Example for Biya: Central Bank of Nigeria’s loan to agric sector rises 213.5% to N2.9bn (18.2 million US$ in 3rd quarter)

  CBN's loan to agric sector rises 213.5% to N2.9bn

November 27, 2013 | Filed under: Companies | Author: HOPE MOSES-ASHIKE

The total loan guarantee to the agricultural sector of the economy under the Agricultural Credit Guarantee Scheme (ACGS) rose by 213.5 percent to N2.9 billion in the third quarter of 2013, the Central Bank of Nigeria (CBN) has said.

According to the CBN, a total of N2.9 billion was guaranteed to 16,349 farmers under the ACGS in the third quarter of 2013. This represented an increase of 213.5 percent above the level in the preceding quarter, but indicated a decline of 27.5 percent below the level in the corresponding quarter of 2012.

A sub-sectoral analysis of the loans guaranteed indicated that the food crops sub-sector received the largest share of N1.7 billion (58.4 percent) for 10,969 beneficiaries, while the livestock sub-sector got N458.9 million (15.7 percent) for 3,192 beneficiaries.

Fisheries sub-sector obtained N130.3 million (4.5 percent) for 410 beneficiaries, while cash crop sub-sector received N47.8 million (1.6 percent) guaranteed to 120 beneficiaries.