Frequently Asked Questions

What is the Agricultural 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%).
What is the Agricultural Credit Guarantee Scheme Fund?
	The Agricultural Credit Guarantee Scheme Fund (ACGSF) was established by Decree No. 20 of 1977 to mitigate the risks of banks in agricultural lending and hence encourage them to continue to extend credit to it. The Scheme guarantees 75% of all outstanding loans in case of default , and after realizing the security. The Scheme is managed by the CBN, through its Development Finance Department. The Scheme has an eight-man Board.
How can you enjoy Agric Credit?
	You can go to any commercial bank or Central Bank branch office in Nigeria and make enquiries.
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 : 12/12/2000
The West African Monetary Institute (WAMI):The West African Monetary Institute (WAMI) - http://www.wami-imao.org/ is saddled with the responsibility of facilitating the realization of the single monetary union of the WAMZ. The institute is located in Ghana.
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