20 Nigerian Banks DIsbursed $1.696 Billion to Agriculture in Q3 -

20 Nigerian Banks DIsbursed $1.696 Billion to Agriculture in Q3 - Recent Data Reveals

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GTBank Plc, Access Bank, Zenith Bank Plc, First Bank of Nigeria, Citibank Plc and 15 others have disbursed N610.4 billion for 593 projects in the Central Bank of Nigeria’s Commercial Agriculture Credit Scheme (CACS), CBN’s third quarter (Q3) 2019 economic report revealed. According to the report, while Zenith Bank disbursed N123.91 billion, UBA Plc released N83.53 billion, followed by Sterling Bank Plc, which gave N72.43 billion. FBN (N52.99billion), GTBank (N39.85 billion), Keystone (N30.05 billion), Unity Bank (N29.80 billion), Union Bank Plc (N28.96 billion) and Fidelity Bank (N23.67 billion), among others. The fund is made available to participating banks to finance commercial agricultural enterprises at a maximum interest rate of 9%. In addition, each State Government could borrow up to N1.0 Billion for on-lending to farmers’ cooperative societies and other areas of agricultural development provided such initiatives/interventions are in line with the objectives of CACS. --- Support this podcast: https://anchor.fm/newscast-africa/support

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