Central Bank disbursed N10.19billion loans to farmers in 2011

The Central Bank of Nigeria (CBN) says it disbursed about N10.190 billion loans for 56,328 applicants in the 36 states and the Federal Capital Territory under its Agricultural Credit Guarantee Scheme (ACGS) last year.

Statistics just released by the apex bank, on the total loans guaranteed under the scheme, show that out of this figure of beneficiaries, 53,803 were individual farmers.

A breakdown of the disbursement reveals that a total of N969.404million was guaranteed in the first quarter of 2011 compared to the N1.377billion in second quarter, while N3.553billion was disbursed in the third quarter.

 In the three month period ended December 2011, a total of N4.443 billion was disbursed to farmers under the ACGS.

On month-by-month basis, October accounted for the highest amount guaranteed, with about N1.877 billion disbursed. It was followed by November with N1.501 billion; July, N1.377 billion, while June and July recorded N1.223 billion and N1.222 billion respectively.

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