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CBN disburses N539.8m loans to farmers in three months


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The Central Bank of Nigeria disbursed N539.8m loans to farmers between January and March 2020.

It disclosed this in its third quarter economic report on titled ‘Agricultural credit guarantee scheme’, obtained on Monday.

 

Part of the report reads, “A total of N539.8m loans was guaranteed to 3,161 farmers under the Agricultural Credit Guarantee Scheme in the first quarter of 2020.

“This represented a decrease of 53.9 per cent and 34.8 per cent below the levels in the preceding quarter and the corresponding period of 2019 respectively.”

Sub-sectorial analysis showed that food crops obtained the largest share of the total, with N291.6m (54.0 per cent) guaranteed to 1,958 beneficiaries; followed by the livestock, N115.2m (21.3 per cent) guaranteed to 430 beneficiaries.... Read More

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