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What is the Agric Credit Guarantee Scheme Fund?
  It is a scheme managed by Central Bank of Nigeria (CBN). It provides guarantee cover to banks who give loans to the agricultural sector of the economy. This encourages the banks to provide more funding to the farmers. The Scheme has an authorized share capital of N3 billion controlled by the Federal Government (60%) and the CBN (40%)
 
How can you enjoy Agric Credit?
  You can go to any commercial bank or Central Bank branch office in Nigeria and make enquiries there.
 
What do you need to benefit from Agric Credit?
  You must be a farmer. You must provide collateral if your loan amount is above N20,000. The collateral must be in a tangible form or in form of 25% cash security of the intended loan amount in the form of savings.
 


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Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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