Dangote Calls for Revival of Anchor Borrowers’ Programme to Boost Farmers’ Businesses
In a recent visit to his fertiliser plant, Aliko Dangote, the chairman of the Dangote Group, has urged the Nigerian government to revive the Anchor Borrowers’ Programme, which was suspended in 2022 due to farmers’ inability to pay back loans. The programme, launched in 2015, aimed to support farmers with loans to upscale their businesses.
During his tour with the leadership of the House Representatives, led by Speaker Tajudeen Abbass, Dangote emphasized that farmers need the programme to grow their businesses. “Farmers don’t have money. That’s the main reason why the government should consider bringing back the Anchor Borrowers’ Programme,” he said.
Dangote also revealed that his fertiliser company will focus on providing fertiliser to local farmers. He explained that his company was previously exporting fertiliser to reduce demand, but now has only one ship left, which will depart at the end of the month. “Right now, we are loading only for local use. The farmers need to grow food. And that’s why we give them fertiliser in advance. Then they will now go and pay me back,” he said.
The Anchor Borrowers’ Programme was suspended in 2022 due to some farmers’ inability to pay back the loans they collected from the bank. The programme had gulped N1.1 trillion before its suspension. The House of Representatives and Senate had previously ordered probes into the N1.12 trillion Anchor Borrowers scheme.
Dangote’s call for the revival of the programme comes as the country struggles to meet its food demands. The revival of the programme could potentially boost the agricultural sector and support local farmers in producing more food for the country.
