As part of efforts geared towards boosting the agriculture sector through the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN), Keystone Bank Limited has revealed that it has disbursed a sum of N350 million to 1700 farmers in Taraba and Sokoto states credit lines.
Managing director of Keystone Bank, Mr Philip Ikeazor who disclosed this in Lagos stressed the importance of financial institutions in the development of the agriculture sector.
“Financing in agriculture is one factor of production, which facilitates the acquisition, procurement and management of the other factors of production such as land, expertise and management.” he said
Ikeazor added that “financial institutions have a crucial role to play in providing support to players along the agriculture value chain and the CBN’s initiative of the Anchor Borrowers Programme is a step in the right direction”.
The Anchor borrowers Programme is a scheme initiated by the CBN as a sub-shoot of the Micro, Small and Medium Enterprises Development Fund (MSMEDF), created to support farmers and increase their production capacity. About N19billion was disbursed in the last farming season with reported 90% success rate.