The Anchor Borrowers’ Programme, which was initiated by the CBN as a sub-shoot of the Micro, Small and Medium Enterprises Development Fund (MSMEDF) was created to support farmers and increase their production capacity in Nigeria.
As parts efforts geared towards boosting the agriculture sector through the Programme, Keystone Bank Limited has revealed that it has disbursed a sum of N350 million to 1700 farmers in Taraba and Sokoto states credit lines.
The Managing director of Keystone Bank, Mr Philip Ikeazor who disclosed this in Lagos stressed the importance of financial institutions in the development of the agriculture sector.
“Financing in agriculture is one factor of production, which facilitates the acquisition, procurement and management of the other factors of production such as land, expertise and management.” he said
Ikeazor added that “financial institutions have a crucial role to play in providing support to players along the agriculture value chain and the CBN’s initiative of the Anchor Borrowers Programme is a step in the right direction”.
The Anchor borrowers Programme has disbursed about N19billion in the last farming season with reported 90% success rate, this is a welcome development in the Nigerian Agricultural Industry.