Dangote urges FG to reconsider ‘Anchor Borrowers’ loans for farmers

…Suspends fertilizer export to serve domestic farmers in farming season

Aliko Dangote, chief executive of Dangote Group says farmers in Nigeria need more support and so the government should consider bringing the Anchor Borrowers program which has been halted by the Central Bank Nigeria.

He also said the fertiliser producing arm of his company has suspended exports to meet local demands of farmers in Nigeria.

According to him, to meet the demands of Nigerian farmers during the farming season, the plant has halted fertiliser exports to other countries.

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Dangote made the submission while conducting members of the House of Reps on the tour of the fertilizer plant on Saturday.

“We were exporting because we needed to reduce demand,” he said. “But we only have one ship which will leave at the end of the month. Right now we are loading only for local use.”

He stated that the refinery gives fertilisers to farmers on credit, because of their incapacity to pay upfront, however, they pay back during the harvest season.

Calls for program to support farmers like Anchor Borrowers

“The farmers need to grow food. And that’s why we give them fertilisers in advance. Then they will now go and pay me back,” Dangote said.

Dangote urged the federal government to bring back the Anchor Borrower programme that allowed farmers to take up loans either in cash or kind to boost agricultural production and create jobs, among other things.

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However, the programme which started in 2015 by the Central Bank of Nigeria, was dissolved in 2022 owing to some farmers’ inability to pay back the loans they collected from the bank.

“Farmers don’t have money. That’s the main reason why the government should consider bringing back the Anchor Borrower Programme,” the businessman said.

Tajudeen Abbas agreed with Dangote saying a loan program targeting farmers but devoid of the lapses of the Anchor Borrowers Program will go a long way in supporting farmers and solving the problems of food crisis in the country.