NACOTAN Urges Farmers to Repay CBN’s ABP Loan

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The National Cotton Association of Nigeria, entrusted by the central Bank of Nigeria (CBN) to get farmers repay the Anchor Borrowers Loan, has called on farmers across the country who are yet to fulfill loan agreement, to do so.

The call was made by the association’s president, Chief Ainibe Achimugu, while speaking with AgroNigeria, recently.
Expressing dissatisfaction, he said that the repayment of ABP loan has been a challenge due to many reasons.

“We must not fail to take into consideration climate change (floods and dry spells) and insecurity issues that arose, coupled with the Covid-19 pandemic”, he said. “I must confess that progress is slow, but we have taken far-reaching steps to encourage our farmers to repay the loans given to them.

“We have engaged debt recovery companies, taken court action where there is clear evidence of refusal to pay, encouraged our farmers to return to their farms to make repayments through their produce, seeking for restructuring of their loans, amongst other efforts.

He therefore assured work is in progress as the commitment of farmers to repay their loans remains absolute.

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