Anchor Borrowers Programme crashes price of local rice, CBN says

Rice mill

The Central Bank of Nigeria, CBN, says the agricultural initiative, Anchor Borrowers Programme, launched by the Federal Government has led to significant reduction in the price of local rice.

Nkechi Osuji, the Head, Development Financing Department, CBN, Owerri Branch made the disclosure on Saturday in Owerri.

She spoke at a sensitisation workshop organised by the office of Executive Assistant to Governor Rochas Okorocha on Human Capacity Development and Poverty Alleviation.

The one-day event was attended by local government representatives of small holder farmers, cooperative societies, youth and women groups drawn from the 27 local government areas of Imo.

Mrs. Osuji said as a result of the new agricultural initiative, a 50kg bag of local rice now sells for N13,000 in some states that have embraced the Anchor Borrowers Programme.

She said that if more states join the programme, rice production would be greatly boosted.

Mrs. Osuji told the participants that the CBN, Bank of Agriculture, Bank of Industry, commercial and micro-finance banks have provisions to finance agricultural activities.

She advised participants to embrace the programme as it was capable of creating thousands of jobs as well as boost the overall development of the nation.

Ngozi Iheancho, the Imo State Coordinator of National Directorate of Employment (NDE), who also spoke, commended the initiative and urged participants to embrace the programme.

She said that NDE in the state was ready to support the programme and advised against what she called involvement of `ghost farmers’ in the programme.

“Let there be no ghost farmers and unnecessary bureaucracy in the implementation of the programme in Imo.

“ If this programme is genuinely executed, a lot of jobs and wealth will be created in Imo,’’ she said.

Edwin Uche, the Executive Assistant to Governor Okorocha on Human Capacity Development and Poverty Alleviation, said the event was organised on order to expose farmers.

Mr. Uche said the state would expose farmers to grow rice, cassava, and maize, noting that the short and long term target of the programme is to create thousands of jobs in a year.

Participants who spoke, appealed to the organisers to step up action to ensure that Imo farmers key into the scheme like farmers in other states.



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  • Truth is bitter

    The lord is supper good. Ban on Rice smuggling is a blessing to Nigerians, especially farmers because the rejected stone is now the piller of the house. Nigeria Rice is the best, but due to everyone is forming what we don’t have made us abandon our Rice for others to grow their economy and also create employment opportunities for their youths. A bucket of garri was almost ₦1000 before, but it is sold ₦400-₦500 now depending on your location in Anambra state. Thank God almighty for bringing Buhari to us.

    • Reasonable

      It shall be well with Naija by HIS grace my brother.

      • Truth is bitter


      • Truth is bitter