MICROCAPITAL BRIEF: Cross River State of Nigeria, Bank of Agriculture to Establish $1.27m Loan Fund for Small and Medium-Sized Enterprises (SMEs)

The government of The Nigerian State of Cross River reportedly has signed a memorandum of understanding with the Bank of Agriculture, a development finance institution owned by the federal government of Nigeria, to raise NGN 200 million (USD 1.27 million) for a loan fund to support agricultural small and medium-sized enterprises (SMEs) in the state. Each body will provide 50 percent of the fund. According to a statement attributed to the representative of the managing director of the Bank of Agriculture, Sam Elibe, the agricultural sector is capable of “transforming the economic landscape” of the country. Financial information on the Bank of Agriculture is unavailable.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

Vanguard: “C-River, Bank of Agriculture Sign N200m MoU to Grow SMEs,” http://www.vanguardngr.com/2012/12/c-river-bank-of-agriculture-sign-n200m-mou-to-grow-smes/

MicroCapital.org story, December 6, 2012, “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) to Implement Financial Literacy Framework by March 2013,” https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-to-implement-financial-literacy-framework-by-march-2013/

MicroCapital.org story, December 3, 2012, “MICROCAPITAL BRIEF: Inklas of Nigeria Automates 136 Ghanaian Rural and Community Banks,” https://www.microcapital.org/microcapital-brief-inklas-of-nigeria-automates-136-ghanaian-rural-and-community/

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