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Edo State outsmarts others in receipt of CBN’s ACGS in 11 months

Fresh statistics released by the Central Bank of Nigeria (CBN) has revealed that Edo State received N1.181bn N7.293 billion was disbursed to 52,474 companies and individuals in the agricultural sector between January and November 2016 under the Agricultural Credit Guarantee Scheme (ACGS), an initiative of the Central Bank of Nigeria (CBN). The facility was disbursed to 274 individuals within the period.

Otherwise, the state recorded the highest guaranteed fund as agricultural companies in the state out of the amount disbursed in the 11-month period. The figure, which is 16 per cent of the total amount disbursed in the period under review, was disbursed to 7,576 agric-oriented projects.

Following Edo was Ogun State with 3,254 individuals and companies getting N550.917 million loans guaranteed under the scheme. Oyo and Imo states had 4,631 and 1,666 companies as well as individuals that got N511.282 million and N453.091 million respectively between January and November 2016.

Only four commercial banks gave out N1.051 billion in loans guaranteed by the ACGS during the 11-month period. Diamond bank gave out N2.7 million; United Bank for Africa gave out N7.22 million, while First Bank of Nigeria gave N103.48 million. Union Bank of Nigeria released the highest amount of N938.517 million.

The facilities given under the scheme in the period focused on food crops. Guaranteed funds to this sector was N4.871 billion between January and November 2016. Tubers and root crops got the highest facilities.

Under the scheme, N1.513 billion was disbursed to 10,849 companies and individuals in the agricultural sector between October and November.

While N896.397 million was disbursed in October, N616.902 million was disbursed in November, according to the latest data released by the apex bank.

Besides, N8.421 billion was repaid by 54,811 individuals who had taken the facility, with the largest repayment coming from Delta State where N1.06 billion was repaid in the 11-month period between January and November, 2016.

Again, the Delta State government has registered over 30,000 farmers across the selected enterprises of cassava, oil palm, rice and fisheries for the CBN’s Anchor Borrowers Programme (ABP).

The aim was to boost the production of fish, cassava, oil palm and rice under the CBN’s ABP in the state.