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Tuesday, February 21, 2012

AgroCredit Scheme gets N151 billion from CBN

The Central Bank of Nigeria (CBN) has voted the sum of N151.015 billion to 170 beneficiaries under the auspices of the Commercial Agricultural Credit Scheme, reports ThisDay.
According to the apex bank, the beneficiaries of the funds include 163 private promoters and 27 state governments with each states accessing N1 billion each while the Federal Capital Territory gets only N16 million.
NaijaAgroNet gathered that 16 banks participated in the project and the analysis of the number of project financed under CACS by value chain revealed that production accounted for 44 per cent of the 163 CACS private sector sponsored projects.
The bankers’ committee revealed recently that agriculture lending increased by N212.64 billion as at October last year, representing a 37.6 percent increase over the 2010 figure. Read more
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