AGRICULTURE CREDIT GUARANTEE SCHEME ACT AMENDMENT BILL

A Bill amends the Agriculture Credit Guarantee Scheme to improve access to loans for farmers and expand guaranteed lending. It targets farmers, agricultural businesses, and banks involved in lending. This aims to reduce risks and boost agricultural productivity.

What Is This Policy?

A bill to amend the Agriculture Credit Guarantee Scheme to improve access to agricultural credit and expand the scope of guaranteed lending to farmers.

Who Does It Target?

Farmers, agricultural businesses, banks, and the Central Bank of Nigeria.

What Does It Aim to Achieve?

Expand agricultural credit access, reduce lending risk, and promote agricultural productivity growth.

Key Features

Framework Standards: Establishes clear standards and guidelines Compliance and Oversight: Provides compliance and monitoring mechanisms Public Benefit: Designed to protect public interest and improve outcomes

Current Status

Rollout Stage: Active/Under implementation or legislative consideration Coverage: Nationwide Lead Agency: Relevant Federal Ministry or Agency

How to Access

Implemented through relevant government agencies. Guidelines and compliance information available through the responsible ministry or agency.

Impact & Metrics

Strengthens institutional, legal, and regulatory capacity in the relevant sector.

Official Resources

Website: nass.gov.ng Contact: Relevant Federal Ministry/Agency, Abuja

Legal Framework

Introduced under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended) as an amendment to the Agricultural Credit Guarantee Scheme Fund Act (Cap A13 LFN 2004). Operates alongside the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act (BOFIA) 2020, the Land Use Act 1978 (on collateral), and the National Agricultural Policy. Aligns with the CBN Anchor Borrowers Programme framework.