BY MICHAEL EBOH

The Central Bank of Nigeria, CBN, Thursday, said it has disbursed N198.178 billion to 258 beneficiaries under its Commercial Agriculture Credit Scheme, CACS, from inception in 2009 to July 2012.

According to the CBN, in its CACS report for April to July 2012, among the 258 beneficiaries, 228 were private promoters while 30 states received N38 billion.

According to the report, from inception to date 19 banks participated in the scheme, namely, Access Bank Plc, Fidelity Bank, First Bank of Nigeria, Guaranty Trust Bank, EcoBank Plc, Skye Bank, Stanbic IBTC, Union Bank of Nigeria, Keystone Bank, United Bank for Africa, Unity Bank Plc, Zenith Bank Plc, Diamond Bank Plc, Sterling, Citibank, Wema Bank, Mainstreet Bank, Enterprise Bank and First City Monument Bank.

The report stated further, “The analysis of number of projects financed under CACS by value chain showed that out of the 228 CACS private sector sponsored projects; production accounted for 48.64 per cent and dominated the activities funded while processing accounted for 38.64 per cent.

“These activities were distantly followed by marketing, storage and input supplies which registered 7.27 per cent, 5.0 per cent and 0.45 per cent respectively.

“With regards to the value of funds released, processing accounted for 51.7 per cent followed by production which accounted for 33.8 per cent of the value of enterprises financed. These were followed by marketing, storage and input supplies which registered 9.6 per cent, 3.83 per cent and 1.1 per cent.”