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CBN finances 370 agric projects with N287.5bn

By on December 22, 2015

Since its inception in 2009, a total sum of N287.47bn has been disbursed to finance 370 projects under the Commercial Agriculture Credit Scheme, statistics obtained from the Central Bank of Nigeria have revealed.

The figures are contained in the Financial Stability Report for the first half of this year prepared by the Financial Policy and Regulation Department of the CBN, which was obtained by our correspondent in Abuja on Tuesday.

The central bank stated in the report that the funds, which are being disbursed as part of its developmental role to the economy, had so far been used to finance 333 private and 37 state government projects.

It said out of the 333 private projects financed under the CACS, eight were owned and being managed by women.

The report stated, “During the period under review, the CACS guidelines were reviewed and a memorandum on re-pricing of its interest rate was approved. The number of focal commodities under the scheme was also expanded to include dairy and oil palm produce.

“The sum of N24.47bn was released to 10 banks for 26 projects in the first half of 2015, compared with N28.74bn in favour of 52 projects in the second half of 2014.

“This showed a decrease of N4.27bn (14.86 per cent) and 26 projects (50 per cent) in value and number, respectively. The cumulative amount released to the real sector under the CACS from inception to June 2015 stood at N287.49bn to 333 private and 37 state government projects.

“Out of the 333 private projects financed under CACS, eight were owned and managed by women.”

The report added that while the sum of N287.49bn had been released, N23.676bn had been repaid by 15 banks for 247 projects, thus bringing the cumulative repayment to N128.88bn.
[ThisDay]