ACGSF which is an acronym for Agricultural Credit Guarantee Scheme Fund is an initiative of Central Bank of Nigeria (CBN), and Federal Ministry of Finance (FMOF).
The scheme ACGSF came into existence in the year 1978, under Decree No. 20 of the 1977 act. ACGSF first share capital was one hundred million dollars ($100,000,000), and paid-up capital at eighty five million, six hundred thousand naira (N85,600,000).
The shares percentage is between the Federal Government of Nigeria and Central Bank of Nigeria. Sixty percentage (60%) of the shares goes to FG, while the remaining forty percentage (40%) of the shares is for CBN. As at March 2001, the capital base of ACGSF was increased to three billion naira (N3,000,000,000).
The Board of ACGSF, decided to present the Best Farmer award for the year 2020 to those that deserve such honour in the industry.
This special award is brought into existence as a means of encouragement, and motivation to recognized farmers (those participating under ACGSF).
The event was indeed successful, as the ACGSF Best Farmer of the Year Award goes to selected farmers who borrowed loans from the scheme, and paid back within the agreed time frame of the loan.
More are being expected from the scheme as they look forward to introduce more initiative to uplift and assist Farmers in the industry. ACGSF Fund guarantees Credit facilities covers farmers with the assistance of banks up to seventy five percent (75%) of the amount of any security achieved.
All funds of ACGSF is being managed, controlled, and disbursed by the Central Bank of Nigeria (CBN). Certainly, CBN controls the day to day activities of the scheme (ACGSF).
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