Banks Lend N1.06b To Farmers In Six Months

Small scale farmers to benefit

NOVEMBER 28, 2017 – Commercial banks have given out over N1.06 billion to the private agriculture sector in the first two quarters of this year.

This was disclosed during the national symposium on agriculture organised by the Premium Times Center for Investigative Journalism in Abuja. The information was contained in Nigeria’s Agriculture in facts and figures printed by the center.

The document also revealed that the Agricultural Credit Guarantee Scheme Fund has also guaranteed N34.6 billion to farmers for the first two quarters of 2017 with 60 per cent of the loaned funds spent on producing food crops while 3.6 per cent spent on cash crops.

The document showed that agriculture is currently contributing 22.97 per cent to the Gross Domestic Product (GDP) in the nation making the sector the biggest contributor to the nation’s GDP.

The National Symposium of Agriculture is designed to stimulate quality interaction at different levels of the agricultural value chain and to produce a compendium of efficient strategies for transforming the agricultural sector.

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