Aliko Dangote, Chairman of Dangote Group, has called for the revival of the Anchors Borrowers’ Programme, which was suspended in 2022 after costing N1.1 trillion.
Dangote made this appeal on Saturday during a visit to his fertilizer plant with House Representatives, led by Speaker Tajudeen Abbass.
He argued that the programme is crucial for supporting farmers’ businesses.
“Farmers are in financial distress, which is why the government should bring back the Anchor Borrowers’ Programme,” Dangote said.
He also mentioned that his fertilizer production is now aimed primarily at local farmers.
“We had been exporting to manage demand, but with only one ship remaining, we are focusing on local needs. We supply fertilizer upfront to farmers, who then repay us later,” Dangote noted.
The Anchor Borrowers’ Programme, introduced in 2015 by former CBN governor Godwin Emefiele, was halted in 2022 due to repayment challenges faced by some farmers.
It’s worth noting that both the House of Representatives and the Senate have previously launched inquiries into the N1.12 trillion scheme.
