CBN TO SHARE IN FARMERS’ LOSSES

The Central Bank of Nigeria on Tuesday said going forward, it would be sharing the losses incurred by farmers on its Anchor Borrowers Programme.

According to the bank, the losses would be shared on equal basis when such losses occur within a farming season.

The Director, Development Finance, CBN, Yusuf Yila, said this in Abuja during the 2020 Dry Season Stakeholders’ Forum which had hundreds of farmers and government officials from various states in attendance.

Yila told participants that the decision by the bank to share risks equally with farmers was in demonstration of the bank’s commitment to drive food sufficiency in Nigeria.

Yila said for this year’s dry season farming, focus would be on rice, maize and tomato, as the intention of the CBN was to improve the yields of these crops.

The CBN official stated that failure of dry season farming could cause catastrophe in the production of food and derail the country’s drive towards food security.