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, represe...