ABP-CBN saves over N1.03trn yearly import bills

Over N1.03 trillion in foreign exchange is being saved yearly from importation of four commodities— rice, wheat, fish and sugar, since introduction of the Anchor Borrowers Programme (ABP) by the Federal Government, the Central Bank of Nigeria (CBN) has said.

The Apex bank similarly said relying heavily on food importation fuels domestic inflation, depletes foreign exchange reserves, displaces local production and creates unemployment.

The CBN Deputy Director and Head, Anchor Borrowers Programme (ABP), Aminar Umar, stated this, yesterday, at the launch of CBN Anchor Borrowers’ Programme in Kuje, FCT 2017 Wet Season farming.

She said: “So far, this programme has linked 190, 341 small-holder farmers with reputable millers for off-take of every grain and livestock produced. This was undertaken in 28 states, and to date, about 225, 600 hectares of farmland have been cultivated.”

Minister of Federal Capital Territory (FCT), Malam Muhammad Musa Bello, represented by FCT Permanent Secretary, Dr. Babatope Ajakaiye, said although states that started the programme earlier have recorded successes, FCT administration would, however, leverage their experiences and teething problems.

He encouraged all stakeholders to play well their roles and accept responsibilities.