30,267 farmers get n4.32bn ACGSF loan in 2020 –  CBN

The Agricultural Credit Guarantee Scheme Fund (ACGSF) set up by the Central Bank of Nigeria (CBN) and the Federal Government said it loaned out N4.32 billion to 30,267 farmers in 2020.

This was disclosed by the Chairman, Board of the ACGSF, Mr Stephen Okon, at the 2021 Best National Farmers Award held in Abuja on Thursday.

A cumulative guaranteed loan of N122.632 billion has been disbursed to 1,190,970 farmers since the inception of the Scheme in 1977,” he said.

Okon said that the Federal Government and the CBN both contribute to the fund in the ratio of 60 per cent and 40 percent, respectively with CBN serving as the Managing Agent of the scheme and secretariat of the Fund.

“In addition, the amended Act introduced new strategies aimed at repackaging and repositioning the Scheme for greater effectiveness and efficiency towards re-positioning Nigeria as a self – sufficient food producer, creating millions of jobs, supplying key markets across the country and dampening the effects of exchange rate movements on local prices.

“Equally, the maximum amount for loans without collateral was increased from N20,000 to N100,000 while the maximum for loans with collateral was increased from N10 million to N50 million” Okon noted.

The Director, Development Finance Department of the CBN, Mr Yusuf Yila said the apex bank will always strive to keep food prices stable and guarantee food security.

He added that the Anchor Borrower’s Programme (ABP), currently finances 21 products involving 36 States.

“To expand the ABP, land clearing issue that has remained a big challenge and we’re working with the states on this.

MTO/TheSun