Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation being managed by the CBN. It is a voluntary initiative of the Bankers’ Committee approved at its 331st meeting held on 9th February, 2017. The Scheme requires all banks in Nigeria to set aside 5% of their profit after tax (PAT) annually.
EDI training essentially focuses on taking the applicants through the nitty gritty of accessing the AGMEIS loan through NIRSAL MFB as PFI.
Aims & Objective of the Scheme
To assist Lagosians in accessing the AGSMEIS loan and ensure Small and Medium Enterprises (SMEs) have access to finance which in turn actualize the dream of expansion of farmers’ production capacity, as these are the engine of growth of the Nigerian economy.
• To develop agricultural value chain and ensure sustainable agricultural practices; and
Boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
• To boost employment particularly for youths and women and transform them to agropreneurs.
Justification
• This scheme is highly beneficial to our farmers and the graduates of our training institutes because farmers can access up to N3 million. It is a single digit loan with a friendly tenure of 10years.
• Inherent in the loan is promotion of efficiency, which will enhance improved agricultural productivity, which enhance job creation particularly among women and youth.
• The scheme embraces inclusive business in the sense that sustainability is assured because the scheme will only support profitable projects but it however focuses on the people at the bottom of the pyramid, thereby posing to reducing hunger, unemployment and poverty.
• In view of the above and in the spirit of inclusiveness, Lagos State Ministry of Agriculture and Food Systems is an important Entrepreneur Development Institution in the State.
A total of 425 applicants have been trained ,79 independent applicants and 346 LAP sponsored applicants have so far been trained.
