INDIVIDUALS GOT 92% OF N9.4BN AGRIC LOANS –CBN

Out of N9.4 billion loans disbursed by banks in the Nigerian agricultural credit guarantee scheme in 2013, individual borrowers got the largest share of N8.67billion, or 92 percent of the total facility.
 
A report of activities under the scheme from the Central Bank of Nigeria (CBN) showed that about 54,381 people across the 36 states got the sum of N8.67 billion agric loans from banks.
 
Other sectors that received the loans include 1201 co-operative groups which received the sum of N373 million; 629 informal sector groups with N182 million; and 66 companies that collected N197million in 2013, according to data published by the CBN last week.
 
The figure shows that a total of 56,277 loans were approved in the period under review.
 
Three states that got the highest amounts of the loans are Edo N854 million, Delta N758 million and Katsina N739 million.
 
The states with the lowest amounts include Borno N33 million, Nasarawa N42 million and Bayelsa with N58 million.
 
Based on loan size category, the banks disbursed N7.2 billion for those that required N100 million loans and above; N1.5billion for N50 to N100 million; N696 million for  N20 to N50 million;  N15.5 million for N5 million to N20 million and N500,000 for those below N5 million.
 
Meanwhile, the CBN has reversed the guidelines for the N300 billion power and airline intervention fund (PAIF).  
 
The bank said in a bid to catalyze financing of the real sector of the Nigerian economy, it has, in accordance with Section 31 of the CBN Act 2007, approved the investment of N500 billion Debenture Stock to be issued by the Bank of Industry (BOI).
 
 The sum of N200 billion has been set aside for the refinancing/restructuring of SME/ manufacturing portfolios while the sum of N300 billion will be applied to power and airline projects.
 
The bank includes aircraft hangar projects for those that will benefits from the fund. These, it said in the guidelines, are, “any company duly incorporated under the Companies and Allied Matters Act of 1990 and operating in Nigeria, engaged in aircraft hangar projects capable of servicing existing commercial jets and next generation aircraft in Nigeria.
 By Hamisu Muhammad