Business - Economy
Updated: March 18, 2024

Farmers fail to repay over N380bn CBN loans

By Felicia Abisola Olamiji
March 18, 2024
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Farmers and agricultural firms in Nigeria are struggling to repay N380.97 billion of the Central Bank of Nigeria’s intervention loans.

This figure represents the cumulative due and unpaid principal and interest from various agricultural support programmes initiated by the CBN.

According to the CBN, from the N380.97 billion owed, N362.22 billion constitutes the principal yet to be paid, while the remaining N18.75 billion is accumulated interest.

This also highlights the challenges the CBN faces in recouping funds lent out to stimulate agricultural productivity and food security.

The failure to repay these loans could signal underlying issues in the agricultural finance system, which could have implications for the sustainability of such interventions in bolstering Nigeria’s economy.