CBN disburses N1.99bn to 12,405 farmers

The Central Bank of Nigeria, CBN, said it disbursed N1.994 billion to 12,405 farmers in the country in the second quarter of 2016.
The CBN, in its Economic Report for the Second Quarter of 2016, disclosed that the fund was disbursed under the Agriculture Credit Guarantee Scheme in the period under review.
According to the CBN, the amount disbursed represented an increase of 21.6 per cent increase above the level in the preceding quarter.
The CBN also stated that agricultural activities in Nigeria rose sharply in the second quarter of 2016, due mainly to well-distributed rainfall in all parts of the country and also due to the allocation of credit to farmers.
Giving a breakdown of the figures, the CBN stated that food crop received the largest share of 68.5 per cent which is N1.37 billion, granted to 9,607 beneficiaries; while livestock was received 17.6 per cent which is N351 billion granted to 1,149 beneficiaries.
Fishery, the report noted, received N90 million, representing 4.5 per cent, with 389 individuals benefiting; while cash crop was allocated 4.2 per cent of the total, comprising N83.9 million with 538 individuals benefiting from it.
In addition, mixed crop sector received N68.7 million, which is 3.5 per cent under which 414 people benefited from. Other sectors received N31.1millon which is 1.6 percent and had 312 beneficiaries.
According to the CBN, 31states and the Federal Capital Territory, FCT, benefited from this scheme.
Edo state received the highest allocation of N518 million, representing 26 per cent, while Taraba State received the least allocation with N0.7 million, representing 0.05 per cent.
The CBN report noted that major agricultural activities are been done in both the south and northern parts of the country.
It said, “In the south, maize and yam are being harvested while the northern part of the country is into planting and off session harvesting mainly. Also, in  the livestock sector, farmers are engaged in breeding of poultry and rearing of cattle and migration from the north to the south in search of greener pasture.”-- By Rebecca Amos


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