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ABP: CBN disburses N80bn to 358,000 farmers

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ABP: CBN disburses N80bn to 358,000 farmers

The Central Bank of Nigeria (CBN) has disbursed N80billion to over 358,000 small holder farmers under Anchor Borrowers’ Program. The beneficiaries cut across 34 states cultivate eight different commodities. CBN governor Mr. Godwin Emefiele confirmed the latest figures yesterday in Abuja when he flagged off disbursement of N26 billion Agribusiness/ Small and Medium Enterprises Investment Scheme (AGSMEIS) to beneficiaries, an initiative of Bankers’ Committee. No fewer than 305 young beneficiaries received N115 million lAGSMEIS loan scheme yesterday.

The fund, he said is “a commitment to the successful implementation of the Scheme. All deposit money banks, voluntarily agreed to set aside and contribute 5 per cent of their Profit After Tax (PAT) annually to finance eligible projects under the Scheme.” Emefiele, who expressed concern over rising unemployment among the youths in the country, lauded Bankers Chief Executive Officers for setting aside 5 per cent of their Profit After Tax (PAT) annually to finance eligible projects under the Scheme. He said the fund had peaked at N26billion as at today and projected to exceed N60 billion by June 2018, saying “as we all are aware, data from the National Bureau of Statistics (NBS) shows that the rate of unemployment in Nigeria worsened somewhat marginally during the third quarter of 2017.

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