CBN ready to waive interests on intervention loans

The Central Bank of Nigeria, CBN, has unveiled plans to release a framework for the integration of non-interest window in all its intervention programmes, particularly the Anchor Borrowers’ Programme, ABP, and the Targeted Credit Facility, TCF, to support households and Micro, Small and Medium Enterprises, MSMEs, affected by the COVID-19 pandemic .

It also budgeted N432 billion for 1.1 million farmers in the 2020 wet season under the ABP.

These were disclosed by the Director, Corporate Communications, Isaac Okorafor and the Director, Development Finance Department, Yila Yusuf, who jointly represented the CBN Governor, Mr. Godwin Emefiele, at a stakeholders meeting on Thursday, to review the successes recorded under ABP and strategies for the 2020 agricultural wet season.

“We are advancing N432 billon through the banks to famers in the 2020 wet season across nine different commodities. The commodities are: rice, maize, cotton, oil palm, and cowpea. We are also doing livestock, they are: poultry and fish,” Mr. Yusuf said.

He said the impact of the investment will be phenomenal. “For the 2020 wet season, this is the largest Anchor Borrowers Programme we will be doing since 2015 when the programme was launched. We are looking at having over 1.1 million farmers and they will be farming over one million hectares of land. We are looking at a combined output of over nine different commodities of 8.32 million metric tonnes,” he noted.

Yusuf added that the intervention would create about five million jobs down the value chain.

On the non-interest loans, he said; “the CBN governor has directed that we create a non-interest window especially for the North-West and the North-East. We have received several correspondents from concerned citizens especially on the CIVID-19 funds. In the weeks to come, we will announce a policy on the non-interest loans,” he stated.