ABP loan: CBN To Clampdown On Defaulting Farmers

The Central Bank of Nigeria (CBN) has appealed to farmers who defaulted in paying back loans obtained under the Anchor Borrowers’ Programme (ABP) to pay back.

Mr Sadeeq Ajayi, of CBN’s Development Finance Department made the appeal on Wednesday in Ibadan at the Agribusiness Innovation Clinic.

The clinic entitled: “Fostering Innovation and Collaboration Across the Agricultural Value Chain” was organised by the Global Alliance for Improved Nutrition (GAIN).

ABP is an agricultural loan scheme launched in 2015 by the Federal Government, through CBN, to provide loans (in seedlings and cash) to small holder farmers to boost agricultural production, create jobs, and reduce food import bill toward conservation of foreign reserve.

Ajayi said that majority of farmers in Oyo State, who benefited from the scheme, were yet to repay their loans.

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