The Central Bank of Nigeria (CBN) has pegged non-interest banks’ funding of agricultural programmes at a maximum N2 billion equity.
The investment is set at 40 per cent of investee company’s equity subject to a maximum of N2 billion and tenor of up to 10 years. It has an initial lock-up period of three years.
The new rule is contained in the guidelines for the Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions (NIFIs) released by the apex bank.