CBN earmarks 41 billion naira, disbursed by Heritage Bank Plc to farmers

Written by on December 20, 2021

The Central Bank of Nigeria (CBN) has earmarked 41 billion naira, which is being disbursed by Heritage Bank Plc to farmers across multiple states for the expansion of wheat production projects and to meet the growing demand for wheat.

The disbursed fund is to consummate the expansion of the Wheat Seed Multiplication Project, as part of the CBN’s Brown Revolution Initiative, an intervention programme to flag-off and support the commencement of dry season wheat farming across States in Nigeria.

Speaking on the laudable initiative, the Governor of CBN, Godwin Emefiele, disclosed that the move was part of the apex bank’s intervention to address the challenges in the wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap inherited in Nigeria agricultural space.

According to him, following the successes in the Anchor Borrowers’ Programme (ABP), the apex bank decided to extend the gains recorded in rice and maize value chains to wheat production.

He said the programme would benefit over 150,000 farmers.

He also said the programme would be implemented in 15 states on about 180,000 hectares of land.

Ameen Kantyok      

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