A BILL FOR AN ACT TO PROVIDE A REGULATORY FRAMEWORK FOR THE AGRICULTURE CREDIT FUND
Bill · Agriculture
A Bill establishes a regulatory framework for the Agriculture Credit Fund to provide low-cost credit to farmers and agricultural operators. It targets smallholder farmers, large-scale producers, agro-processors, and financial institutions. This promotes commercial agriculture and develops commodity markets.
A BILL FOR AN ACT TO PROVIDE A REGULATORY FRAMEWORK FOR THE AGRICULTURE CREDIT FUND
What Is This Policy?
A proposed bill that seeks to establish a regulated Agriculture Credit Fund to provide low-cost credit support for farmers, processors, and storage operators across the agricultural value chain in Nigeria.
Who Does It Target?
Smallholder farmers and large-scale agricultural producers Agro-processors and food storage operators Agricultural commodity market participants Commercial banks and agricultural microfinance institutions
What Does It Aim to Achieve?
Ensure dedicated credit support for agricultural production, storage, and processing; develop commodity markets; and promote commercial agriculture in Nigeria.
Key Features
Credit Fund Establishment: Creates a dedicated, regulated pool of funds to provide affordable credit specifically for agriculture. Commodity Focus: Targets credit support for production, storage, and processing of priority agricultural commodities. Market Development: Includes provisions to develop agricultural commodity markets and improve price discovery for farmers. Enterprise Support: Supports agricultural enterprises with capacity building and technical assistance in addition to credit.
Current Status
Rollout Stage: Bill stage - not yet enacted Coverage: Nationwide agricultural sector Beneficiaries: Farmers, agro-processors, agricultural enterprises, and rural communities Funding: Proposed public and private sources including government allocation and bank contributions
How to Access
Eligibility criteria to be specified upon enactment Farmers would typically need to be registered with relevant agricultural cooperatives or agencies Application method: Pending enactment. Currently engage the Agricultural Credit Guarantee Scheme Fund (ACGSF) under the CBN.
Important Terms
Bill is subject to National Assembly legislative process Provisions may be amended before enactment Existing agricultural credit schemes remain active pending enactment
Official Resources
Website: https://www.nass.gov.ng Contact: National Assembly / Federal Ministry of Agriculture and Rural Development
Legal Framework
Introduced under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended). Draws on the Agricultural Credit Guarantee Scheme Fund Act, the Central Bank of Nigeria Act 2007, and the Bank of Agriculture enabling framework. Aligns with the National Agricultural Credit Policy, the Nigerian Agricultural Insurance Corporation Act, the Small and Medium Enterprises Development Agency (SMEDAN) Act, and the National Food Security Programme.