Let me put a proper perspective to the @retsonbiz @NGFarmersGroup existential and sucess story.
The NFGCS, which is the acronym for Nigeria Farmer's Group and Cooperative Society was registered as a cooperative in early 2017. A litte over 2 and half years ago.
The NFGCS, which is the acronym for Nigeria Farmer's Group and Cooperative Society was registered as a cooperative in early 2017. A litte over 2 and half years ago.
@kiakia_co provided the sum of N1,500,000 ONLY as a take off loan. It was and remains the only loan we have ever granted a new business entity without any proven revenue model. As the NFGCS leased land and began preparation for farming, membership subscription happened
simultaneously. Within about 3 months, membership in the cooperative had surpassed 300, and crowdfunding/contribution/subscription to cultivate maize, which was the first crop to be cultivated had topped N100m.
The first year of farming season was a success despite earthworm challenges. Membership of the cooperative increased after the first farming season, and so did subscription to cultivate variety of crops increase.
The farm diversified crop cultivation to include Soya Beans, Beniseed, Yam (over 30,000 heads), Cow Pea, Mellon. The farm also integrated livestock breeding, setting up a ranch and also poultry for chicken and Turkey. Dry season farming was also briefly experimented with.
@kiakia_co provided over N100m bridge financing in staggered phases in the last 2 and half years, which helped the farm better handle harvest and purchase of post harvest processing equipment at subsidized rates from the Fed. Min of Agriculture warehouse.
Membership crowdfunded investment in specific crop farming provided the largest source of funding for the farm. As at the end of 2018, the cooperative membership had topped 500, comprising of Nigerians home and abroad. The cooperative had a successful AGM in Nov. 2018.
@kiakia_co advised @NGFarmersGroup to also create a corporate structure to enable it attract better structured investment and cheaper finance from both local and international finance institutions because investment finance and long term loans from traditional financial
institutions will only be possible that way.
As a result of this organisational restructuring @kiakia_co is able to negotiate and facilitate a $10m loan facility to be disbursed in tranches and mileages. This funding will go towards completing the rice city, taking the
As a result of this organisational restructuring @kiakia_co is able to negotiate and facilitate a $10m loan facility to be disbursed in tranches and mileages. This funding will go towards completing the rice city, taking the
production capacity to about 1000 tons per day of GA'ATE GOLD, its trademarked brand. The farm will also complete its cow fattening and milking ranch with over 1,000 special breed cattle, bringing the cattle tally to over 1,500.
As at today, the farm boasts of the single largest warehouse in the whole of Nasarawa. A warehouse for storage of its harvested and processed farm produce.
I am personally inviting you to take a visit and tour of the farm just as his excellency, Vice President @ProfOsinbajo did
I am personally inviting you to take a visit and tour of the farm just as his excellency, Vice President @ProfOsinbajo did
The impact @NGFarmersGroup has made under @retsonbiz is immense, recognized and appreciated by the community, so much so that the traditional council turbaned @retsonbiz as Sarkin Yaki of Gaate community.
Worthy of commendation are the almost 1000 members of the cooperative who demonstrated faith and confidence in the vision of @retsonbiz by pooling huge amount of resources to invest in different crop farming over about 3000 hectars of farmland.
God bless the members of the host community, Ga'ate in Nasarawa. God bless the dedicated and hardworking staff @NGFarmersGroup and God bless Nigeria.
