February 2020 — The Central Bank of Nigeria established the Anchor Borrower’s Program (ABP) in 2015 to deepen financial inclusion through the creation of economic linkages between smallholder farmers and large-scale agricultural processes.
The program aims to alleviate the impacts of climate change on smallholder farmers by providing revenue index insurance, which provides automatic payouts to farmers based on predicted crop yields using satellite data on precipitation. By early 2020, the ABP has created over 250,000 direct jobs for farmers and up to 1.25 million indirect jobs.