The Central Bank of Nigeria has released a total of N607.87bn credit to selected Deposit Money Banks to disburse for 587 agricultural projects, latest figures from the CBN have shown.
In its most recent economic report, the apex bank stated that the money was under its Commercial Agriculture Credit Scheme, adding that a total of N345.06bn had been repaid by beneficiaries of the scheme.
The bank further noted that its agriculture credit guarantee to farmers increased by 98 per cent within the space of one month to N342.7m.
It said, “At end-April 2019, the total amount released by the CBN under the Commercial Agriculture Credit Scheme to participating banks for disbursement amounted to N607.87bn for 587 projects, while total amount repaid stood at N345.06bn.”
Source: Punch Newspaper
