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Nigeria Update: Disbursements for multi-billion naira projects in agric sector

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Nigeria Update: Disbursements for multi-billion naira projects in agric sector

At the dawn of the fall from economic royalty, once enthroned by oil fortunes, Nigeria realised the potential inherent in agriculture and pursued with projects worth billions, in efforts to boost growth through import substitution goals.

Of course, food production is a major challenge all over the world, and with rising population, the demand for food has made it imperative for countries to invest heavily in agriculture.

In Nigeria, access to finance still remains a major challenge, but to increase funding for the sector, the Central Bank of Nigeria (CBN) and Nigerian banks established various agricultural schemes as a way of bridging gap.

Besides the most recent and popular initiative called Anchor Borrowers’ Programme (ABP), there are the Commercial Agriculture Credit Scheme (CACS), Commercial Agriculture Development Programme (CADP), the Interest Draw-Back Scheme and Agricultural Credit Support Scheme.

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