Because of the fact that castor beans and its economic purpose is little known in Nigeria, coupled with the renewed interest in agriculture occasioned by the global fall in oil revenue, GlobalStar has taken it upon herself to enlighten, motivate and empower people to take advantage of the enormous economic advantage of castor bean farming.
GlobalStar Castor / Soya Farmers’ Cooperative Scheme:
- Farmers in a particular area form themselves into a cooperative society or join Idi-Gedu GlobalStar Cooperative Society in the area.
- Each farmer opens a bank account with designated bank, who are in partnership with GlobalStar UDC. (BOA or other designated Microfinance Banks)
- The Cooperative society also opens an account with the same bank.
- Each farmers deposit 10 to 20 % equity of the required amount needed for the farming from land preparation till harvest. (#150,000 to #200,000)
- A loan of between #1500,000 t0 #200,000 is made available and transferred to the Cooperative account from where it will be managed at every stage of need for the farm.
- The Cooperative society get farm land that is congruous and big enough for them to have at least 1 to 2 hectares each altogether.
- The Cooperative society paid a registration fee of #50,000 to join the GlobalStar farmers scheme.
- The Cooperative organize her members for GlobalStar farmers training and workshop.
- The cooperative society make a solid arrangement to supervise the farm.
- At harvest, the produces are brought to GlobalStar depot and the individual accounts with the bank are credited directly by our company.
- The account will be accessible to the farmer after the payment of the loan and interest.
- The farms are insured through NAIC to the tune of the farmer’s initial capital.
- All farm implements: tractors, herbicides, fungicides, pesticides, micro-nutrients and signposts are to be funded from the bank facility.
GlobalStar Castor / Soya Beans Individual Farmer’s Scheme:
- This scheme is open to any interested, serious minded and committed individual farmers.
- An individual farmer is required to have a minimum of 1 hectare, but not more than 5 hectares.
- The farmer will register with #5000 to join the GlobalStar UDC castor farmers’ scheme.
- The farmer will attend GlobalStar castor farmer’s training and workshop personally.
- The farmer must have the financial capacity to fund the castor farm from land preparation till harvest. This includes: plowing, harrowing, planting, weeding, herbicides, fertilizers, pesticides and harvesting. All of these are approximately #150,000 – #200,000 per hectare.
- The farmer will be ready to manage the farm personally or through designated persons.
- The farmer will have access to GlobalStar’s technical assistance through her farm managers and farm field assistants.
- The farmer will have access to GlobalStar tractor and other equipment at reasonable cost.
- The farmer will have opportunity of getting castor & Soya bean seeds for planting and herbicides at subsidized prices.
- The farm will be insured by the farmer with NAIC or any other insurance company of the farmer’s choice.
- The farmer will move his or her farm produce to GlobalStar depot and be credited once the produces are threshed and weighed.
GlobalStar Castor / Soya Beans Cooperate Farmer’s Scheme:
- Corporate farmers are farms that have capacity to do over ten (10) hectares of castor / Soya farm.
- Such will register with GlobalStar with a sum #50,000 for the castor / Soya beans scheme.
- They will make their farms worker available for training and workshop by GlobalStar on castor and soya beans agronomy,
- They will sign and MOU that clearly specify their roles and that of the GlobalStar on the scheme.
- The farm will be insured by the farm with NAIC or any other insurance company of the farm’s choice.
- They will bring all of their produce to GlobalStar depot upon which payments will be made to them in accordance with the terms of the agreements signed.