45 YEARS OF CBN INTERVENTION: Ogun State

Real Sector Support Facility- Differentiated Cash Reserve Requirement (RSSF-DCRR) Commercial Agriculture Credit Scheme(CACS)

RSSF-DCRR is the Real Sector Support Facility – Differentiated Cash Reserve Requirement. The Facility is being used to support large enterprises for startups and expansion financing needs valued at a minimum of N500 million and a maximum of N10.0 billion.

The objective of the RSSF-DCRR is to improve access to Nigerian SMEs to fasttrack the development of the manufacturing, agricultural value chain and services sub-sectors of the Nigerian economy and to increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.

HK Printing &Packaging Limited is one of the leading printing companies in Nigeria. The company accessed N 1 billion under the RSSF-DCRR to finance the expansion of its capacity through the purchase of machineries and equipment for flexible packaging.

Health Sector Invention Facility (HSIF)

The Health Sector Intervention Facility was set up to provide credit to indigenous
pharmaceutical companies and other healthcare value-chain players intending to build or
expand capacity.
The objective of the intervention is to increase private and public investment in the healthcare sector, facilitate improvements in healthcare delivery and reduce medical tourism to enhance foreign exchange conservation

May & Baker Nigeria Plc manufactures and distributes pharmaceutical products, such as vaccines and antibiotics. The Company also sells diagnostics, medical equipment and bottled water in Nigeria. The company accessed N 2.5 billion under the Health Sector Intervention Fund (HSIF).

Commercial Agriculture Credit Scheme(CACS)

As part of its developmental role, the Central Bank of Nigeria (CBN), in collaboration with the Federal Ministry of Agriculture and Rural Development (FMA&RD) established the Commercial Agriculture Credit Scheme (CACS), for promoting commercial agricultural
enterprises in Nigeria, which is a sub–component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP). This Fund complements other special initiatives of the Central Bank of Nigeria in providing concessionary funding for agriculture such as the Agricultural Credit Guarantee Scheme (ACGS), which is mostly for small scale farmers, Interest Draw-back scheme, and the Agricultural Credit Support Scheme, among others

JB Farms Nigeria Limited (JBFNL) is involved in the development of commercial oil palm plantation, production of palm oil and other palm produce. Starting operation with just eight hectares of oil palm plantation in 1985, the company has grown to over 2000 hectares of Ogun its own.

As part of her expansion plan, JB Farms accessed the sum of N 2billion from the CBN under
the Commercial Agriculture Credit Scheme (CACS). The company currently owns a modern 10-ton fresh fruit bunches (FFB) per hour Palm Oil Mill and 30 ton/day Palm Kernel Mill and currently employs over 934 people; 144 being permanent staff while 790 are engaged as
contract workers.

Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)

AGSMEIS is an initiative of the Central Bank of Nigeria to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment creation.

Dr. Toluwanimi is a Veterinary Doctor who heard about the CBN Agri-business Small and
Medium Enterprise Intervention Scheme (AGSMEIS) through a media campaign at the Olusegun Obasanjo Presidential Library, an Entrepreneurial Development Institute in Abeokuta, where he resides. He applied and was financed in February 2021. The fund was
used to complete the NAFDAC registration process for his products (processed poultry birds), expand his business to include packaging of processed birds, increase production
capacity from a monthly output of 200 to 1,000 packaged roast chicken and increase staff power from 2 to 5 permanent staff and 2 contract staff. He expressed his profound
gratitude to the Federal Government and the Central Bank of Nigeria for introducing schemes such as AGSMEIS, targeted at empowering the average Nigerian.