This product will contribute to the success in agricultural business and also impact on economic and job growth.
According to the Policy and Strategy Document of the Federal Ministry of Agriculture and Rural Development (FMARD) with respect to “The Agriculture Promotion Policy (2016-2020)”, the two key gaps in agriculture confronting Nigeria today are an inability to meet domestic food requirements and an inability to export at quality levels required for market success. The document further tied the former problem to productivity challenge driven by an input system and farming model that is largely inefficient. Some of the inefficiencies are not unconnected with the crude model of farming which this product program seeks to address by providing access to mechanized farming input to improve on productivity levels.
The minimum documentation requirement for the target beneficiaries, however, additional documents may be required as the need arises based on the transaction in focus:
- Formal application letter requesting for the facility from qualifying Lessees.
- Certificate of registration/incorporation from Lessee’s firm.
- Regulatory Certificates for regulated products from relevant regulatory agencies like NAFDAC and SON Certifications.
- The Article and Memorandum of Association of the Lessee.
- Credit Proposal Memorandum.
- Commitment/ Offer Letter.
- Executed Lease Agreement.
- The Sale Agreement.
- Purchase Agreement.
- Lessee’s unqualified audited accounts for 3-5 years immediately preceding the application.
- Six months or more bank statements of the lessee immediately preceding the request letter.
- Financial Projection of the Lessee during the lease period.
- Profile of the Board of Directors and Management Team of Lessee.
- Description of the business of the Lessee, including but not limited to information on market share, sources of raw materials and other inputs, manufacturing processes and operating cycle, major suppliers and buyers including off-take agreements or supply contracts, other relevant information that could impact on the decision of the Lessor.
- Current invoice from approved vendors (attached appendix) on asset(s) to be leased.
- Detailed technical specifications of the asset, its year of manufacture, model, make, serial number, engine and chassis number (where applicable) and expected economic life of the asset.
- All outstanding debt obligations of the Lessee to creditors, including leases already undertaken which may be verified through enquiries.
- Clean credit report on the qualifying Lessee.
- Evidence of registration on the National Collateral Registry.
- Submission of list of members of the cooperative to benefit under a co-operative arrangement.
