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In line with the commitment to grow the Nigerian economy through the revival of Agriculture as the major catalyst, the Central Bank of Nigeria (CBN), in partnership with Unity Bank and the National Cotton Association of Nigeria (NACOTAN), has flagged off distribution of Seeds/inputs supplies to Cotton farmers for the 2019 planting season nationwide.
The distribution of cotton input supplies to farmers is part of the Anchor Borrowers Programme, an AgriculturalDevelopment finance initiative of the CBN operated as an on-lending scheme with participating financial institutions packaged to channel financing support to beneficiaries in the Agric sector.
Unity Bank’s partnership and collaboration with CBN in flagging off this year’s input supplies distribution to cotton farmers to support wet season farming is in recognition of the bank’s established pivotal footprints in agriculture which has been well acclaimed in various awards received by the Bank, such as the Presidential award at the 3rd anniversary of ABP, CBN award on sustainable transaction in Agriculture, etc.
Commenting on the development, the Executive Director, Corporate Planning & Compliance, Unity Bank Plc, Usman Abdulqadir, said CBN is partnering Unity Bank on account of the lender’s strong participation in the Anchor Borrowers Programme aimed at rebuilding customers confidence, alleviating poverty through food and cash crops production to make Nigeria self-sufficient in food and diversifying the economy.
He further stated that Unity Bank’s strategy for Agriculture is deep rooted: “Unity Bank’s strategy is to bank the agricultural value chain. Therefore, we finance primary production, agricultural processing as well as commodity trading. We also support agricultural mechanisation, agricultural services and the procurement of inputs and implements”.
Still speaking, “what is most noteworthy is that while other banks basically concentrate on lending to big value end of the agriculture value chain such as the flour and rice millers, Unity Bank does not leave out the small holders farmers who are in primary production”.
