CBN disburses N539.8m loans to farmers in three months

The Central Bank of Nigeria disbursed N539.8m loans to farmers between January and March 2020.

It disclosed this in its third quarter economic report on titled ‘Agricultural credit guarantee scheme’, obtained on Monday.

Sub-sectorial analysis showed that food crops obtained the largest share of the total, with N291.6m guaranteed to 1,958 beneficiaries; followed by the livestock, N115.2m guaranteed to 430 beneficiaries. The bank stated that agricultural activities in the first quarter of 2020 were predominantly preparation of land for early wet season planting, harvesting of tree crops and irrigation-fed vegetables.

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