policy which was aimed at deepening pension penetration amongst M.S.M.E.s and the informal economy. 

“We also initiated policies for Micro-Insurance and Collective Investment.

"These initiatives are geared toward providing access to a wide range of financial products and services to the underserved in line with our National Financial Inclusion objective.”

The President said financial Inclusion stakeholders had been at the forefront of providing innovative solutions for addressing some of the pressing issues facing the country.

He noted that in order to increase financial services access points in underserved locations in the country, the Central Bank of Nigeria had issued the Payment Service Bank regulatory framework.

At the financial inclusion conference, the CBN Governor, Godwin Emefiele, said that in 2008, 52.2 per cent of Nigerian adults were financially excluded, but this had reduced to 35.9 per cent by 2020.

Emefiele further said that while the number remained high when considered in absolute terms, it was a huge improvement when compared to the country’s position in 2008.

“This change did not happen by accident but resulted from the decisive and concerted approach by National Financial Inclusion stakeholders to address key pain points and bottlenecks that were deterring financial inclusion,” he said.

He said from 2012 to date, over 59 policies and initiatives had been implemented by stakeholders to achieve the objective of financial inclusion.

“From 2015 to date, over 4 million small-holder farmers cutting across all states in the country were provided concessionary credit facilities.

"While this has boosted the economic fortunes of these farmers it also improved national food output, prevented food insecurity and created over 2 million jobs in the process.”

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