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From Jude Chinedu and Chidubem Ikechukwu, Enugu
The Central Bank of Nigeria (CBN) disbursed N368.5 million to farmers in Enugu State under the Agricultural Credit Guarantee Scheme Fund (ACGSF) in 2021.
It was done through six commercial and micro-finance banks operating in the state.
Branch chairman of the bank in the state, Chiedozie Okonjo who made this known during the 2021 Best Farmer and Participating Financial Institutions (PFI) awards said ACGSF was established in 1977 to induce banks to increase lending to the agricultural sector.
He said the scheme guaranteed 75 per cent of the amount in default to the lending financial institutions as an incentive, while borrowers are entitled to enjoy interest drawback of 40 per cent of the total accrued interest when paid within stipulated time.
Head of Development Finance Office, Linus Nwokolo, pleaded with financial institutions in the state to take advantage of the ACGSF scheme.
During the awards, Kenechukwu Microfinance Bank was crowned the best PFI of the year, while Umuchinemerem and Lapo microfinance banks emerged first and second runners-up respectively.
Also, Mr Matthew Agbo clinched the best farmer award, while Ogbodo Ngozi and Charles Eneje emerged as first and second runners-up respectively.
