Business
FG Commits N211.5bn To Exportable Crops
A national survey report
has revealed that N211.5 billion was committed to exportable crop farming activities during the 2011/2012 survey year.
The report issued in Abuja last Monday by National Bureau of Statistics (NBS), was prepared by Consultative Committee on Agricultural Export Commodities in collaboration with the agency.
It said that the other collaborative agencies were the Central Bank of Nigeria and Federal Ministry of Agriculture and Rural Development.
The report said that of the figure, “own fund” led the list with N134.19 billion (63.44 per cent), followed by micro credit institutions with N36.86 billion (17.42 per cent).
The N134.19 billion own fund referred to personal fund committed to any of the 14 exportable crop farming activities by a holder.
Community banks’ recorded the lowest amount of N1.30 billion (0.61 per cent), according to the report.
It stated that disaggregating the own fund into states, Kaduna State recorded the highest with N9.51 billion (7.09 per cent) followed by Kano State with N9.45 billion (7.04 per cent).
Ekiti has the lowest amount of N0.61billion (0.45 per cent).
The report said that cooperative banks contributed N12.62billion (6.00 per cent), Bank of Agriculture N2.10 billion (0.96 per cent), commercial banks N1.41 billion (0.67 per cent).
The community banks contributed the lowest amount of N1.30billion (0.61 per cent).
It said that the ages between 30 and 49 years committed the highest fund to exportable crop with a percentage of 47.99.
This was followed by holders of ages 50 to 64 years with 30.99 per cent while the age group of 15 to 29 had the lowest percentage of 5.20.
“Overall, 984,235 holders reported the use of improved seedling. Kano State reported the highest number of 168,138 (18.17 per cent), followed by Katsina State with 123,006 (12.62 per cent),”
Niger State, according to the report, did not report the use of improved seed/seedling.
It stated that Lagos and Bayelsa states reported the least number of holders that used improved seed/seedling with 41 (0.01 per cent) and 250 (0.03 per cent) respectively.
“A total of 27 states and Federal Capital Territory planted cashew on a total land area of 120.17 (‘000) hectares.
”Kwara planted the largest hectares of land of 31.49 (‘000) hectares (26.20 per cent), followed by Imo with 11.86 (‘000) hectares (9.87 per cent)
”The least areas planted were recorded in Rivers and Akwa Ibom states with 0.01 (.000) hectares and 0.55 (.000) hectares respectively,’’ the report said.
”Cocoa was cultivated in 18 states on a total land area of 1,363.60 (‘000) hectares.
“Cross River cultivated the highest hectares with 327.91 hectares (24.05 per cent), followed by Ondo state with 321.97 hectares (23.61 per cent)
“The least cultivated land areas were 0.04 hectares, representing 0.003 per cent by Imo and 0.18 hectares (0.01 per cent) by Rivers State,’’ the report said.
It said the total production by the 18 states was 370.01 metric tonnes with Ondo State contributing the highest with 92.22 (‘000) metric tonnes (24.92 per cent), closely followed by Osun with 74.10 (‘000) metric tonnes (20.03 per cent).
The report said the least production was 0.01 (‘000) metric tonnes (0.003 per cent) by Imo and 0.09 (‘000) metric tonnes (0.24 per cent) by Bayelsa.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
