Stakeholders support CBN’s agro-industrial interventions
Stakeholders from the agricultural and industrial sectors unanimously declared their support for the newly launched program, “100 projects for EVERY 100 days”, initiated by the Central Bank of Nigeria (CBN) to stimulate agro-industrial activities, create opportunities for development. employment and stimulate the post-war period. COVID-19 economic recovery in the country. The apex bank’s laudable program comes at the right time, they say, as the country faces food security and food sufficiency challenges on all fronts.
They stressed that they would collectively lead the campaigns of this Central Bank of Nigeria’s “100 projects for EVERY 100 Days” program in the country, which will see every farmer take part and participate effectively in the program to achieve much needed food sufficiency. and security aspirations in Nigeria. Agro-industrial stakeholders also insisted on deepening these existing interventions in food production and industrial links through the Anchor Borrowers Program (ABP). Indeed, CBN had published guidelines for its âProduction and Productivityâ initiative earlier this month through the â100 Projects for EVERY 100 Daysâ initiative for Nigeria’s agricultural and manufacturing sectors to enable operators to take advantage of the program.
According to the umbrella bank’s guidelines for the new program, a maximum loan of N5 billion will be lent per debtor under the initiative, but any amount above the threshold will require special approval from its management. The main activities are existing agro-enterprises and projects with the potential to transform and revive the productive base of the economy. CBN said in the directive: âThis is support for private sector companies with the aim of reducing some imports, increasing non-oil exports and improving the economy’s foreign exchange generating capacity. .
âThese include manufacturing, agriculture and agribusiness; extractive industries, petrochemicals and renewable energies; healthcare and pharmaceuticals, logistics services and trade-related infrastructure; and any other activities that may be prescribed. The umbrella bank had revealed that the initiative was designed to support the federal government’s desire to boost productivity and economic diversification. âThe facility is a long-term loan for the acquisition of factories and machinery, as well as working capital.
“The initiative will create a flow of finance and investment to companies with the potential to launch a trajectory of sustainable economic growth, accelerate structural transformation, promote diversification and improve productivity,” he said. he noted. The specific objectives are to catalyze the substitution of imports of targeted products; increase local production and productivity; increase non-oil exports; and improve the foreign exchange earning capacity of the economy. “This would also include a decrease in the volume and value of imports of industrial raw materials and an increase in the number of jobs created,” apex bank said. It will be recalled that the CBN was at the forefront of initiatives aimed at increasing food productivity, agro-industrial processing and entrepreneurial activities through existing and new businesses.
Thanks to PBA, there have been interventions in land preparation, supply of quality seeds, agrochemicals and harvesting of rice fields, maize, cassava, soybeans and, lately, wheat and sweet potato, among other crops. In November 2015, President Muhammadu Buhari launched the ABP to boost agricultural production and minimize food imports. Farmers captured under this program include those who grow cereals (rice, maize and wheat). The program aimed to create a link between businesses involved in food processing and smallholder farmers of key agricultural commodities required, through commodity associations. In an interview with the New Telegraph on the CBN 100 Projects for EVERY 100 Days initiative, a national president of the Association of All Farmers of Nigeria (AFAN), Kabir Ibrahim, explained that the association of Farmers will always support any good policy emanating from the current government meant boosting agriculture and transforming the economy in terms of stimulus intervention.