RFAN seeks the collaboration of CBN for loan recovery


The Rice Farmers Association of Nigeria, Rivers State Chapter, called on the Central Bank of Nigeria to work with farmers to help speed recovery of loans collected under the Anchors Borrowers program.

The punch recently reported that farmers who signed up to the program owed the umbrella bank N463 billion at the end of March 2021, according to data from the CBN’s economic report for April.

RFAN President Ifeanyichukwu Nene, in an interview with our correspondent, said: “Most of this indebtedness is due to floods, natural phenomena, improper application of fertilizers, insurgency and others; in normal working environment, it is possible to crash and recover loss.

“The central bank, through the Anchors Borrowers program, should, for those who have suffered natural disasters such as floods and fires, give them the opportunity to resume farming.

“For those who have experienced losses resulting from the application of pesticides and fertilizers, CBN should help engage the services of professionals to train them on how to apply correctly.

“If you don’t plant at the right time, flooding can sweep your farm. If you have the right environment, you will get back what you lost last year and make a profit for what you lost this year. If you don’t have natural occurrences, rice is not something you do and are losing out. ”

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