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Most farmers see Agric loan as ‘national cake’ – CBN

Most farmers see Agric loan as ‘national cake’ – CBN

The Central Bank of Nigeria (CBN) has stated that most farmers see Agric loan as national cake.

The CBN revealed that those who benefited from the Anchor Borrowers’ Programme (ABP) have not repaid the loans.Information Guide Nigeria

According to RIPPLES NIGERIA, a CBN Development Finance Officer, Mr Sadeeq Ajayi said this in Ibadan at the Agribusiness Innovation Clinic.

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While giving his address entitled Fostering Innovation and Collaboration Across the Agricultural Value Chain organised by the Global Alliance for Improved Nutrition (GAIN) he appealed to farmers who defaulted in paying back their agric loans to pay back, saying that the inability of the apex bank to recover the loans from the defaulting farmers had threatened the scheme, adding that it had prevented other farmers from accessing the facility.

“While the Anchor Borrowers’ Programme had recorded some level of success, the failure of farmers to repay the loans has, however, been a major setback.

“Many of the farmers refused to pay back their loans due to the misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens.Jamb Result

“This attitude has made it difficult for other farmers, who also want to access the loan, to benefit from the scheme”.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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