The Board of Agricultural Credit Guarantee Scheme Fund (ACGSF); an initiative of the #CBN & FMOF, presents the Best Farmer Award of the year 2020. The award is to encourage and motivate participating farmers under the #ACGSF
The #ACGSF Best Farmer of the Year Award recognizes selected farmers that borrowed and repaid loans under the scheme.
The ACGSF was established by Decree No. 20 of 1977, and started operations in Apnl, 1978. tts original share capital and paid-up capital were $100 million and N85.6 million, respectively. The Federal Government holds 60% and the Central Bank of Nigeria, 40% of the shares. The capital base of the Scheme was increased to N3 billion in March, 2001. The Fund guarantees Credit facilities extended to farmers by banks up to 75% of the amount in default net of any security realized. The Fund is managed by the Central Bank of Nigerta, which handles the day-to-day operations of the Scheme.