- The involvement of the Central Bank of Nigeria in the agricultural sector appears to be bearing fruit
- According to a fresh report, farmers in Cross River state have returned to the CBN about N1 billion in loans
- Although there are still significant defaults, particularly for framers in the north, this will be a big relief for CBN
An excited, Central Bank of Nigeria has revealed that the sum of N1.065 billion agric loans have been recovered from Cross River State farmers.
The farmers are part of the beneficiaries of CBN Agricultural Credit Guaranteed Scheme Fund designed to boost Nigeria's food sufficiency drive.
The Punch reports that the Chairman of ACGSF board, Stephen Okon, disclosed the repayment while speaking in Calabar during the board’s meeting and awards to the best farmers of the year 2021 in Cross River on Thursday, 31 March 2022.
What he said
According to Okon, over 10,635 loans valued at N1.065b and were repaid under the scheme in Cross River State from the inception of the scheme.
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“These records speak volumes of the level of commitment of the officers in the state as well as the determination of the farmers to utilize the opportunities offered by the scheme to empower themselves and improve their lot. We do hope that before long, farmers in your state will enjoy the benefits of the new Amended Act.”
He also added that the scheme has proved to be very effective in solving farmers' financing challenges.
“The Scheme has proved relatively successful in de-risking the agricultural sector in Nigeria as evidenced in the number of loans guaranteed from inception to date. A total of 1,224,795 loans valued at N129.084 billion were guaranteed from inception to February 2022.
“It is worthy to note that Cross River State from January to February 2022 has guaranteed a total of 73 loan beneficiaries under the scheme, valued at N24.300 million. This brought the total guaranteed loans in Cross River State from the inception of the scheme in 1978 to February 2022 to 18,406, valued at N2.305 billion.”
A female farmer emerges best
The report also added that a female poultry farmer, Henrietta Godfrey, emerged as the Cross River State Best Farmer for 2021.
The first runner-up is Kufre Udoh Augustine, also a poultry and fish farmer, and Glory Eking, a poultry farmer, second runner up.
Banks to start paying customers in coins
Legit.ng had earlier reported that while Nigerians are still confused about what happened to the eNaira project, Lawmakers have instructed CBN to enforce the use of coins for transactions.
Coins are part of the Nigerian currency, the structure comprises of three coin denominations (50k, ₦1, and ₦2)
The lawmakers have therefore instructed CBN to ensure Nigerian banks start issuing coins to Nigerians.