The Central Bank of Nigeria (CBN) has said it has granted loans worth N5.92 billion to 31,666 farmers under the Agricultural Credit Guarantee Scheme Fund (ACGSF) in 2021.
Meanwhile, beneficiaries of the scheme have appealed for an increase in the maximum amount of loans accessible to each farmer as prices of goods and services keep increasing.
The scheme which was established in 1977 with the aim of increasing the level of bank credit to the agricultural sector provides a guarantee in respect of loans granted by any bank for agricultural purposes.
Nnaemeka Ukanyirioha, the Acting Branch Controller of CBN, while commenting at the ACGSF Farmers Awards ceremony held at the CBN office in Lagos noted that the CBN has continued to ensure facilitating access to finance for operators in the agricultural sector despite the challenging economic situation in the country.
He revealed that under the ACGSF, the CBN guaranteed “a total of 31,666 loans valued at N5.92 billion” in 2021.
He explained that the award was to reward participants under the scheme “who have shown exceptional promise and dedication to growing our agricultural sector despite the numerous challenges faced.
“The previous year was particularly difficult with businesses trying to recover from the after-effects of a global pandemic.
"This further underscored the importance of a nation’s ability to feed itself. It is evidence that our commitment to rebuilding our agricultural might as a nation is crucial not only for our subsistence but also our economic relevance on a global scale.”
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