The Central Bank of Nigeria has reviewed the Guidelines for Commercial Agriculture Credit Scheme (CACS), to enhance its effectiveness and further mitigate the risks faced by participating financial institutions in financing the agricultural sector.
This revision affects Sections 16 and 17 of the Guidelines and introduces significant changes, including a requirement that henceforth, the Nigeria Agricultural Insurance Corporation (NAIC) should provide insurance cover for all agricultural facilities/projects under the CACS in line with the NAIC Act.
In furtherance of the above revision, the CBN hereby directs the immediate commencement of insurance premium payments by borrowers under the CACS Scheme.
The revised Guidelines may be accessed at the Bank’s website www.cbn.gov.ng Participating financial institutions and stakeholders are requested to note that these guidelines supersede other related versions.
Further enquiries on the provisions of this circular may be referred to the Director Development Finance Department, Central Bank of Nigeria, Abuja.