Central Bank of Nigeria (CBN) has recorded total disbursement of N1.487 trillion under the various agricultural programmes as at the end of February this year.
The apex bank current report also showed that about N107.60 billion was circulated to 548,109 farmers cultivating 703,619 hectares of land between fourth quarter of 2020 and first quarter of 2021 to boost dry season output in support of agricultural value chain development.
Analysis of the disbursement under agricultural programme revealed that N686.59 billion was disbursed under the Commercial Agricultural Credit Scheme (CACS) and N601.75 billion was under the Anchor Borrowers Programmes (ABP) to 3,038,649 farmers to support food supply and dampen inflationary pressures.
Under the Targeted Credit Facility, the Bank has distributed N218.16 billion to 475,376 beneficiaries, of which 34 per cent of beneficiaries are SMEs.
For AGSMEIS, N111.62 billion has been given to 28,961 beneficiaries, 70 percent of which are in the agricultural sector.
The CBN stated that in the Creative Industry Financing Initiatives mainly targeted at youths, N3.19 billion has been disbursed to 341 beneficiaries, of which 53 percent is to the movie industry.
Under the National Mass Metering Programme, N33.45 billion has been disbursed to 9 distribution companies for the procurement of 605,852 meters, while N89.89 billion has been allocated under the Nigeria Electricity Market Stabilisation Facility (NEMSF 2) to 11 distribution companies to improve the electricity supply industry in Nigeria.
