How anchor borrowers’ program created over 2.5 million jobs in Nigeria

Nigeria's external reserves

How anchor borrowers’ program created over 2.5 million jobs in Nigeria

Anchor borrowers’ program – the Central Bank of Nigeria’s governor, Godwin Emefiele has revealed the utmost impact of the federal government instituted anchor borrowers’ program under President Mohammad Buhari, especially in the area of job creation.

The apex bank governor during the annual banker’s dinner at the weekend said, over 2.5 million jobs had been created since the inception and inauguration of this program by PMB’s administration in November 2015.

In his remark, as at October 2018, a total of 862,069 farmers had cultivated almost 835,239 hectares of land across 16 different commodities.

“It is in light of this success of the anchor borrowers’ program with regards to cultivation of rice and maize that the monetary policy committee in its last meeting on the 21st of November 2018 recommended that the ABP be applied to other areas such as palm oil, tomatoes and fisheries, Emefiele stressed.”

It’s worthy of note that the anchor borrowers’ program was established with the soul aim to create a link between the anchor companies involved in processing and smallholder farm of required key agricultural produce.

In view is also to support farmers financially to enable them boost production of key commodities, in a setting that the anchor buys such produce and fund the farmer with the cash equivalent, to as well address the Nigeria’s negative balance of payment on food.

Raphael Orji
About Raphael Orji 238 Articles
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.

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