" /> Experts urge extension of Anchor project to other Agric areas | Hallmarknews
Published On: Mon, Jul 10th, 2017

Experts urge extension of Anchor project to other Agric areas



Experts have called on the Central Bank of Nigeria, CBN, to extend the success the Anchor Borrowers Programme (ABP) has recorded in rice production in the country to other agricultural products.
The ABP which was launched in November 2015 has doubled Nigeria’s rice production to more than 4 million metric tonnes in May 2017, from less 2 million metric tonnes before the introduction of the scheme, but the country need 7 million metric tonnes to self-sufficiency in rice production.
The acting President, Prof. Yemi Osibanjo was optimistic recently that Nigeria would achieve this target in 2018, saying that with the implementation of the scheme, in 2016, Nigeria imported just about 10 per cent of the amount of rice it imported in 2015.
Dr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI) stated that though testimonies from rice farmers and those who process it showed that the scheme has been successful, but it should be extended beyond rice production.
“Agriculture is not just about rice. We have been too restrictive in our approach to agriculture. It is also important that we look at how to build the capacity of the farmers,” he noted.
“We are still heavily dependent on small holder farmers and we say we want to be self-reliance in food. We can’t achieve that unless we mechanize agriculture. And many farmers don’t have the capacity to mechanize.”
He pointed out that access to fund, machinery, land and processing are still issues inhibiting agricultural development in the country, which the government needs to tackle.
Professor Leo Ukpong, Dean, School of Business, University of Uyo claimed that the Anchor Borrowers Programme can only be said to be successful when the price of rice, which is still high, eventually drops.
But Alhaji Muhammed Augie, State chairman, Kebbi State Rice Farmers Association lauded the CBN for introducing the scheme, saying it has given retail farmers access to input that they were initially finding difficult to get.
“As the level of rice production continues to increase, the price will fall. The scheme would enable more farmers to come in and produce more rice. Initially, there won’t be that sharp drop in the price of rice, but as more farmers enroll and produce more rice, there would be more rice in the market.”
He noted that farmers of other agricultural produces like maize, millet, fish etc were also benefiting from the Anchor Borrowers Programme.
Lagosians were able to buy local rice for N12,500 during last Christmas due to the partnership between Lagos State and Kebbi State, which led to the production of Lake Rice powered ABP, while imported rice was selling for N20, 000 during that period.
The apex bank recently disclosed that it had already disbursed N33.34 billion to 146,557 farmers across 21 states cultivating over 180,018 hectres of land.
The Federal government has stated that it plans to create 20 million jobs through agriculture alone by the end of 2018 and the ABP alone is supposed to create economic linkages between over 600,000 small -holder farmers and reputable large-scale processors.
Some farmers who got loans through the scheme have started repayment. The CBN disclosed farmers enrolled in the ABP have already paid back N1.238 billion from the N33.34 billion it has so far disbursed.
Meanwhile, Nigeria’s Gross Domestic Product (GDP) from Agriculture dropped to N3.39 trillion in the first quarter of 2017 from N4.66 trillion in the fourth quarter of 2016.
Despite government resolve to use agriculture to address the high unemployment bedeviling the country, it only set aside N103.7 billion of the N7.44 trillion 2017 budget for the sector.

Reactions from Facebook

comments and opinions

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Recent posts

  • IPOB: Igbo elders keep mum over crisis

    Obinna Ezugwu   Mayhem! There is no better word to describe the events playing out in the South East zone, and Abia State, the home state of rabble rousing leader of the Indigenous Peoples of Biafra (IPOB) in particular at the moment. It has to do with the intense military onslaught and the result has […]

  • Nigeria returns to African Trade Insurance Agency

    Federal Executive Council on Wednesday gave a approval for Nigeria to rejoin the African Trade Insurance Agency. Minister of Finance, Mrs. Kemi Adeosun stated this Wednesday while addressing State House correspondents after the Federal Executive Council meeting presided over by President Muhammadu Buhari. Adeosun said the council approved a memo she presented which harped on the necessity […]

  • Fidelity Bank to give out over N110 Million to Customers in ‘Get Alert In Millions Promo Reloaded’

      Top Nigerian lender, Fidelity Bank Plc is set to delight the banking public with the introduction of a fresh Savings promo that promises to provide new and existing customers with the unique opportunity to win fantastic cash prizes within a specific period. The promo dubbed ‘Get Alert In Millions Promo Reloaded’ is in line […]

  • Royal Exchange defies the odds   

    EMEKA EJERE Royal Exchange Insurance Plc has continued to resist the volatile and tough operating environment of Nigeria, recording a double digit growth in half year profit. Despite the hostile operating environment experienced by the insurance sub-sector and the financial services industry, the underwriter last week announced profit after tax (PAT) of N203.3 million in […]

  • STANBIC IBTC constructs recovery after a storm

    Stanbic IBTC Holdings came to being as a result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc. On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited on behalf of Standard Bank tendered an offer for the acquisition of additional IBTC shares […]

  • How PZ makes investors beg for more but….

    Full year results for PZ-Cussons ended on a happy note in May as the company’s profit after tax soared by a hefty 73 per cent rising from N2.1 billion in 2016 to N3.7billion in 2017. The company’s fairy tale result has had several investors emptying their piggy banks as the company’s share price jumps on […]

  • Mama Taraba: A vote of no confidence on President Buhari

    Obinna Ezugwu At Wednesday’s Federal Executive Council meeting, Minister of Women Affairs and Social Development, Senator Aisha Jummai Al-Hassan, alias Mama Taraba was the cynosure of eyes. It was only a week prior that she rattled not only President Muhammadu Buhari, but the ruling All Progressives Congress (APC) when she spoke these words: “Your excellency, […]

  • Military don’t have power to control social media —Tony Momoh

    Prince Tony Momoh is the former Minister of Information between 1986 and 1990 under the military administration of Gen. Ibrahim Babaginda and was instrumental to the establishment of the Advertising Practitioners Council of Nigeria (APCON) by Decree 55 of 1988. In this interview with UCHE AKOLISA, Momoh traces the history of the body that regulates […]

  • Maritime experts petition President Buhari over arms import

    By Funso Olojo A maritime expert, Lucky Amiwero, has decried the destination inspection regime of cargo inspection as the cause of the proliferation of arms imports into the country. It would be recalled that the Nigeria Customs Service made a huge arm seizure at the Tin Can Island port last week Monday with the discovery […]

  • Stakeholders pressure for interest rate reduction as MPC meets

    FELIX OLOYEDE Manufacturers, haunted by falling operating margins, have made strident calls for the Central Bank of Nigeria (CBN) to immediately reduce local interest rates. The plaintive appeal is coming on the sidelines of the CBN’s monetary policy committee (MPC) meeting for the month of September 2017. According to results of a 2017 Manufacturing Sector […]

  • Cloud over Oando AGM; Auditors query accounts

    By Okey Onyenweaku   Controversy has continued to trail Oando Nigeria’s 40th Annual General Meeting which was held last week at the Ibom Hall in Uyo, Akwa Ibom State. While the company’s resolutions which re-elected its directors were seemingly successful, shareholders were divided over the continued leadership of the management. Shareholders have expressed mixed feelings over […]

  • Planned rehabilitation of refineries challenges past experience of state control

              The state of the country’s refineries is so decrepit that any attempt to delay in selling them would amount to a desire to sell scraps. Though the senate agreed that it should be repaired, and the group managing director has already set up seven committees for total turn around at optimum capacity by 2019, […]

  • Anambra 2017: The godfathers confront power of incumbency

    Obinna Ezugwu   Last week at a People’s Democratic Party (PDP) stakeholders meeting in Awka, the Anambra State capital, the immediate past governor of the state, Mr. Peter Obi vowed to aggressively prosecute the November 18 governorship election in the state. “I will be at the forefront of the Anambra governorship election, and we will […]

  • Nigerian pastors: The call of God or mammon?

    ADEBAYO OBAJEMU Obafemi Ayoade, a dealer in building materials has no kind words for Nigerian pastors. He justifies his uncomplimentary view of ‘’these men’’ of God by sharing his experiences with BusinessHallmark.  Ayoade had been married for 10 years without a child, a Muslim he went from one Alfa (Muslim preacher) to another in search […]

  • How Nigeria is shared: Buhari vs Jonathan

    OBINNA EZUGWU   Few days ago, Nigeria’s president, Muhammadu Buhari appointed 15 individuals into managerial positions in the Nigerian National Petroleum Corporation (NNPC), ten of them from the North- mostly Hausa/Fulani from the North West and North East; five from the South – three from the South West, two from the South South and none […]

  • Rising NPL: Banks cut loans, opt for fixed income in H1 2017

    FELIX OLOYEDE Nigerian economy which has struggled to exit recession may be sitting on a keg of gun power as banks cut down credits to the private sector in the bid to push down soaring non-performing loans (NPLs). Review of the 2017 half year financial results of commercial lenders in the country showed that the […]

Visit us on Google+