Edo, Ogun lead 32 other states in N3.88bn Agric funds disbursement- CBN



The Central Bank of Nigeria (CBN) has disclosed that Edo and Ogun States led in its N3.88 billion Agricultural Credit Guarantee Scheme (ACGS) in 34 states.

Data from the apex bank disclosed that a total of 27,207 farmers, both individual and informal group have participated in the scheme between January and August 2017.

In line with this vision to diversify the nation’s economy away from oil & gas sector, the CBN, under Godwin Emefiele has pursued with added vigour intervention schemes such as ACGS and the Anchor Borrowers’ Programme (ABP) to mention but few.

Farmers in the mentioned states targeted crops such as rice, maize, palm oil, sorghum, tomatoes, cassava, cocoa, cotton, dairy, and groundnut.

InsideBusiness Onlne noted that large chunk of these funds were accessed through registered Microfinance Banks (MFBs), while smaller portion were accessed through Union Bank of Nigeria and Diamond Bank Plc.

But between January and August, a total of 2,009 farmers in Edo state accessed N385 million through the CBN’s ACGS while 1,725 famers in Ogun states accessed N356million through the same scheme in eight months.

Enugu state has the highest amount of informal farmers at N12.48 million, while Adamawa state has the lowest proportion of amount borrowed from the scheme at N700,000 between January and August this year.

Interestedly, Bauchi Borno and Jigawa states did not participate in the scheme between January and August 2017.

Loans fully repaid analyzed by state between January and August, 2017, revealed that in first quarter of 2017, N1.4 billion was repaid and increased to N1.5 billion in second quarter.

A total of N3.7 billion has been repaid between January and August, 2017, data by CBN revealed.

Meanwhile, for the month of August, a total of 3,571 famers benefited N463 million for its ACGS in 29 states.

Data available to InsideBusiness Online revealed that Oyo state, followed by Edo state and Taraba State had the highest proportion of amount borrowed in August while Bayelsa and Abia had the lowest amount accessed on the CBN’s Agriculture Scheme.

Specifically, Oyo state farmers were granted N65.16 million while farmers in Edo and Taraba states accessed N45.42 million and N42.22 million from the Agriculture Scheme respectively.

Bayelsa state farmers were granted N50,000  while Abia farmers were granted N250,000 in August.

For the month of August, the following States, Adamawa, Bauchi, Borno, Imo, Jigawa, Katsina, Lagos and Yobe did not access the Agricultural Credit Guarantee in August 2017.

The data by apex bank revealed that Plateau and Enugu had 133 and three informal group of farmers that access the CBN’s ACGS in month under review respectively.

According to CBN data, a total of 2677 male famers accessed N352 million while 1026 female farmers in 29 states were granted N107.5 million.