ECONOMY
AGRICULTURE
The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria, launched by President Muhammadu Buhari on November 17, 2015, has made available more than 200 billion Naira in funding to more than 1.5 million smallholder farmers of 16 different commodities (Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soy Beans, Groundnut, Fish), cultivating over 1.4 million hectares of farmland.
The ABP has substantially raised local production of rice, doubling the production of paddy as well as milled rice between 2015 and 2019.
Between 2016 and 2019, more than 10 new rice mills came on-stream in Nigeria. Many of the existing Mills have expanded their capacity; several new ones are under construction.
More than a billion dollars of private sector investments in the production of Rice, Wheat, Sugar, Poultry, Animal Feed, Fertilizers, etc, since 2015.HOME
Federal Executive Council approval (2020) for a National Agriculture Mechanization Programme, “the Green Imperative”, in partnership with the Government of Brazil and multilateral financing institutions.
The Presidential Fertilizer Initiative:
Launched in January 2017, as a Government-to-Government agreement with the Kingdom of Morocco
More than a million metric tonnes of fertilizer produced since 2017. This translated to the distribution of more than 18 million 50kg bags of NPK fertilizer in the first three years of the PFI)
22 blending plants resuscitated (combined installed capacity of more than 2.5m MT)
Price reduction from 9,000-11,000 per bag, to 5,500
FX savings of $150m annually through the substitution of imported components with locally manufactured ones
Subsidy savings of 50 billion Naira annually
MAKING BUSINESS WORK
Support for Micro, Small and Medium Enterprises: The Administration has launched a series of funding and capacity development initiatives designed to support MSMEs:
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