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Food crops farmers get 81.86% of agriculture loans
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Sayyadi Abba Ruma, Minister of Agriculture
Apparently observed as a determined move to boost food production, the food crops sub-sector got 81.86 percent or N420 million of the total loans guaranteed to farmers under the Agriculture Credit Guarantee Scheme (ACGS).
A total of N522.9 million were guaranteed to 3,699 farmers in October, 2007. This represented a decline of 44.1 and 47.1 percent from the levels in the preceding month and the corresponding period of 2006, respectively. The loan to food crop farmers went to 3,356 beneficiaries.
Further break down indicates the livestock sub-sector received N42.4 million or 8.1 percent guaranteed to 141 beneficiaries.
Also, the fisheries sub-sector obtained N47.1 million or 9.1 per cent guaranteed to 180 beneficiaries. The cash crops sub-sector was granted N5.4 million or 1.0 percent guaranteed to 22 beneficiaries.
Analysis by states showed that 15 states benefited from the scheme, with the highest and lowest sums of N95.5 million (18.3 percent) and N0.3 million (0.1 percent) guaranteed to Taraba and Ekiti states, respectively.
Agricultural activities during the month of October 2007 consisted of harvesting of various root crops such as yams, Irish and sweet potatoes, groundnuts as well as planting of late crops. In the Northern States, most farmers were engaged in land and nurseries preparation for tomatoes, pepper, carrots, cabbage and other vegetables, while in the Southern States, poultry farmers intensified their activities in preparation for the end-of-year festivities.
Retail price survey of most staples by the CBN showed that the prices of major staples recorded mixed developments in October 2007. Nine of the fourteen commodities monitored, recorded price decline, ranging from 0.3 percent for white garri, to 7.8 per cent for vegetable oil and groundnut from their levels in the preceding month. Yellow maize, yam flour, white maize and yellow garri however, recorded price increase of 0.5, 0.5, 0.7 and 0.8 percent, respectively.
This development was attributable to the favourable weather during the first half of the year that resulted in good harvest.
The prices of most Nigerian major agricultural commodities at the London Commodities Market recorded increase during the review month. At 297.4
(1990=100), the all-Commodities price index, in dollar terms, increased by 1.3 and 37.9 per cent over the levels in the preceding and the corresponding period of 2006, respectively.
Further analysis showed that all the six commodities monitored recorded price increase ranging from 0.5 per cent for cocoa to 26.7 per cent for soya bean over the levels in the preceding month.
Similarly, at 3,689.9 (1990=100), the All-Commodities price index in naira terms, increased by 1.3 and 40.2 percent over the levels in the preceding month and the corresponding period of 2006, respectively.
Also, four of the six commodities monitored namely: soya bean, coffee, palm oil and cotton recorded price increase of 17.2, 12.6, 8.2 and 7.0 percent, respectively, while copra recorded a price decline of 0.6 percent from the level in the preceding month.
The price of cocoa, however, remained unchanged during the period.
At an estimated average of $83.73 per barrel, the price of Nigeria’s reference crude, the Bonny Light (37º API), increased by 4.9 percent over the level in the preceding month. The average prices of other competing crudes namely, the West Texas Intermediate, the U.K Brent, the Arab Light, and the Forcados also rose to $84.24, $81.85, $77.35 and US$83.74 per barrel, respectively. The average price of OPEC’s basket of eleven crude streams rose by 5.9 percent to $75.83 over the level in the preceding month.
The rise in price was attributable to the fear of supply disruption arising from militant attacks on some of Nigeria’s oil rigs, the new sanctions imposed on Iran by the U.S as well as the disruption caused by fire at British Petroleum Plc oil field in Alaska, U.S.
Mean while, available data showed that the all-items composite Consumer Price Index (CPI) for the month of October, 2007 was 166.7 (May 2003=100), representing a decline of 2.1 per cent from the level in the preceding month. The development was attributable to the decline in the price of some food and non-food items.
Further break down indicates the livestock sub-sector received N42.4 million or 8.1 percent guaranteed to 141 beneficiaries.
Also, the fisheries sub-sector obtained N47.1 million or 9.1 per cent guaranteed to 180 beneficiaries. The cash crops sub-sector was granted N5.4 million or 1.0 percent guaranteed to 22 beneficiaries.
Analysis by states showed that 15 states benefited from the scheme, with the highest and lowest sums of N95.5 million (18.3 percent) and N0.3 million (0.1 percent) guaranteed to Taraba and Ekiti states, respectively.
Agricultural activities during the month of October 2007 consisted of harvesting of various root crops such as yams, Irish and sweet potatoes, groundnuts as well as planting of late crops. In the Northern States, most farmers were engaged in land and nurseries preparation for tomatoes, pepper, carrots, cabbage and other vegetables, while in the Southern States, poultry farmers intensified their activities in preparation for the end-of-year festivities.
Retail price survey of most staples by the CBN showed that the prices of major staples recorded mixed developments in October 2007. Nine of the fourteen commodities monitored, recorded price decline, ranging from 0.3 percent for white garri, to 7.8 per cent for vegetable oil and groundnut from their levels in the preceding month. Yellow maize, yam flour, white maize and yellow garri however, recorded price increase of 0.5, 0.5, 0.7 and 0.8 percent, respectively.
This development was attributable to the favourable weather during the first half of the year that resulted in good harvest.
The prices of most Nigerian major agricultural commodities at the London Commodities Market recorded increase during the review month. At 297.4
(1990=100), the all-Commodities price index, in dollar terms, increased by 1.3 and 37.9 per cent over the levels in the preceding and the corresponding period of 2006, respectively.
Further analysis showed that all the six commodities monitored recorded price increase ranging from 0.5 per cent for cocoa to 26.7 per cent for soya bean over the levels in the preceding month.
Similarly, at 3,689.9 (1990=100), the All-Commodities price index in naira terms, increased by 1.3 and 40.2 percent over the levels in the preceding month and the corresponding period of 2006, respectively.
Also, four of the six commodities monitored namely: soya bean, coffee, palm oil and cotton recorded price increase of 17.2, 12.6, 8.2 and 7.0 percent, respectively, while copra recorded a price decline of 0.6 percent from the level in the preceding month.
The price of cocoa, however, remained unchanged during the period.
At an estimated average of $83.73 per barrel, the price of Nigeria’s reference crude, the Bonny Light (37º API), increased by 4.9 percent over the level in the preceding month. The average prices of other competing crudes namely, the West Texas Intermediate, the U.K Brent, the Arab Light, and the Forcados also rose to $84.24, $81.85, $77.35 and US$83.74 per barrel, respectively. The average price of OPEC’s basket of eleven crude streams rose by 5.9 percent to $75.83 over the level in the preceding month.
The rise in price was attributable to the fear of supply disruption arising from militant attacks on some of Nigeria’s oil rigs, the new sanctions imposed on Iran by the U.S as well as the disruption caused by fire at British Petroleum Plc oil field in Alaska, U.S.
Mean while, available data showed that the all-items composite Consumer Price Index (CPI) for the month of October, 2007 was 166.7 (May 2003=100), representing a decline of 2.1 per cent from the level in the preceding month. The development was attributable to the decline in the price of some food and non-food items.
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