The Central Bank of Nigeria (CBN) has put the total amount released under the Commercial Agriculture Credit Scheme (CACS) to participating banks for disbursement to farmers across the country since the inception of the scheme at N615.43 billion.
The apex bank in its latest report for August indicated that the disbursements covered 568 projects.
This is even as it stated that a total sum of N499.22 million was guaranteed to 4,172 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in August 2018, representing an increase of 32.9 percent and 7.8 percent above the levels at the end of July, 2018 and the corresponding period of 2017.
The report’s sub-sectoral analysis showed that food crops got the largest share of N318.50 million or 63.8 percent guaranteed to 3,345 beneficiaries; and livestock got N63.35 million, representing 12.7 percent guaranteed to 242 beneficiaries.
Also, fisheries sub-sector received N62.92 million or 12.6 percent, guaranteed to 272 beneficiaries; cash crop got N40.54 million, representing 8.12 percent, guaranteed to 245 beneficiaries.
Others received N11.63 million or 2.3 percent, guaranteed to 52 beneficiaries, while the mixed crops sub-sector got N2.30 million or 0.5 percent, guaranteed to 16 beneficiaries.
A further analysis of the CACS disbursements on state-by-state basis indicated that 29 states and the Federal Capital Territory benefited from the scheme.
The state with the highest farmer beneficiaries is Edo State with N74.2 million, representing 14.9 percent guaranteed fund while Bayelsa state remained the lowest with N0.4 million or 0.1 percent guaranteed.
