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The fund will help tackle the challenges of limited capacity for processing and preservation which has caused losses and wastage of the abundant agricultural products in Nigeria across all the states of the federation and the FCT.
Why CAP Fund?
Agriculture is the mainstay of the Nigerian economics ,providing employment for over 45% of its population .Every state is blessed with agricultural produce for which they enjoy comparative advantage. Agro processing will ensure that Nigeria converts its comparative advantages in the agricultural sector into competitive advantage along the diverse agro value chains.
This intervention aligns with the federal Governments Agricultural Change Agenda .The enterprise Development Programme and the Nigeria industrial Revolution Plan to enable Nigerians maximize the benefits of value addition which includes employment generation and wealth creation.
Fund Utilization
The fund shall be deployed for the supply and installation of equipment for an estimated 1,000 cottage mills spread across the country.
Projects are expected to be located in the areas with comparative advantage
in terms of the available agricultural raw materials within each state .This is expected to create a minimum of 5000 direct and 15,000 indirect totalling (20,000) jobs for Nigerians
.
OTHER PRODUCT FEAUTURES
1. SINGLE DIGIT INTEREST RATE (9%),
2. 5-YEAR TENOR WITH 6-MONTH MORATORIUM
3. BENEFICIARIES ARE EXPECTED TO MAKE A 20%EQUITY CONTRIBUTION
4. APPLICANTS MUST SATISFY ALL RELEVANT STATUTORY AND REGULATORY REQUIREMENTS AS APPLICABLE
5. SME FRIENDLY COMMERCIAL BANKS HAVE BEEN IDENTIFIED FORN THE PRO VISION OF WORKING CAPITAL LOANS AT COMPETITIVE INTEREST RATE
CAPACITY BUILDING
All applicants of the CAP Fund will be required to undergo entrepreneurial training at any of the existing accredited Entrepreneurial development training centers <EDCs> as part of the loan application process.
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