Apex bank disburses N336.40bn to commercial agric scheme

folarin okunola

May 20, 2016 6:04 PM

The bank said this in the 2015 Second Half Financial Stability Report posted on its Website.

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016.

The Central Bank of Nigeria (CBN) says it has disbursed N336.40 billion to real sector under its Commercial Agriculture Credit Scheme (CACS) from inception to Dec. 31, 2015.

The CBN added that the figure was used for 420 projects of which 31 were state government projects while remaining 389 were private.

According to the bank, six of the 389 private projects financed under CACS were owned and managed by women.

It added that N48.91 billion was disbursed to eight banks for 49 projects in the second half of 2015.

The bank said the figure reflected an increase of N24.44 billion, representing 99.86 per cent compared to N24.47 billion disbursed to 10 banks for 26 projects in the first half of 2015.

The bank said that the projects and 23 others represented 88.46 per cent in value and number.

It added the total repayments stood at N47.99 billion by 17 banks for 189 projects, bringing the cumulative repayments to N177.56 billion at Dec.31, 2015.

The CBN also said additional 632 jobs were created due to CACS intervention.

The bank added that the figure brought the cumulative number of jobs created to 1.13 million from inception to Dec. 31, 2015.

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