Farmers and other agricultural extensive workers who took the Central Bank Anchor Borrowers Programme in Adamawa and Gombe states through the North East Commodity Association (NECAS) are now offsetting their loan with agricultural produces.
At an event well attended by representatives of CBN, NECAS, Bank of Agriculture (BOA) and other concerned parties to the loan agreement, the beneficiaries assured full payment of the facility at speculated time.
Subsequently, they handed over 26,238 bags of maize, 7,561 bags of sorghum, 2,647 bags of rice and 1,458 bags of soybeans, totalling 37,904 farm produce with each weighing 100kg.
Our correspondent reports that the anchor Borrowers loan Scheme has been of much benefit to farmers in Adamawa and Gombe states.
The challenges of flooding and insecurity that characterized the 2018 farming season in the Northeast has not deterred them from fulfilling their part of the bargain.
Already, 1.5 billion naira of the accessed 8.9billion naira loan has been paid across the Northeastern states and the Noth East Commodity Association (NECAS) association is committed to ensuring its members pay in full.
Part of the agreement is for the scheme to provide vibrant market for farmers after production which is why the farmers come with part of their produce with each unit output weighing 100kg.
The Central Bank on its part is impressed with NECAS for not only fulfilling its part of the bargain but bringing in the most prosperous yield since the loan scheme began. It assured farmers that partnership with NECAS will be sustained with more funds.
The adamawa state government is appreciative of the CBN’s efforts but streesed the need for the establishment of a processing plant in the state to further improve food production.
The funding scheme with its agricultural support mechanism had ripple effects on the farmers beyond production as it includes job opportunities for Internally Displaced Persons (IDPs), promoting electronic banking and general improvement to farm outputs.
Anchor Borrowers Programme launched by President Muhammadu Buhari in 2015 is among others creating linkages between companies, involved in crop processing, and farmers in food production.
