Advantages of Agribusiness; the frontier of this current Government to improve the current economy
Over the years, Nigerians have clamoured for a diversified economy, that is not to be over-reliant on crude oil. Recently there have been several talks about agriculture being on the front-burner of our exports.
Times without number, experts have said Agribusiness is seen as one of the panaceas for Nigeria underdevelopment, the academics have laboriously stressed it, and government at all levels have continued to engage in sensitisation campaigns, projects and programs that could give courage to those who want to go into agribusiness.
Chat with Greengold to learn more about the Agribusiness Company Package
There was a time when Nigeria was a major exporter of food to West African nations. Unfortunately, with the advent of oil, our country’s domestic and foreign investments diverted to oil at the expense of other sectors of the economy. But in recent years especially under this current Government, there have been a steady growth in agribusiness due to the introduction of favourable policies, access to fundings and educational programs.
It is no news that our great country has vast amounts of arable land for cultivation, offering significant opportunities for development and investment. A lot of private entities like Greengold Attorneys have also queued into this movement intending to assist businessmen in the agribusiness with their legal needs thereby contributing to the nation’s economy.
Greengold Attorneys, a law firm located in Abuja, has set as a goal for this year, the duty to help as many people as possible who wish to go into agribusiness. At Greengold We value the agricultural sector and will want to contribute our quota to its development, we realised its importance in developing our economy and are hereby encouraging both Nigerians and foreigners to invest in the agricultural sector.
We recognise the growth and export potential in this sector, the Federal Government of Nigeria has increasingly focused on agricultural development as a support mechanism for macroeconomic and non-oil growth.
Chat with Greengold to learn more about the Agribusiness Company Package
Recent development strategies especially NIRSAL have sought to significantly augment production and exports, in close collaboration with investors from the private sector, gradually setting the stage for steady long-term growth.
Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
NIRSAL is an initiative of the Central Bank of Nigeria (CBN), the Bankers Committee (BC) and the Federal Ministry of Agriculture & Rural Development (FMA&RD). In addition to many other functions, the company essentially administers a Risk Sharing Fund designed to identify, redefine, measure, re-price and evolve strategies to de-risk and catalyze lending to the Nigerian agriculture value chain.
Other initiatives from the Federal Government are;
Agricultural Credit Support Scheme (ACSS)
The ACSS is an initiative of the Federal Government and the Central Bank of Nigeria with the active support and participation of the Bankers Committee. The Scheme has a prescribed fund of N50.0billion. ACSS was introduced to enable farmers to exploit the untapped potentials of Nigeria’s agricultural sector, reduce inflation, lower the cost of agricultural production (i e. food items), generate surplus for export, increase Nigeria’s foreign earnings as well diversify its revenue base.
At the national level, the scheme operates through a Central Implementation Committee (CIC) while at the Federal Capital Territory (FCT) and State levels, the Scheme operates through State Implementation Committees (SICs) instituted to ensure that the objectives of the scheme are realized without hindrance.
Commercial Agriculture Credit Scheme (CACS)
If you are interested in going into agribusiness, you can be a beneficiary of the CACS N200 billion Fund. This facility was established by the CBN and Federal Ministry of Agriculture to fast track the development of the agricultural sector in Nigeria by giving loans support to businesses like yours.
Agricultural Credit Guarantee Scheme Fund (ACGSF)
The introduction of ACGSF in 1977 is to encourage banks to increase and sustain lending to agriculturists. The target beneficiaries of the fund are individual farmers, cooperatives societies, and corporate bodies, while the general requirements are among others, that the beneficiary must be a farmer with verifiable investment in the enterprise of interest; must have the ability to bear the cost of agricultural insurance cover by NAIC, must have a current account for the servicing of loan interest, etc.
Chat with Greengold to learn more about the Agribusiness Company Package
The agricultural sector holds high potential for the future growth of Nigeria’s Economy. Despite the numerous loans, grants, initiatives out there for those interested in going into agribusiness there is one fact, which is you must have a clear goal and plan on how your agribusiness is going to help boost the economy.
Although, there are programs and sensitisation on areas you can exploit in the agricultural sector, the first important thing is to get your agribusiness company registered with the Corporate Affairs Commission (CAC). And luckily for you, Greengold Attorneys is helping existing and incoming investors into the agricultural sector to get their agribusiness company registered with CAC at an affordable price. The firm is also carrying out various types of company reorganisation (post incorporation services) for agric companies at affordable price.
A growing population, an ample supply of arable but unfarmed land and a diverse food production base shows this sector is an untapped resource with great potential for good revenue generation.
But whatever you do, for you to get assistance from the federal government you must first have a registered company. This is your first step in proving that you are willing to invest in the sector and your agribusiness is going to help the economy in general.
In any case, Greengole Attorneys has a special package for you if you wish to register your company whether as a local or foreign investor.
Our Agribusiness Company package includes
1. Company’s Incorporation
2. Tax Clearance Certificate
3. For importers, you will get pioneer status
4. Duty waiver
5. Business permit and expatriate quota for foreigners
All of the above at a very affordable price. In addition to all of this, you will also have access to information and free advice on programs, loans, grants, training that could help you succeed in the agricultural sector.
Therefore, any investor who is ready to heed the call of this current Federal Government towards the development of the Agricultural sector must first have a registered company to benefit from all that the government has to offer.
Chat with Greengold to learn more about the Agribusiness Company Package
Don’t forget to subscribe to our newsletter to receive emails like this directly in your inbox.
