The Central Bank of Nigeria (CBN)
yesterday put the cumulative amount of
funds disbursed under the Commercial
Agriculture Credit Scheme (CACS)
since inception at N236.969 billion.
The CBN stated this in its Development
Finance Department (DFD) report on
the activities of the business unit as at
July. According to the banking sector
regulator, the amount was in respect of
313 projects.
The CACS was established to finance
large ticket projects along the
agricultural value chain. The scheme is
being administered at a single digit rate
of nine per cent to beneficiaries for a
period of seven years, which has been
extended to 2025.
The balance on CACS fund as at end of
July was N0.169 billion, while balance
on CACS repayment account as at end
July, 2014 was N3.662 billion.
"No bank was sanctioned for infraction
on the CACS guidelines during the
month. However, the total penalty
charged for infractions, stood at N1.242
billion from inception in 2009 to July,
2014," it added.
The central bank stated that the fund
disbursed through 20 banks made up of
N199.831 billion from CACS receivable
account for 273 projects and N37.138
billion from CACS repayment account.
The report also put funds disbursed
under the Nigeria Incentive-based Risk
Sharing System for Agricultural Lending
(NIRSAL) as at July 2014 at N29.064
billion. This, the central bank explained
in respect of 158 projects.
The NIRSAL is a mechanism designed to
provide farmers with affordable
financial products and reduce the risk of
exposure of financial institutions that
lend to the sector. It is also expected to
build the capacities of banks to lend to
agriculture as well as provide incentives
for those that are financing the sector.
According to the report, no Credit Risk
Guarantee (CRG) was issued during the
month. Furthermore, it stated that
cumulatively, 46 CRG cover valued
N16.280 billion were issued from
inception to date.
In addition, it showed that the central
bank organised a stakeholders' meeting
between Bankers, Cocoa Farmers
Association of Nigeria (CFAN) and off-
takers (Armajaro, Yero International,
Olam, etc) at Akure in the month under
review, to anchor financing relationship
between the lenders, borrowers and off-
takers.
Commenting on the challenges faced
during the period, report noted the
validity of information provided by
counter parties for credit risk
guarantee, low public awareness and
poor perception of NIRSAL, amongst
others. Going forward, the central bank
stated that guarantee would be
extended only to projects with fixed
value chain.


m.allafrica.com/stories/201408131200.html/

someone should pls get me the names of farms/individuals the money was Disbursed to?

A bank known as the Bank of Agriculture,owned by the Federal Government of Nigeria is giving out loans to genuine farmers who can prove their genuineness.The F.G.N has provisioned N200 Billion as loans to farmers and the steps to access the loan are straight forward if you are a genuine person with genuine intentions.If you are an unemployed Nigerian graduate looking for paid employment,pay attention to this post and take a step of faith to key into it.

The steps to obtain the loan are as follows:
1) Locate the office of the Bank of Agriculture that covers the area or local government area where your farm is situated and open an account with the bank with a minimum deposit of N3000.00

2) For the ‘Know Your Customer’ (KYC) requirements, you must present your NEPA Bill which confirms your place of residence + any of the approved means of identification such as International Passport, Drivers License, National Identity Card or Voters Registration Card.

3) Other requirements are:
Complete and signed account form
Complete and signed mandate card
Present 4 passport photographs of yourself

4) You must run and operate the account for at least 3 -6months before applying for the loan. Do not think that you can just open the account, abandon it and show up after 6 months for the loan. The loan is not the usual national cake and the bank, newly repositioned, is not fooled. If you play that old game, the bank will doubt your integrity and commitment to repay the loan if granted and that means you may not get it.

Running and operating the loan means that you make it an active account. This means making sure that you save money and withdraw from the account on a regular basis. The bank wants to see that there are transactions going on in the account. Therefore, you should make regular deposits and withdrawals on the account during the 6 month period to create an active relationship that makes the bank have confidence in you.

5) You must have an existing farm, at a fixed location and the farm must have its record of operations and activities on a daily basis neatly kept. The era of armchair farmers/political farmers/farms of no fixed address/classroom farmers are over. The bank will visit your farm for inspection when you apply for the loan.

6) The bank will check what you have on ground; see how far you have gone; what the loan is required for, and ensure that the loan is appropriate for what it is required. The bank wants to know whether you have an adequate knowledge of your area of farming business. You must be able to demonstrate the practical hands-on experience in your area of farming. The bank wants to know whether you have a project you are working on and the fund requirements. And within a month of the inspection, the loan will be approved if the bank is satisfied.

You can obtain a loan of N250,000.00 from the Bank of Agriculture without any collateral.With this amount,you can set up a small backyard chicken business that will pay more than the elusive salary job you are seeking. Some graduates earn N15,000.00 monthly in the name of earning a salary.What a pity!I will show you how to go about setting up a small chicken business with as low as N100,000.00.Read 1st signature below

Agro processing in NIGERIA now so
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Our Cottage Agro processing (CAP) fund
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prosperity.

1. Single digit interest rate (9%)
2. 5 year loan tenor
3. 6-month moratorium
4. Guaranteed working capital
5. Speedy processing
To know if the CAP fits kindly visit
www.boinigeria.com/CAPfund
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