The Cocoa Farmers Association of Nigeria (CFAN) has secured over N700 million through the Central Bank of Nigeria’s (CBN’s) Anchor Borrowers’ scheme, and members in Ondo State will get inputs during the inauguration today.
The inauguration of the distribution of the inputs takes place today in Akure, Ondo State capital, and this follows payment of cash to the participating farmers through Wema Bank.
President of the association, Comrade Adeola Adegoke, disclosed that each farmer is getting N592,332 in cash and inputs for maintaining about three hectares of existing cocoa plantations, which translate to over N723,237,372 million to the first batch of 1,221 participating farmers in 10 cocoa producing states.
Each of the participating states would flag off the distribution of the inputs, such as pesticides, insecticides and fungicides, among others.
N197,444 per hectare is allocated per hectare, and three hectares are calculated for each farmer, according to President of CFAN, Adegoke, through the Anchor Borrowers’ scheme.
“They are partnering with us to bring the first batch of beneficiaries into the scheme,” he said.
The loan, Adegoke added, attracts a five-per cent interest rate payable within 18 months. It is expected that the loan, for good agricultural practices (GAP), would increase beneficiaries’ productivity to about 300kg of cocoa beans per hectare. He believed that such interventions would help to restore Nigeria to path of cocoa productivity.
The participating states are Ondo State (365 cocoa farmers); Edo State (214 farmers); Cross River (74 farmers) Ekiti State (38 farmers); Osun State (193); Kwara State (43); Ogun State (118); Oyo State (156); Delta State (17) and Abia State (4).