CBN Allocates N432bn Fund To Support Rice and Other Commodities Farmers


The Central Bank of Nigeria (CBN) has allocated the sum of N432 billion to support farmers of nine key commodities for the 2020 planting season.

This was announced on Thursday by the Director of Development Finance at the CBN, Mr Yusuf Yila, at a meeting organised by the apex bank for farmers under its Anchor Borrowers’ Programme in Abuja.

According to Mr Yila, the commodities are rice, maize, poultry, cassava, tomatoes, fish, cotton, cocoa, and dairy.

He added that, the intervention is expected to produce over 8.3 million metric tonnes of the targeted commodities.

This comes days after the Federal Government approved N13 billion intervention fund for pest control in 12 states.

The states, which were described as “frontline”, included Sokoto, Kebbi, Zamfara, Katsina, Kano, Jigawa, Bauchi, Gombe, Adamawa, Taraba, Yobe and Borno.

According to the Federal Ministry of Agriculture and Rural Development, the fund was approved to make sure that there is uninterrupted agricultural activities during the 2020 farming season and control transboundary pests.

It added that the approval was aimed at getting the impact of the coronavirus (COVID-19) pandemic to a minimal point, as well as guarantee both nutritional and national food security.

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