Nigeria:Amended Agric Credit Act Pushes Fund To N50bn In 1 Yr

  • 02 September 2020 / News / 40 / ABI 1


Nigeria:Amended Agric Credit Act Pushes Fund To N50bn In 1 Yr

The Amendment Act of the Agricultural Credit Guarantee Scheme Fund (ACGSF) which was signed into law by President Muhammadu Buhari on June 24, 2019, has increased the share capital of the fund to N50 billion, from N3billion.

According to a document seen by Daily Trust, under the amended Act, the sharing ratio is Federal Ministry of Finance (60%): Central Bank of Nigeria (40%).

The Act also stated that only N100,000 can be given as loans without collaterals. For those with collaterals, individuals, cooperative societies and corporate entities can get up to N50 million, up from the N10m limit earlier.

The Act now allows for the complete agricultural value chain financing which includes the financing of production farm machinery, the implementation and equipment for production, processing, storage and transportation.




source: dailytrust.com.ng

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