ACGS: CBN Releases N7.29bn To 52,474 Firms, Individuals
A total of facility of N7.293 billion has been 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.
So far, Edo state recorded the highest guaranteed fund as agricultural companies in the state received N1.181 billion 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.
Ogun state followed as 3,254 individuals and companies got N550.917 million loans guaranteed under the scheme. Oyo and Imo states also had 4,631 and 1,666 companies as well as individuals get N511.282 million and N453.091 million respectively between January and November 2016.
Edo state had the highest loan guaranteed under the scheme in November with N52.54 million disbursed to 274 individuals. More loans had been disbursed under the ACGS by microfinance banks which gave out 85.6 per cent of the total amount of N7.293 guaranteed by the scheme 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 had given N2.7 million, United Bank for Africa had given N7.22 million, while First Bank of Nigeria gave N103.48 million. Union Bank of Nigeria had given the highest amount of N938.517 million.
The facilities given under the scheme in the 11 month period had focused more on food crops as guaranteed funds to this sector was N4.871 billion between January and November 2016. Tubers and roots crops had the highest facilities.
The under the scheme, N1.513 billion was disbursed to 10,849 companies and individuals in the agricultural sector between October and November ACGS. 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.
Likewise, N8.421 billion had been repaid by 54,811 individuals, who took the facility with the largest repayment coming from Delta state where N1.06 billion had been repaid in the 11 month period of January to November, 2016
