CBN commences disbursement of N26bn agribusiness fund

In line with its mandate of youth empowerment and wealth creation, the Central Bank of Nigeria (CBN), yesterday, began the disbursement of N26 billion Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) fund with 305 entrepreneurs sharing N115 million to either support their existing vocations or start up new ones.

Beneficiaries can access loans to a limit of N10 million, at interest rate of 5 per cent per annum and a maximum tenor of up to seven years under the direct component of the scheme. There is also a moratorium period of 18 months on principal and six months on interest element, depending on the nature of the business.

Speaking in Abuja while flagging off the disbursement, the CBN Governor, Mr. Godwin Emefiele, said the idea of AGSMEIS was conceived in 2016 by the Bankers’ Committee to design and fund a suitable scheme that will reduce the huge financing gap for Macro Small and Medium Enterprises (MSMEs), among other things.

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