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Non-oil export revenue drops by 34%

Non-oil export revenue drops by 34%

by 22.3 per cent when compared to the level in the preceding month.

Twenty Deposit Money Banks participated in disbursing the funds. UBA, Zenith Bank and First Bank of Nigeria are the first three banks with the highest disbursements.

The banks, according to the CBN, disbursed a total of N41.8bn, N38.1bn and N26.8bn for 35, 24 and 68 projects, respectively.

The apex bank said, “At the end of July 2014, the total amount released by the CBN under the Commercial Agriculture Credit Scheme to the participating banks for disbursement stood at N234.3bn for 307 projects/promoters.”

It stated that a total of N1.144bn was guaranteed to 6,652 farmers under the Agricultural Credit Guarantee Scheme in July 2014.

This represented a decrease of 22.3 per cent below the level in the preceding month, but 93.9 per cent above the level in the corresponding period of 2013.

The regulatory institution noted that an analysis of the loans guaranteed showed that the food crops subsector had the largest share of N760.2m (66.4per cent) guaranteed to 5,291 beneficiaries.

This was followed by the livestock subsector, N168m (14.7per cent) guaranteed to 578 beneficiaries; mixed crops, N86m (7.5per cent) guaranteed to 456 beneficiaries; and fisheries, N72.4m (6.3 per cent) guaranteed to 151 beneficiaries.

Other subsectors, according to the report, have N37.6m (3.3 per cent) guaranteed to 63 beneficiaries and cash crops have N20.2m (1.8 per cent) guaranteed to 113 beneficiaries.

The report said, “Analysis by state showed that 31 states (including the Federal Capital Territory) benefited from the scheme during the review month with the highest and lowest sums of N145.2m (12.7 per cent) and N1.9m (0.2 per cent) guaranteed to Delta and Bayelsa states, respectively.”

The bank said available data indicated that agricultural activities improved on account of widespread rainfall during the review month, adding that farmers in different parts of the country engaged in harvesting of various crops.

The CBN said, “In the northern part of the country, farming activities were dominated by weeding and harvesting of crops such as maize and vegetables. In the southern states, farmers were involved in the harvesting of maize and yam. In the livestock subsector, farmers restocked broilers and layers in anticipation of increased sales during Eid-el-Fitr festivity.”

Other DMBs used for the disbursement of the funds, according to the report, are Unity Bank, Union Bank, Sterling Bank, Stanbic IBTC, Access Bank, Fidelity Bank and Skye Bank.

Guarantee Trust Bank, First City Monument Bank, Ecobank, CitiBank, Diamond Bank, Keystone Bank, Mainstreet Bank, Wema Bank, Enterprise Bank and Heritage Bank are also involved.

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