CBN Directs 30,000 Cotton Farmers To Refund N5 Billion Loans

The Central Bank of Nigeria (CBN) has directed 30,000 members of the National Cotton Association of Nigeria (NACOTAN), Kano chapter, who participated in the government’s Anchor Borrower Programme to refund the loans.

According to the branch controller, CBN, Ali Abdulkadir, this directive is to enable their fellow colleagues who are yet to enjoy from the loan facility benefit from the scheme.

The apex bank noted that the loan repayments which is the value of  N5.2 billion is a revolving fund, which means as you collect, you produce, you sell and then refund so that others that have not benefited earlier can also benefit.

However applauding CBN the state chairman of NACOTAN, Lawan Sarkin Noma said the scheme will improve the standard of living of the farmers and eventually stop the importation of cotton.

The CBN had also extended a similar loan programme to rice, wheat, cassava and other commodities to enhance food production in the country.

Over 90,000 Kano rice farmers have benefited from the scheme from 2017 to 2019,