Central Bank Sensitizes Rice Farmers In Cross River State On Anchor Borrowers Program

In Breaking News, Business & Economy, National News, Reports

By Elijah Ugani

Participants at the program in Calabar
Participants at the program in Calabar

Rice farmers in Cross River State have been sensitized on the importance of the Central Bank of Nigeria’s Anchor Borrowers Program.

Numbering over 1500 and drawn from across the State, the farmers converged at the Tinapa Lakeside Resort conference hall with resource persons from CBN and the State Government tutoring them on possible avenues to access the funds for the benefit of their businesses.

The Central Bank Governor, Mr. Godwin Emefiele represented by his Special Adviser on Development Finance, Mr. Paul Eluhaiwer welcomed farmers to the event and reiterated his boss’s position to provide loans at affordable rate to farmers to cultivate rice in the State and country.

He stated that the Anchor Borrowers Program requires a linkage between the CBN and the farmers to be productive.

In his words: “This is not government money, if you think you will grab government money and go, you are on your own, there are conditions you must fulfil, and every farmer must have an account, Bank Verification Number (BVN) and a certificate of training.”

Furthermore, he said, “We will send money into every farmer’s account, but for inputs, herbicides, insecticides and fertiliser we will deduct at source for your suppliers while the balance will be deposited in your account.”

In a vote of thanks, the Project Coordinator who doubles as the Special Adviser to the State Governor on Revenue, Mr. Godwin Akwaji thanked the CBN Governor for taking time to come to Cross River State and commended farmers for their large turn-out.

The loan is to the tune of N235, 000 per 1 hectare with maximum of 5 hectares, the loan is to be paid back 4 months after harvesting with 9% interest rate and a counterpart funding of 10% from the farmer as equity.

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