Cotton Production: CBN’s Anchor Borrowers Program captures 151,000 farmers

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From: Halima Zainab, Abuja

ABOUT 151,000 cotton farmers have been captured under the Central Bank of Nigeria (CBN) intervention on cotton production through the Anchor Borrowers Program (ABP), the National President, National Cotton Association of Nigeria (NACOTA), Mr Anibe Achimugu has said.

The farmers are expected to deliver , at least 200,000 metric tons yield.

According to Achimugu, the CBN had also empowered the ginning companies to off-take the cotton from the farmers immediately it is harvested.

“So all the recommended inputs and the quantities have been released for the farmers to go out and plant, and farmers have planted and they are caring for their farms at the moment.

“We would say that the intervention is holistic because part of the problem in the production is who would buy, what sort of price will I get, but CBN is looking at the entire value chain, so now that farmers are producing, they (CBN) are going to finance the cotton ginning companies that process the raw cotton for the textile people, so the ginning companies will now have the funding they need to buy from the farmers.

“A meeting will be held between the ginning companies and the cotton farmers representatives and a Memorandum of Understanding would be signed on the price the cotton would be sold”, Achimugu said.

He further explained that the Anchor Borrowers Program has not only helped to refocus but also brought about financial sustainability.

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