The third quarter economic report titled, ”Agricultural Credit Guarantee Scheme”, by the Central Bank of Nigeria (CBN) shows that the apex bank has already disbursed credit worth N539.8 million to farmers between January and March in 2020.
“A total of N539.8m loans were 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,” the CBN report said.
The food crop sub-sector received the biggest disbursal of N291.6 million (54 per cent) availed to beneficiaries numbering 1,958, followed by livestock with N115 million (21.3 per cent) shared among 430 beneficiaries.
Cash crops accounted for N64.9 million (12 per cent) of the disbursal guaranteed to 335 beneficiaries while fisheries, mixed crops and others received N36.1m (6.7 per cent), N16.8m (3.1 per cent) and N15.3m (2.9 per cent), respectively, guaranteed to 121, 233, and 84 beneficiaries.
30 states and Federal Capital Territory benefitted from the programme. Ogun State emerged the biggest beneficiary state with N54.8m (10.2 per cent) while Nasarawa received the smallest disbursal at N1.8m (0.3 per cent).
According to the CBN, agricultural activities in the first quarter were dominated by land preparation ahead of the early rainy season, harvesting of tree crops as well as irrigation-fed vegetables.