Two hundred and fifty-six thousand cotton farmers are to receive various inputs for the 2020 wet season farming under the CBN’s Anchor Borrowers’ Program.
The Governor of the Central Bank, Mr Godwin Emefiele state this in Kwali, Abuja in a message to the distribution to benefitting cotton farmers in the FCT.
Mr Emefiele who was represented by Mr Ayoola Quadri of the Development Finance Department said the vision of the CBN was to revolutionize the cotton, textile and garment sector of the economy through intervention in all its value chain.
He said since the CBN began an intervention in the cotton farmers sub-sector, the country had achieved self-sufficiency in production and added that the interest rate for all its facilities had been reduced from nine to five per cent.
The President, National Cotton Association of Nigeria, Mr Anibe Achimugu commended the CBN for the initiative and urged the farmers to ensure that the loan was paid back to enable other farmers to benefit.
One of the cluster head of the beneficiaries, Chief Giwa Daniel said the Bank’s intervention would restore jobs that were lost in the cotton and textile sectors and appealed to the Government to save them from herders who disrupt their farming activities.
Chief Giwa also called for Insurance to be included in the package to safeguard their production.