Source(s) of financing AfDB: 100000000 Cofinanced: 81790000 Government: 220920000
Implementing Agency: NIGERIA AGRIC & CO-OPERATIVE BANK LTD
Location: NATION WIDE
The major objective of the line of credit is to provide funds to farmers to enable them to maintain and/or increase agricultural production and processing of agricultural produce.
The project components to be funded are : I. credit Fund - Arable crop - Tree crops - Horticulture - Mixed farming - Livestock - Fisheries - Agro-Allied - Irrigation - Agro-Services - Marketing - Small Holding - On-lending. II. Strengthening of Data Processing Systems - Equipment for Headquarters and Zonal Offices . III. Strengthening Project Appraisal and Loan Recovery System - Vehicles and Motorcycles - Technical Assistance for Software and Financial Management review - Training - Equipment for Loans Admin. by Branch Offices.
- Increased food crops production and farmers income. - Creation of employment. - Foreign currency savings.
Agriculture is the main stay of the Nigerian economy. Farmers depend to a large extent on the availability of credit to enable them to continue their production. NACB with its many branches provides such services effectively. NACB, however does not have the necessary funds/foreign exchanges to satisfy the growing requests of the farmers. The provision of the line of credit to NACB will lead to increased production of food and other crops and would encourage farmers to continue their farming activities.
This Invitation for Bids (IfB) follows the General Procurement Notice for this project, which appeared in the United Nations Development Business (UNDB) online Reference No.: AfDB 169-03/15 of 11 March 2015 and on the African Development Bank Group’s Internet Website (www.afdb.org).