The Central Bank of Nigeria, CBN has financed a total of 568 agricultural projects valued at 577.3 billion naira under the Commercial Agriculture Credit Scheme, CACS.

The CACS commenced in 2009 as part of the developmental role of the CBN to the economy to stimulate funding for the agricultural sector.

The fund was set up by the CBN in collaboration with the Ministry of Agriculture to fast-track the development of the agricultural sector of the Nigerian economy by providing credit facilities to commercial agricultural enterprises at a single digit interest rate.

It was also aimed at enhancing national food security by increasing food supply and effecting lower agricultural produce and product prices, thereby promoting low food inflation.

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A CBN statistics showed that as of the end of the third quarter of 2018, the 577.3 billion naira was disbursed for the projects through 20 Deposit Money Banks.

An analysis of the figure showed that the highest amount of 120.16 billion naira was disbursed through Zenith Bank Plc to finance 75 agriculture projects.

This is followed by United Bank of Africa Plc with 81.06 billion naira for 50 projects, while Sterling Bank Plc, First Bank of Nigeria Limited, and Union Bank Nigeria Plc had 72.17 billion naira, 42.89 billion naira and 28.91 billion naira for 42, 99 and 39 agricultural projects, respectively.

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