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Food Security Initiatives: FG Disburses Over N7bn to Cultivate 4.6m Hectares

The Food Security Initiatives’ programme of the Federal Government of Nigeria has attracted the disbursement of over seven billion naira for the cultivation of 4.6 million hectares.

Beneficiaries of this programme are the small-holder farmers numbering about three million, seven hundred and thirty-four thousand, nine hundred and thirty-eight naira (3,734,938) across various parts of the nation.

Within the seven billion naira, a revelation made by the Central Bank of Nigeria, CBN, also included a digit of over one hundred and twenty billion naira to be extended for the 2021 wet (rainy) season.

According to CBN Governor Mr Godwin Emefiele, six hundred and twenty-seven thousand, fifty-one farmers would utilise the money announced for the wet season to cultivate eight hundred and forty-seven thousand, four hundred and eighty-four hectares, under the Anchor Borrowers’ Programme, ABP.

The CBN Governor revealed this during his presentation of a communique at the Apex Bank’s 280th Monetary Policy Committee, MPC meeting, yesterday in Abuja.

Also, the sum of over one hundred and twenty-one billion disbursed went to thirty-two thousand, six hundred and seventeen beneficiaries.

Food Security Initiative
Farmers

Food Security Initiatives

In the same vein, the Bank explained that for all the Targeted Credit Facility, TCF, almost three hundred and nineteen billion was released to six hundred and seven-nine thousand, four hundred and twenty-two beneficiaries.

The beneficiaries comprised five hundred and seventy-two thousand, one hundred and eighty-nine households and one hundred and seven thousand, two hundred and thirty-three Small and Medium Scale Enterprises, SMEs.

Part of the funds went to youth investment schemes to empower Nigerian youths and reduce unemployment by providing to the creative sector and Information Technology.

Projects like the Nigeria Youth Investment Fund, NYIF, the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.

“Under the Creative Industry Financing Initiative, CIFI, N3.22 billion was disbursed to 356 5 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals,” he said.

The CBN Governor also revealed that the apex bank had invested close to N1trillion to boost the real sector of the economy, covering 251 real sector projects, among several mentioned investment programmes.

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