The total amount disbursed to farmers under the Commercial Agriculture Credit Scheme from inception in 2009 rose to N635.39bn as of the end of March 2020.

The Central Bank of Nigeria disclosed this in its Economic report for the first quarter of 2020 on agriculture, on Wednesday.

The report reads, at end-March 2020, the total amount released, since inception by the CBN under the Commercial Agriculture Credit Scheme to the participating banks for disbursement, amounted to N635.39bn for 608 projects, while the total amount repaid since inception stood at N406.29bn at end-March 2020.

The CBN stated that a total of N539.8m loans was guaranteed to 3,161 farmers under the Agricultural Credit Guarantee Scheme in the first quarter of 2020.

The CBN stated that the initiative was capable of boosting the structural transformation of the economy by providing opportunities for public and private sector investments.

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