BOA to grant N14bn loan to rice, wheat farmers in Kebbi

The Bank of Agriculture (BOA) in Kebbi State said it would grant N14 billion loan to 70,000 rice and wheat farmers.

The Manager of the bank, Alhaji Yusuf Ibrahim, said on Wednesday in Birnin Kebbi, that the loan was the second phase of the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme.

Ibrahim said that the bank had disbursed N1 billion to 2,710 farmers in the first phase of the programme.

“We have, so far, concluded the first phase and farmers were provided with farm seedlings, fertiliser, water pumping machines and herbicides in addition to funds to enable them embark on land clearing and watering.

“We have made efforts to make sure that only farmers are assisted with the loan and inputs with no room for political involvement in the programme,’’ he said.

Ibrahim said that the farmers were expected to provide their harvested commodities to identified processing companies for purchase.

He also said that the companies would weigh the produce to determine the price and save farmers the problem of marketing their produce.

Ibrahim said that BOA would also embark on another programme on rice and wheat production, which would target large scale farmers in the state to boost commercial production.

He said that the second phase of the programme would commence in March and called on farmers to access the loan as soon as possible.

The CBN Anchor Rice and Wheat Programme is intended to create an ecosystem to link out growers (small holder farmers) to local processors.

The programme entails increased financing of the agricultural sector by banks; enhanced capacity utilisation of agricultural firms involved in the production of identified commodities; and increased productivity and incomes of farmers.