The Central Bank of Nigeria (CBN) has disbursed a cumulative N70.737 billion to farmers under the Commercial Agriculture Credit Scheme established early last year.
The amount represents disbursements made up till July 2010 and channeled to 68 projects and promoters of agriculture inclusive of 7 state governments.
According to Report on “Commercial Agric Credit Scheme as at July 2010,” posted on the CBN website yesterday, under the 2nd Tranche of the scheme seven state governments namely, Adamawa, Bauchi, Kogi, Nassarawa, Ondo, Zamfara and Niger accessed N1billion each for onlending to co-operative farmers and unions in their various States.
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The Report indicated that Adamawa State accessed the funds through Zenith Bank Plc, while Niger State accessed through Union Bank of Nigeria Plc and the five remaining states funded through United Bank for Africa Plc.
According to the CBN, GTB received N4.831 billion for disbursement to 7 projects; Fidelity Bank Plc N500 million for one project; First Bank N4.71 billion for disbursement to11 projects; Skye Bank Plc got N7.60 billion for disbursement to four projects while UBA received N38.455 billion for disbursement to 35 projects including five state governments.
“Zenith Bank received N6.34billion for disbursement to 4 projects including 1 State Government; Union Bank received N1.90billion for disbursement with respect to two projects including one State Government; Oceanic Bank received N2 billion for disbursement to 1 project; Access Bank Plc received N906 million for disbursement to 1 project; Unity Bank got N3.5 billion for disbursement to 2 projects.” CBN further stated.
The Commercial Agriculture Credit Scheme was established by the CBN in collaboration with the Federal Ministry of Agriculture and Water Resources to enhance food production in the country.
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