By PETER EGWUATU

The Central Bank of Nigeria, CBN said at end of June 2013 , the total amount released under the Commercial Agriculture Credit Scheme (CACS) to the 19 participating banks for disbursement to agriculture sector stood at N217.4 billion (for 288 projects).

The beneficiaries included 30 state governments. Available data from CBN’s second quarter indicated that the second quarter of 2013 experienced increase and widespread rainfall in most parts of the country. This led to increased level of agricultural activities, especially cultivation and harvesting of crops such as maize and vegetables. In the livestock sub- sector, farmers concentrated on sanitising poultry houses and their surroundings to avoid exposure to livestock-related diseases.

The apex bank stated that a total of N932.6 million was guaranteed to 7,591 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in the second quarter of 2013. This represented a decline of 50.7 and 41.4 per cent below the levels in the preceding quarter and the corresponding quarter of 2012 respectively.

A sub -sectoral analysis of the loans guaranteed indicated that the food crops sub-sector received the largest share of N 601.8 million (64.5 per cent) for 6,014 beneficiaries, while the  livestock sub-sector got N241.6 million ( 26.0 per cent) for 1,056 beneficiaries. Fisheries sub -sector obtained N60.7 million (6.5 per cent) for 348 beneficiaries; while cash crop sub-sector received N11.6 million (1.2 per cent) guaranteed to 101 beneficiaries. Mixed crops obtained N10.6 million (1.1 per cent) for 40 beneficiaries, while  other sub-sectors obtained N6.3 million (0.7per cent) guaranteed to 32 beneficiaries.

 Further analysis showed that 30 states benefited from the scheme during the quarter, with the highest and lowest sums of N137.3 million (14.7 per cent) and  N0.2 million (0.02 per cent) guaranteed to farmers in Edo and Borno states, respectively.

However, on the industrial production sector, the CBN revealed that industrial activities during the second quarter of 2013 indicated an improved performance relative to the level in the preceding quarter.

According to CBN, “At 13,869, the estimated index of industrial production rose by  1.7 and 1.8 per cent  above the levels in the preceding quarter and the corresponding period of 2012, respectively. The development was   attributed to the improvement in activities in the electricity and manufacturing sub-sectors.”

The estimated index of manufacturing production, at 110.56, rose by 3.9 per cent above the levels in the preceding quarter and the corresponding period of 20 12 respectively. The estimated capacity utilisation also rose marginally by 0.6 percentage point (57.99 per cent). The development was attributed to the improved electricity generation within the quarter.