Banks’ Credit To Farmers Drops By 10% In Q1 2018
Nigeria’s money deposit bank credit to farmers in the country has declined. It has declined by N54.8 billion from N556.5 billion in q1 2017 to N501.7 billion q1 2018. It shows a 10 percent year-on-year decrease. Data from the National Bureau of Statistics (NBS) banking report states.
On a quarter on quarter basis, loan from the banking sector to farmers decreased by five percent. It decrease from N528 billion in q4 2017 to N501.7 billion in q1 2018. This is according to the NBS report.
The country’s agricultural sector has attracted more investments in recent years. This is owing to the renewed commitment of the government and new entrance of farmers into the sector, Nigeria’s money deposit bank credit to the sector has declined.
Industry players who spoke to BusinessDay stated that the percentage year-on-year decrease is not a welcome development, saying that farmers need finance to expand their production areas and boosting productivity. Read more here
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