The data from the Central Bank of Nigeria (CBN) shows that out of the total credit of N39.1 trillion allocated to agriculture, industry, and services sectors by other depository corporations (ODCs) in the third quarter of last year, agriculture got the least of 4.69 percent, down from 4.91 percent in Q2 and 5.88 percent in Q3 2022.

In terms of value, the agricultural sector received N1.83 trillion in Q3, down from N1.84 trillion in the previous quarter.

“Total credit extended to key sectors of the economy by ODCs increased by 4.3 percent to N39.1 trillion in Q3, compared with the N37.5 trillion in the preceding quarter, reflecting efforts to boost economic growth and create jobs,” the report said.

“In terms of share in total credit extended to key sectors during the quarter, the services sector remained the dominant recipient, accounting for 52.3 percent. The industry sector followed closely with 43.0 percent, while agriculture accounted for the remaining 4.7 percent,” it added.

The sector had the least credit allocation because CBN suspended the Anchor Borrowers Programme, said Ibrahim Kabiru, national president of the All Farmers Association of Nigeria.

“Many loans were not utilised accordingly and so the CBN stepped in by making policies to guide the sector from misappropriations. The bank saw that it was a bad investment as many of the loans were not getting to the right quarters,” he added.

Bolade Agboola, an energy and consumer growth analyst at Chapel Hill Denham, said the CBN saw that the intervention was not getting to the right farmers, so policies were put in place to curb corruption in the sector and get results from previously allocated credits.