BOA Verified Rice Farmers For Achor Borrower’s scheme

The Bank of Agriculture (BOA) has verified 5,473 rice farmers for Anchor Borrowers sheme sponsored by the
Central Bank of Nigeria (CBN).

The Special Adviser to the Governor on Revenue Generation (Mr Akwaji), disclosed this in an interview with the News Agency of Nigeria in Calabar on Sunday he said that the beneficiaries were among the over 12,000 farmers in the state who applied to participate in the scheme. He also added that many of the farmers failed to meet the conditions stipulated by the BOA for participation in the scheme.

The Bank of Agriculture has validated 5,473 rice farmers who met all the
conditions for the scheme and many of those that applied did not adhere to the guidelines
for obtaining the loan, while the delay the beneficiaries were experiencing
in accessing the fund was due to bank processes in order to ensure that proper documentation is done.

BOA discovered that some farmers rented the rice farms and during physical verification
exercise, they could not show evidence that they had started operation and may did not make use of the inputs given to them.

Major guidelines for the scheme include- the guarantee aspect of the conditions for the cooperative groups and for the individual borrowers scheme they must provide strong guarantors.

Finally, Mr Akwaji said that the role of the state government was to act as an intermediary between the bank and the farmer, ensure that the scheme succeeds and farmers get their fair shares of the scheme.

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