Sterling Agricultural Input Scheme

This product is intended to offer credit facilities to Nigerian Agro Input Dealers (Seeds Companies and Fertilizer Agro Dealers) under the Federal Ministry of Agriculture Transformation Agenda.

Target

This product is targeted at Agro Input Dealers in Nigeria who are engaged in the distribution of Farm Inputs such as Fertilizers and Seeds. They must be registered on the Cellulant Platform and assigned codes and National Seed Council (NASC) of the Federal Ministry of Agriculture and Rural Development.


General Requirements

1. The product is available to Seed Companies certified by Nigerian Agricultural Seed Council (NASC) and Primary Agro Dealers trained and accredited by International Fertilizer Development Centre (IFDC).Customer must open an account with the Bank
2. Interest rate of 18% (inclusive of insurance cost) is broken down as follows; Interest Rate 16.5%. CRG Fee 1%. Insurance 0.5% 50% IDP. 75% NIRSAL Guarantee.
3. The bank Guarantees buy-back of 30% unsold stock from the Agro Dealers and Seed Companies
4. Equity contribution of 10%
5. Tenor is 6 months for both Seed Companies and Fertilizer Agro Dealers
6. Borrower must have an Insurance Policy from Nigeria Agricultural Insurance Corporation (NAIC) or other approved NAICOM agents
7. Tripartite warehousing agreement or Equitable Mortgage as collateral
8. Monitoring of the project by the supply chain managers appointed by the Federal Ministry of Agric
9. Maximum Credit: Fertilizer-N400m Seed Companies-Open ended
10. Maximum Tenor: 6 months for both Seed Companies and Fertilizer Agro Dealers
11. Pricing: All in rate of 18% inclusive of Insurance

Other Requirements

1. The product is available to Seed Companies certified by Nigerian Agricultural Seed Council (NASC) and Primary Agro Dealers trained and accredited by International Fertilizer Development Centre (IFDC).Customer must open an account with the Bank
2. Interest rate of 18% (inclusive of insurance cost) is broken down as follows; Interest Rate 16.5%. CRG Fee 1%. Insurance 0.5% 50% IDP. 75% NIRSAL Guarantee.
3. The bank Guarantees buy-back of 30% unsold stock from the Agro Dealers and Seed Companies
4. Equity contribution of 10%
5. Tenor is 6 months for both Seed Companies and Fertilizer Agro Dealers
6. Borrower must have an Insurance Policy from Nigeria Agricultural Insurance Corporation (NAIC) or other approved NAICOM agents
7. Tripartite warehousing agreement or Equitable Mortgage as collateral
8. Monitoring of the project by the supply chain managers appointed by the Federal Ministry of Agric
9. Maximum Credit: Fertilizer-N400m Seed Companies-Open ended
10. Maximum Tenor: 6 months for both Seed Companies and Fertilizer Agro Dealers
11. Pricing: All in rate of 18% inclusive of Insurance