CBN Flags-off Input Distribution to Rice Farmers

The Central Bank of Nigeria, CBN, has Flagged-off the 2020 edition of input distribution to rice farmers and loan recovery drive under the CBN Anchor Borrowers’ Programme.

The apex bank noted that the Anchor Borrowers’ Programme has proven to be a game-changer in financing small scale farmers in Nigeria as it has a recurring effect on agricultural financing and has been the brain behind the CBN’agricultural transformation initiatives.

In his words, the Governor of Central Bank of Nigeria, Dr Emiefele, stated that the distribution of input to rice farmers has also enhanced financial inclusion in rural communities.

Dr Emiefele stated that if the country should continue to import major food item like rice, Nigeria’s external reserves will be reduced and thereby create employment for the neighboring countries where those food items are produced.

The CBN governor further stated that the bank is taking the lead; which according to him, if the prices of food continue to be unpredictable, it will take a toll on economic and financial policies.