How 3,734,939 Smallholder Farmers Received N736.51 Billion – CBN

Smallholder Farmers Received N736.51 Billion…

The Central Bank of Nigeria revealed that it had given out 736.51 Billion Naira to 3,734,939 smallholders farmers who planted 4.6 million hectares of agricultural land.

CBN president Godwin Emefiele revealed this on Monday during the July MPC meeting in Abuja.

The Governor stated that the bank’s total credit at the end of May 2021 was 24.3 trillion Naira, compared to 22.68 trillion Naira at the end of December 2020, an increase of 1.55 trillion Naira so far.

He said, “According to the bank’s development finance plan, N736,510 billion to 3,734,939 smallholder farmers have planted 4.6 million hectares of agricultural land, of which 120.24 billion will be expanded to 621 and 51 farmers in the rainy season in 2021, and the cultivated area is 847 800 hectares under the Anchor Borrowers’ Scheme,”

Regarding the Agriculture and SMEs programmes, Governor Emefiele said that 125.57 billion Naira were paid to 32,617 beneficiaries of the target credit line and that 318.17 billion Naira were distributed to 679,482 beneficiaries.

According to CBN estimates, Nigeria’s economy is expected to grow by 3.45%, according to the FG’s estimate of 3% and according to the IMF’s estimate of 2.5%, depending on continued progress in combating the pandemic and continued monetary and fiscal support.

Asides Smallholder Farmers Received N736.51 Billion, Also see why ONLY 4% of MSMEs HAVE ACCESS TO CREDIT FACILITY IN NIGERIA.