The Bank is a development Finance Institution wholly owned by the Federal Government of Nigeria. NACRDB was incorporated in 2000 following the merger of defunct Nigeria Agricultural and Cooperative Bank, People’s Bank of Nigeria and risk assets of the Family Economic Advancement Programme (FEAP). The Nigerian Agricultural and Cooperative Bank began operation on 6th March 1973 as Nigerian Agricultural Bank Limited.
Yakubu Gowon Way
P. M. B. 2155
Telephone: 062-245011; 245013; 245017; Fax: 062-244612
The two government institutions own the Bank:
Federal Ministry of Finance 60%
Central Bank of Nigeria 40%
TYPES OF BUSINESS
- Finance and credit facilities to agricultural and agro-allied industries.
- Loans to farmers, agricultural institutions, organizations and cooperative societies.
- Direct investments by way of equity participation in wholly owned or joint-venture projects.
- Provision of guarantees to viable agricultural and agro-allied ventures.
- Rural savings scheme.
The NACRDB has five channels of financial support to its clients:
1. On- lending Scheme:
This is lending through Cooperative Financing Agency (CFAs), Non-Government Organisations (NGOs), Self Help Groups (SHGs) and some Private Sector micro-credit institutions
2. Small Holder Scheme (SHS)
The Small Holder Scheme is designed for small and medium scale individual and group farming organizations and funds are provided as loans on very favourable terms and conditions. Interest charges are usually below the market rate.
3. First/Second Livestock Development Programme (SLDP)
This programme projects are also designed for small and medium scale individual and group farming organizations and funds are provided as loans on very favourable terms and conditions. Interest charges are usually below the market rate.
4. Special Projects
The special projects are usually undertaken in collaboration with such international financial institutions and donor agencies as IFAD, ECOWAS and ILO.
5. Investments in projects
This target mainly medium and large-scale entrepreneurs who have the capacity to provide collateral securities.
- Six zonal offices.
- 200 branch offices.
- N50 billion capital base.
Profit and Loss Account
|Net Operating Profit/(Loss) before Taxation||1,786,948||1,862,352||2,328,900||2,846,398||82,647,923|
|RETAINED PROFIT/(LOSS) FOR THE YEAR||1,786,948||1,862,352||2,328,900||2,846,398||82,647,923|
- Sourcing of offshore credit facilities for loan disbursement.
- Participation in Agricultural Exchange Market through its subsidiary, the Food Development Company.
- Creation of local market for raw material supply to local industries.
- Diversification of operations to agricultural support services: desertification control project, tangential agro-allied projects, equipment leasing, agro-chemicals manufacture and others.