A total of N596.44 billion has been released by the Central Bank of Nigeria to Farmers under the Commercial Agriculture Credit Scheme (CACS) for disbursement by the participating banks for 576 projects as at the end of the fourth quarter of 2018.
The Central Bank of Nigeria (CBN) disclosed this in its Economic Report for the fourth quarter of 2018, released recently.
The amount represented a decrease of 40.1 per cent and 5.9 per cent below the levels in the preceding quarter and the corresponding period of 2017, respectively. A total of N852.15 million was guaranteed to 5,454 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in the fourth quarter of 2018.
Analysis by state showed that 30 states and the Federal Capital Territory benefited from the scheme with the highest and lowest sums of N95.83 million (11.3 per cent) and N1.99 million (0.2 per cent) guaranteed to Ogun and Bayelsa states, respectively.
The report noted that the cessation of rainfall led to widespread dryness of severe to-extreme intensity across the country in fourth quarter of 2018. Generally, the predominant agricultural activities during the review quarter were the harvesting of tubers, grains and vegetables, while pre-planting operations in preparation for dry season planting commenced.
In the livestock sub-sector, farmers engaged in the fattening of cattle and stocking of broilers to take advantage of yuletide season sales.
Sub-sectoral analysis of the ACGS showed that food crops got the largest share, amounting to N369.54 million (43.4%), guaranteed to 2,373 beneficiaries; followed by mixed crop sub-sector, which received N162.75 million (19.1%), guaranteed to 1,710 beneficiaries N138.44 million (16.2%) was guaranteed to livestock sub-sector in favour of 564 beneficiaries; while cash crop, fisheries and ‘others’ sub-sectors got N105.28 million (12.4%), N58.82 million (6.9%), and N17.32 million (2.0%), guaranteed to 542, 175 and 90 beneficiaries, respectively.
Activities in the industrial sector showed improvements during the fourth quarter of 2018, on account of expansion in the manufacturing activities due to increased employment, output and new orders in the manufacturing sub-sector.
Slowdown in prices of input also contributed to increased activities.
Thus, industrial production in the review quarter indicated a marginal increase over the level in the preceding quarter. At 119.1 (2010=100), the estimated index of industrial production in the review quarter, rose by 1.7 per cent above the level in the preceding quarter. The increase reflected, improved activities in all sub-sector of the industry.
The estimated index of manufacturing production in the fourth quarter of 2018, at 188.6 (2010=100), showed a marginal increase of 3.2 per cent, when compared with the level in the preceding quarter.
“The improvement was due to continued expansion in consumer demand and moderated input prices,” it stated.
Source: This Day