Delta fish farmers receive N1.2 billion loan

Fish farmers in Delta State have received N1.2 billion loan under the Central Bank of Nigeria, CBN, Anchor Borrowers Programme, ABP.

Ambrose Nwabuzor, Loan Officer, Bank of Agriculture, BOA, Asaba, disclosed this in an interview with the News Agency if Nigeria in Asaba on Sunday.

Mr. Nwabuzor said that the BOA secured the release of N1.2 billion to the fish farmers under the private window of the ABP.

He said that the beneficiaries provided enough securities to guarantee the drawdown of the loan from the CBN.

“Under the private window, we have secured the release of N1.2 billion to eight anchors that came together to form a fish farm.

“Each of the anchors gave us an irrevocable post-dated cheque (security) and they profiled their farmers,” he said.

He also said that the BOA was working to secure the release of another tranche of loan for the anchor off-taker in fisheries.

The BOA loan officer said that the off-taker had also provided security for the loans and profiled his farmers under the scheme.

According to him, the programme is compact in nature and should bring all the major stakeholders together in form of a chain.

“An anchor off-taker is the most important person in this chain for without him the programme cannot succeed.

“He must have the financial strength to pay input suppliers, profile and pay his farmers, mop all the farm produce, store, process, preserve and market them at convenient.

“Here in Delta the ABP has both the private and the state windows,” he said.

Mr. Nwabuzor said that the Delta Government keyed into the state window to produce oil palm, rice cassava and fish.

He said that because the oil palm had long maturity period it was not part of the programme.

“So, we have only three items in the programme, but unfortunately the state has not been able to secure an anchor off-taker for cassava and rice.

“So, no money has been released to BOA for payment of input suppliers and farmers in the state,” Mr. Nwabuzor said.

He, however, advised the state government to assume the position of an anchor off-taker under the scheme by providing BOA with an Irrevocable Standing Payment Order.

He said that the document that would ensure that the loans were recovered from the farmers. 

(NAN)


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  • growthengine

    Good development for farming communities, we need more participation. Importers should start earmarking some percentage of their trading funds to local trading.

  • Hasmoh

    I wonder if this facility can be accessed by fish farmers in kaduna? Programmes like this should be publicised. Outreach programmes are very important. BOI should relax the stringent requirements for accessing the loan to enable small scale farmers to benefit

  • Pluti

    The money has been allocated to some padi padi, it’s a norm in Delta state. Take note, no company name or even the cooperatives name were mentioned. Niger Delta leaders are worse than Buhari when it comes to development, their brains can never understand common sense in leadership

  • bib

    But th wailers will continue to say the government has not achieved anything.