Central Bank of Nigeria (CBN) guaranteed a total of N2.911 billion to 17,318 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in the fourth quarter of 2013. This represents a decline of 0.4 and 10.2 per cent below the levels in the preceding quarter and the corresponding quarter of 2012, respectively.
A sub sectoral analysis of the loans guaranteed indicated that the food crops sub-sector received the largest share of N1.917 billion or 65.9 per cent for 13,009 beneficiaries, mixed crops got N418.4 million or 14.4 per cent for 2, 176 farmers, while the livestock sub-sector collected N402.6 million or 13.8 per cent for 1,397 beneficiaries. The report showed that 103.4 million people from fisheries sub-sector received N103.4 million or 3.7 per cent during the period under review, while „Others’ sub-sector got N38.2 million or 1.3 per cent for 194 beneficiaries.
Cash crops sub-sector take away N31.6 million or 1.1 per cent guaranteed to 170 beneficiaries. Further analysis showed that all the states and FCT benefited from the scheme during the quarter, with the highest and lowest sums of N268.4 million or 9.2 per cent guaranteed to 1,011 farmers and N5.6 million or 0.2 per cent guaranteed to 117 farmers in Taraba and Niger states, respectively.
The report further said that at the end of December 2013, the total amount released by the CBN under the Commercial Agriculture Credit Scheme (CACS) to the participating banks for disbursement stood at N225.74 billion for 304 projects. The beneficiaries included thirty state governments. Analysis of the fund disbursed by some banks showed that United Bank for Africa (UBA) distributed N41.8 billion for 35 projects, Zenith Bank shared N34 billion for 23 projects, while First Bank Nigeria, Unity Bank and Union Bank of Nigeria disbursed N26.1 billion, N22.3 billion and N18.2 billion respectively to 65, 25 and 21 projects.
The report said that industrial activities improved during the fourth quarter of 2013 relative to the level in the preceding quarter. It said that at 139.23 , the estimated index of industrial production rose by 0.2 and 1.2 per cent above the levels in the preceding quarter and the corresponding period of 2012, respectively. The development was attributed to the increase in the manufacturing activities during the period.
The CBN report said that the estimated index of manufacturing production, which stood at 111.2, rose by 0.3 and 3.6 per cent above the levels in the preceding quarter and the corresponding period of 2012, respectively while the estimated capacity utilisation also rose by 0.3 percentage point to 58.3 per cent during the review period. The development according to CBN was due to increased manufacturing activities
At 146.98 , it said that the index of mining production on the other hand fell by 0.15 and 0.23 per cent from the levels attained in the preceding quarter and the corresponding period of 2012, respectively. The decline in mining production during the review quarter was accounted for by the fall in crude oil and gas production.
