CBN guarantees N1.14bn to farmers under ACGS

Central Bank of Nigeria (CBN) has informed that it guaranteed a total of N1.144 billion to 6,780 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in November 2013. The amount represented an increase of 38.32 and 37.73% above the levels in the preceding month and thecorresponding period of 2012, respectively.

Food crops obtained the largest share of N810.6 million or 70.8% of the fund guaranteed to 5,449 beneficiaries. Livestock followed with N188.8 million or 16.5% guaranteed to 709 beneficiaries, while mixed crops received N67.6 million or 5.9% guaranteed to 304 beneficiaries.

A total of N47.9 million or 4.2% went to 168 beneficiaries in the fisheries sub-sector.  A category titled “others”  got  N18.7 million or 1.6% guaranteed to 118 beneficiaries, while cash crops had N11.3 million (1.0%) for 32 beneficiaries.
Analysis by state indicated that 33 states benefited from the scheme in the review month with the highest and lowest sums of N164.3 million or 14.4% and N1.8 million or 0.2% distributed to farmers in Taraba and Kaduna states, respectively.

However, at end-November 2013, the total amount released bythe apex bank under the ACGS to the participating banks fordisbursement stood at N225.7 billion for 300 projects/promoters. The apex bank further said that agricultural activities in most parts of the country received a major boost in November 2013.

CBN said in its report that in the southern states,the predominant agricultural activity during the month wasthe harvesting of tubers, fruits, and vegetables, while farmers in the north were engaged in harvesting of late maturing grains, and pre-planting operations for dry season farming.
In the livestock subsector, farmers were engaged in fattening and otherhusbandry activities in anticipation of end of the year sales.

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