Agric Projects: CBN Disburses N596bn

Agric
  • Agric Projects: CBN Disburses N596bn

The Central Bank of Nigeria has so far disbursed a total of N596.44 billion for 576 projects under the Commercial Agriculture Credit Scheme for 576 projects.

The figures obtained from the CBN on Monday showed 34 of the projects were in respect of state governments.

While a total of N852.15 million was guaranteed to 5,454 farmers under the Agricultural Credit Guarantee Scheme during the fourth quarter of 2018. That was 40.1 per cent and 5.9 per cent lower than the levels in the third quarter and the corresponding period of 2017.

Analysis revealed that the food crops got the largest fund, a total of N369.54m (43.4 per cent), guaranteed to 2,373 beneficiaries; followed by mixed crop sub-sector, which received N162.75m (19.1 per cent), guaranteed to 1,710 beneficiaries, N138.44m (16.2 per cent) was guaranteed to livestock sub-sector in favour of 564 beneficiaries; while cash crop, fisheries and “others” sub- sectors got N105.28m (12.4 per cent), N58.82m (6.9 per cent), and N17.32m (2.0 per cent), guaranteed to 542, 175 and 90 beneficiaries, respectively.

States analysis showed that only 30 states and the Federal Capital Territory benefited from the scheme with the highest and lowest sums of N95.83m (11.3 per cent) and N1.99m (0.2 per cent) guaranteed to Ogun and Bayelsa states, respectively.

According to the central bank, the cessation of rainfall led to widespread dryness across the country.

It stated that, “Agricultural activities in the review quarter, were dominated by harvest of tubers, grains and vegetables. In the livestock sub- sector, farmers continued with the breeding of poultry birds and fattening of cattle in anticipation of the end of the year sales. End-period headline inflation, on year-on-year and 12-month moving average bases for the fourth quarter of 2018 stood at 11.44 and 12.10 per cent, respectively.”

Generally, it added that the predominant agricultural activities during the review quarter were the harvesting of tubers, grains and vegetables. It stated, “Pre-planting operations in preparation for dry season planting commenced. In the livestock sub-sector, farmers engaged in the fattening of cattle and stocking of broilers to take advantage of Yuletide season sales.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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