How does the Nigerian government support export-oriented agriculture and agribusinesses?
The Nigerian government supports export-oriented agriculture and agribusinesses through the following initiatives
1. Agricultural Credit Guarantee Scheme Fund (ACGSF): guarantees credit facilities to farmers by banks up to 75% of the amount in default net of any security realized.
2. Agricultural Credit Support Scheme (ACSS): aims to reduce inflation, lower the cost of agricultural production, generate surplus for export, increase Nigeria’s foreign earnings and diversify its revenue base.
3. Commercial Agriculture Credit Scheme (CACS): provides credit facilities to large-scale commercial farmers at a single-digit interest rate to fast-track the development of the agricultural sector.
