THE Central Bank of Nigeria (CBN) has disbursed N189.33 billion for 237 projects in the nation’s agricultural sector under the Commercial Agriculture Credit Scheme (CACS) as at May this year.
The CBN said in its latest quarterly report, also put the country’s total non-oil export earnings by exporters as at May, 2012 at $197.05 million, representing a decrease by 67.0 per cent below the level in the preceding month.
According to the apex bank, due to widespread rainfall, agricultural activities across the country were dominated by crop planting operations.
It explained, “in the livestock sub-sector, farmers were engaged in poultry breeding, sanitisation of poultry cages and ranches, and restocking of livestock. A total of 2,878 loans valued at N307.7 million were guaranteed under the Agricultural Credit Guarantee Scheme (ACGS) in May 2012. This represented a decline of 38.8 and 4.1 per cent below the value of loans guaranteed in the preceding month and the corresponding period of 2011, respectively.”
The CBN noted that a sub-sectoral analysis of the loans guaranteed by type of agricultural activity indicated that the food crops subsector received the largest share of N158.8 million for 2,462 beneficiaries, while the livestock subsector received N104.6 million for 306 beneficiaries.
It added that the cash crops sub-sector obtained N26.8 million for 56 beneficiaries, N13.2 million was disbursed to 17 beneficiaries in the fisheries sub-sector. Others subsector obtained N1.4 million for 27 beneficiaries, while 10 beneficiaries in the mixed crops sub-sector received N2.9 million. Further analysis showed that 24 states, including the FCT, benefited from the scheme during the month with the highest and lowest sums of N58.5 million.
A breakdown of receipts showed that proceeds of agriculture, manufactured, industrial, minerals and food products sub-sectors stood at $23.05, $73.36, $64.4, US$28.81, and $7.43 million, respectively.
“The shares of agriculture, manufactured, industrial, minerals and food products sub-sectors in non-oil export proceeds were 11.7, 37.2, 32.7, 14.6, and 3.8 per cent, respectively.”
The general price level rose in May 2012, owing to the increase in the indices of staple food and nonalcoholic beverages, electricity, gas and other fuel.