CBN Distributes Over 700 Million Naira Worth Of Cash And Inputs

The Central Bank of Nigeria has begun the distribution of cash and inputs to cocoa farmers in Nigeria. This loan scheme is under the Anchors Borrowers Programme.

Members of the Cocoa Farmers Association of Nigeria (CFAN), representatives, cocoa farmers from the beneficiary states, and stakeholders in the cocoa value chain business attended the flag-off ceremony in Akure, Ondo state.

Reputable sources reported that cash and inputs worth #770 million were distributed to 1222 farmers in ten cocoa producing states of the country. The breakdown of beneficiaries is as follows: Ondo-365, Edo-214, Ekiti-38, Osun-193, Kwara-43, Osun-118, Oyo-156, Delta-17, and Abia-4.

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In addition, the sources also reported that each farmer would get other resources. That includes 300 sachets of Ultima Plus, 12 litres of Clear Weed herbicide, 9 litres of Avesthrin insecticides, 6 litres of Folar cocoa fertilizer, and cash.

Mr Adeola Adegoke, the president of the cocoa farmers association of Nigeria, CFAN, also said that the assistance of the CBN would lead to an increase in the yield of farmers per hectare.

He disclosed that the Anchor Borrowers Scheme was providing a loan of N197,444 per hectare, with a maximum limit of three hectares per farmer. The loan also attracts a 9% interest payable in 18 months.

Wema Bank manages the Anchor Borrowers Scheme for cocoa farmers. In support, Adegoke stated that the loan aims to boost beneficiaries’ cocoa bean production from around 350kg per hectare to approximately 600kg.

The President of the association also commended the leadership of CFAN for the scheme. He affirmed that the scheme was for farmers who already own farms and want to increase their yield. Adegoke also pleaded with the federal government to assist with irrigation facilities as the country can no longer rely on rainfall.