Governments in collaboration with the National Union of Road Transport
Workers, an umbrella association of transport organizations in the country. In
view of the dominance of the oil sector and its exposure to the vicissitudes of
the international market, the Nigerian Government embarked upon a complete diversification of the economy by developing the non-oil sector.
6.1.8 The Government of Nigeria believes in Small and Medium Enterprises (SMEs)
as the major engine of growth and has committed immense resources towards the realization of growth in this sector. In 2009, Government made
available the sum of two hundred billion Naira (N200B) for agricultural expansion, under the Commercial Agricultural Credit Scheme (CACS). These funds
were meant to stimulate the sector and return it to its position as the number
one employer of labour, as well as to generate foreign exchange for the nation. Up to 133 Billion Naira had been disbursed as at July 2011 in 22 States of
the Federation for various agricultural projects, leaving 66 Billion Naira in the
coffers of the lending Banks for disbursement.
6.1.9 The Agricultural Credit Guarantee Scheme (ACGS) has been in existence since
1977 and is designed to ensure that practicing farmers can access lending
banks through their State chapters of farmers Associations and State Implementation Committees for loans. The loans are given at a single digit interest
rate while rebate is given to those farmers that comply with the repayment
schedule of their loan facilities. As at June 2011, over 700, 000 Nigerian farmers had benefitted from the scheme.
6.2
Objective 2: Accelerating Socio-Economic Development to Achieve Sustainable Development and Poverty Eradication.
6.2.1 The National Poverty Eradication Programme (NAPEP) was created in 2001
with the mandate of monitoring the poverty eradication efforts of the three
tiers of Government, Non Governmental Organizations, international Organizations and the private sector. It also engages in special intervention programmes in order to reduce the level of poverty as well as to reach some specifically targeted groups in the country. From 2001 to 2004, NAPEP engaged in
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