CBN Insures N131 Billion Loan to Farmers, Challenges Them to Restart Economy
- The Central Bank of Nigeria said it has guaranteed about 1,232 million loans given to farmers all over Nigeria
- The financial value of the loan, the CBN said is estimated at N130.903 billion as the CBN urged farmers to work to revamp Nigeria's economy
- The Agricultural Credit Guarantee Scheme Fund (ACGSF) Chairman Stephen Joseph said about 1,232,326 million loans worth N136.9 billion were guaranteed.
The Agricultural Credit Guarantee Scheme Fund (ACGSF), which the Central Bank of Nigeria manages, has guaranteed 1,232 million loans given to farmers across the country.
The financial value of the loans was calculated at N130.903 billion. The CBN also tasked farmers to work together in revamping Nigeria’s economy which is worth $430 billion by adding value and diversifying.
Source: UGC
Farmers hold key to economic growth
These were highlighted at the national award ceremony for the 2021 Best Farmer of the Year Award ceremony under the ACGSF held on June 20, 2022.
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The ACGSF Chairman, Stephen Okon said a total of 1,232,326 loans valued at N136.903 billion were insured from the beginning to May 2022 of which about 963.646 beneficiaries repaid a total of 98.91 billion.
Okon stated that the Federal Capital Territory had guaranteed a total of 82 loans under the scheme which is valued at N22.580 million.
The ACGSF chair stated that the amount brought the total guaranteed loans in the FCT from the beginning in 1978 to May 2022 to 14,258 which is valued at N1.748 billion.
He said about 11,726 loans worth N801.058 million have been rapid under the scheme in the FCT.
The scheme was established by Decree 20 of 1977 and began operations in April 1978. It was targeted at reducing risks associated with the repayment of agricultural loans by insuring loans gotten from banks which lend to the farm sector.
CBN gives N55.34 billion loan in May under 100 for 100 loan scheme, lists how to benefit
Legit.ng reported that Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has paid out N55.34 billion under the 100 for 100 Policy on Production Productivity (PPP) scheme as of May 2022.
Data obtained from the CBN’s communique of the Monetary Policy Committee (MPC) held Monday, 23 May 2022 shows.
The scheme was launched on November 1, 2021, and will choose 100 private sector businesses with projects that have the ability to increase local productivity and Nigeria’s ability to earn the country's foreign exchange.
Source: Legit.ng
