The Central Bsnk of Nigeria (CBN) has guaranteed a total of N843.03 million to 5,284 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in April, 2014. The amount represents a decrease of 11.9 per cent below the level in the preceding month, but was an increase of 167.4 per cent above the level in the corresponding period of2013.
Sub-sectoral analysis of the fund showed that the largest share of N598.11 million or 70.9 per cent went to food crop with 2,802 beneficiaries; livestock followed with account of N142.6 million or 16.9 per cent guaranted to 667 farmers; while the sum of N41.8 million or 5.0 per cent was distributed to 911 beneficiaries in the mixed rop sub-sector. The fisheries sub-sector got N32.5 million or 3.9 per cent for 212 beneficiaries, Cash crop received N22.0 million or 2.6 per cent of the total funds, while “others” had N5.98 million or 0.70 per cent extended to 48 farmers.
Allocation of the funds by state showed that 29 states including Abuja benefited from the Scheme during the month under review with the highest and lowest sums of N128.9 million or 15.3 per cent and N0.1 million or 0.01 per cent guaranteed to Kebbi and Nasarawa states, respectively.
The CBN report indicated that at the end-April 2014, the total amount released by the CBN under the Commercial Agriculture Credit Scheme (CACS) to the participating banks for disbursement stood at N228.58 billion for 307 projects/promoters.
Meanwhile, the CBN had in the first quarter of this year approved N2.615 billion for 17,067 farmers under ACGS, representing a decline of 10.2 per cent below the level in the preceding quarter, but was 38.2 per cent above the level in the corresponding quarter of 2013.
A sub-sectoral analysis of the loans guaranteed in the first three months of the year indicated that the food crops sub-sector received the largest share of N1.735 billion or 67.0 per cent for 13,111 people, livestock sub-sector got N440.8 million or 16.9 per cent for 1,318 farmers, while the mixed crops got N137.5 million or 5.3 per cent for 1,008 beneficiaries. Fisheries sub-sector received N129.5 million (5.0 per cent) for 714 farmers, while „Others” sub-sector guaranteed N79.2 million or 2.9 per cent to 464 beneficiaries.
Cash crops sub-sector received N75.6 million or 2.9 per cent guaranteed to 452 beneficiaries. Further analysis showed that all the states and FCT benefited from the Scheme during the quarter, with the highest and lowest sums of N250.5 million or 9.6 per cent and N0.3 million or 0.01 per cent guaranteed to Kebbi and Bauchi states, respectively.
However at end-March 2014, the total amount released by the CBN under the CACS to the participating banks for disbursement stood at N228.20 billion for 307 projects.
The beneficiaries included 30 state governments.
