CBN’s ANCHOR BORROWERS PROGRAMME BERTHS IN DELTA
More than 30, 000 farmers across the selected enterprises of cassava, oil palm, rice and fisheries have been registered for the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP).
Delta State Commissioner for Agriculture and Natural Resources Mr. Austin Chikezie, who broke the news in Asaba, the state capital, said the aim was to boost the production of fisheries, cassava, oil palm and rice production under the CBN‘s ABP in the state.
The commissioner explained that the state policy on agriculture was directed at achieving agricultural growth and development. He said the state government would focus on providing food in excess for local consumption and industrial raw materials for agro-industries, employment and poverty alleviation.
FIGHTING RECESSION WITH BORROWING, BUDGETING
The Federal Government has unveiled a three-year Debt Management Strategy (DMS) in a bid to rejuvenate the economy and fund the N7.298 trillion budget. To be managed by the Debt Management Office (DMO), the strategy, according to experts.
All eyes are on the Federal Government to stimulate the economy by borrowing and the funding of critical infrastructure in this year’s budget through the Debt Management Office (DMO).
The N7.298 trillion budget is seen as a viable tool to fight recession, but a good part of it will come from borrowing.
The underlying assumptions for the 2017 budget, which become even of greater significance, at this time of recession, are average crude production of 2.2 mbpd; an average crude price of $42.5/pb and an average exchange rate of N305/$ (the current interbank rate). Then, a soaring oil price may compensate for an underperformance on production, where that is the case.
FIRSTGEM OFFERS OPPORTUNITIES FOR WOMEN IN BUSINESSES
Women in business are set to receive a major boost with the introduction of FirstGem, an initiative of the First Bank of Nigeria Limited aimed at provide enabling opportunities for women to achieve their financial goals and aspirations.
At the event to launch the initiative recently which had in attendance wife of the Vice President, Mrs. Dolapo Osinbajo as Special Guest of Honour and Mrs. Kemi Adeosun, the Minister of Finance as the keynote speaker, Mrs. Ibukun Awosika, the Chairman, Board of Directors of First Bank of Nigeria explained that the considering the fact that the Bank’s female customers constitute about 35percent of its customer base, it was only appropriate to design a product that would cater for their financial needs.
From local and international surveys, she explained, over 45 percent of women are financially excluded. It is this void that FirstGem is coming out to solve with its bundle of solutions.
CBN WARNS BANKS, MFBs, DFIs, TO DISBURSE N220b AGRIC FUNDS
The Central Bank of Nigeria (CBN) on the 4th of January 2017, appointed Deposit Money Banks (DMBs), Microfinance Banks (MfBs) and Development Finance Institutions (DFIs) to disburse N220 billion targeted at the Anchor Borrowers’ Programme (ABP).
The apex bank also released guidelines for the implementation of ABP which it said was established in line with its developmental function.
According to the CBN, the ABP fund shall be provided from the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). Loan amount for each farmer shall be arrived at from the economics of production agreed with stakeholders.
“Interest rate under the ABP shall be guided by the rate on the N220 billion MSMEDF, which is currently at nine per cent per annum (all inclusive, pre and post disbursement). The Participating Financial Institutions (PFIs) shall access at two per cent from the CBN and lend at a maximum of nine per cent per annum,” it said.