The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday has rewarded Union Bank of Nigeria for supporting the Agricultural Credit Guarantee Scheme for Farmers (ACGSF) with N4.2 billion in 2013.
He said that a total of 14,752 farmers benefitted from the bank’s fund during the period.
Emefiele spoke while presenting the award of CBN’s Best-Support Bank on ACGSF award to the bank at the 8th Annual Micro, Small and Medium Enterprise Finance Conference and Entrepreneurship Award in Abuja.
Emefiele and President Goodluck Jonathan jointly presented the award to the bank at the ceremony.
He said that Union Bank’s contribution to the scheme represented 77.62 per cent and 74.65 per cent of the total fund and number of beneficiaries of loans, respectively, granted by all commercial banks under the scheme during the period.
NAN reports that ACGSF was established by the Federal Government to bridge the significant shortfall in credit to agricultural sector by providing a 75 per cent cover for banks that offer loans to farmers.
The fund managed by the CBN, has been in existence for 36 years. “Union Bank has proved to be the most farmer-friendly bank in the country.
“Equally significant is the highly impressive loan recovery rate during the year, a record that is attributed to its formidable loan recovery strategies and professional support given to farmer,” Emefiele said.
Similarly, Sterling Bank Plc received an award as the Best-Performing Bank in Commercial Agriculture Credit Scheme (CACS) for sponsoring nine projects valued at N6.18 billion.
NAN reports that CACS was established in 2009 to finance large ticket projects along the agricultural value chain through the provision of credit facilities to commercial agricultural enterprise at a single digit interest of nine per cent.
In 2013, 12 banks participated in the scheme and disbursed a total of N26.50 billion to 37 projects across the country.
For the award to corporate organizations, Sion Economic Alliance and ARAC Farmers’ Cooperative, PortHarcourt, won the best National Farmer of the year award under Fisheries and Arable Crops categories, respectively.
Under Tree Crop, and Poultry categories, Prof. Vincent Iyawe and Bay Farms Nigeria Limited, won the award as best National Farmers of the year, respectively.
Culled from www.pmnewsnigeia.com
No comments :
Post a Comment
we will love to share your experience: