The N40 billion given to states for rice farming by the Central Bank of Nigeria (CBN) under its Anchor Borrowers Programme (ABP) will help to conserve the nation’s depleting foreign reserves.

The assurance was given by the chairman of the Presidential Task Force on Rice and Wheat Production, Atiku Ibrahim Bagudu.Briefing newsmen yesterday in Abuja after a tour of Niger, Kebbi, Anambra and Cross River states, Bagudu who doubles as governor of Kebbi, said the programme was birthed to create employment for youths and enhance farmers’ income and standard of living.

According to him, Nigeria will be self-sufficient in rice production next year, just as he called on participating states to ensure that genuine farmers were not left out.
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The apex bank had set aside the sum from the N220 billion Micro-Small and Medium Enterprises Development Fund at a single digit interest rate of nine per cent.

President Muhammadu Buhari launched the ABP in Kebbi State last November. About 14 states got N3 billion each for cultivation of the crop.

Meanwhile, the CBN Governor, Godwin Emefiele, yesterday said the bank would give additional grant to Cross-River, Kebbi Niger, Anambra and other states for showing commitment to the successful implementation of the scheme.

He said government was satisfied with the progress so far made by the Cross River State government.Emefiele, who gave the pledge in Ogoja, said: ‘’We are here in Cross-River. We have seen so far the commitment shown by Governor Ben Ayade for the success of this programme. We shall visit all states that show concern. The CBN is ready to give more funding support to everyone in all products. N3 billion was disbursed to Cross River and once we see good implementation, we will give them more money.’’