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CBN Guarantees N130bn to Farmers under Agricultural Credit Scheme

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The Central Bank of Nigeria (CBN) on Thursday said a total of 1,232,326 loans valued at N130.90 billion had been guaranteed to farmers under its Agricultural Credit Guarantee Scheme Fund (ACGSF) from its inception in 1977 to May 2022.

The bank added that 973,646 beneficiaries had also repaid a total of N98.91 billion out of the total disbursements.

The central bank also said it guaranteed the sum of N22.58 million to 82 loan beneficiaries under the scheme in the Federal Capital Territory (FCT) between January and May 2022, bringing the total guaranteed loans in the FCT to N1.748 billion from 14,258 loans.

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CBN Director, Development Finance Department, Mr. Yila Yusuf, gave the figures at the National Ceremony for the 2021 Best Farmer of the Year Award which took place during the 40th ACGSF Board Meeting in Abuja.
He said in terms of loan recovery, 11,726 loans valued N801.05 million were repaid under the scheme in the FCT from the inception of the programme.

Yila, who was represented by the Chairman, Board of ACGSF, Mr. Stephen Okon, further noted that the scheme had proved to be relatively successful in de-risking the agricultural sector, as evidenced in the number of loans guaranteed from inception to date.

Nonetheless, he said the award was introduced in the 1980s to recognise selected farmers that borrowed under the scheme and repaid within a specified period while adopting best agronomic practices to achieve good yields.

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The CBN director said the gesture was expected to serve as an incentive for participating in the scheme and inculcating good repayment behaviour with a view to encouraging more participants.
He said the event could not have come at a better time than now when economies the world over are experiencing challenges resulting from the Russian – Ukrainian War.

He stressed that the impact of the hostilities – including global oil and food crises affecting the agricultural sector, had contributed to disruptions in domestic food supply chains and other shocks affecting food production.

This, he said, had led to the loss of incomes, food security risks, inflationary trends, and creating serious tensions in many countries, pointing out that achieving food security not only carries significant benefits for human health but also serves as the basis to achieve sustained economic growth.
He said awakened by a potential rise in food insecurity, many countries and organisations are mounting special efforts to keep agriculture safely running as an essential business.

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Also speaking at the occasion, Branch Controller, CBN, Abuja, Mr. Ogbu Michael, explained that the ACGSF was not only an important programme of the apex bank but the first development finance intervention scheme to be established by the bank, adding that the scheme heralded the birth of the Development Finance Department (DFD) of the bank.

He said it was evident that the successes achieved under the ACGSF had led to significant improvement in Deposit Money Banks’ (DMB) lending to the agricultural sector and had led to remarkable growth in the agri-business value chain in the country.

According to him, the annual award ceremony provides an opportunity to recognise the tremendous strides made by participating farmers under the scheme, add visibility to the programme among prospective participants and ultimately signal the CBN’s resolve at ensuring the achievement of food self-sufficiency in the country.

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At the award ceremony, IFGREEN Industries and Investment Limited won the Best Farmer of the Year Award at the national level with AlMustapha Maigwandu Farms Limited and Wuntin Dada Agro Farms Limited emerging first and second runners up respectively.

Sterling Bank Plc emerged the 2021 Best Participating Financial Institution of the Year award in the national category among other awardees.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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