Top 5 Loans Available For Farmers in Nigeria

Top 5 Loans Available For Farmers in Nigeria

Are you a farmer in Nigeria that needs loan to boast your farm productivity? If your answer is yes, then you are at the right place as we walk you through five loans available for farmers in Nigeria.

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There are some federal government banks ready to offer farmers loan in order to boast their farm productivity. All they need is evidence of your business and you will be granted a loan which comes with low interest rates.

Below are five lenders farmers in Nigeria could approach for a loan.

Top 5 Loans Available For Farmers in Nigeria

1. Bank of Agriculture

Popularly related to as the “growers bank”, the Bank of Agriculture is a government-approved bank whose end is to give banking services, fiscal loans and advice to growers in Nigeria. The bank is supervised by the Federal Ministry of Agriculture and regulated by the Central Bank of Nigeria. Some loans handed by the Bank of Agriculture include; SME loans, Cooperative and planter’s loans, Agriculturalmicro-loans, Non-agriculturalmicro-loans and Agri- business loans.

In order to apply, kindly visit their official website at https://www.boanig.com/

2. Agric- Business Small and Medium Enterprises Investment Scheme AGSMEIS

This is a backing scheme established by the Federal Government in collaboration with the CBN to promote a sustainable frugality and increase employment openings through agri- businesses.

The Nirsal Microfinance Bank are in charge of giving out this loan to farmers.Their agrarian loans have an interest rate of 5 with a tenor of 7 times. Diligence eligible for this scheme are the Agriculture sector, Service sector (ICT and the creative industry), Real assiduity (mining and manufacturing) and other SMEs approved by the Central Bank of Nigeria.

To apply to this loan, kindly visit https://agsmeisapp.nmfb.com.ng/

3. Commercial Agriculture Credit Scheme (CACS)

This is an action by the Federal Ministry of Agriculture and the Central Bank of Nigeria to boost the development rate of agric businesses in the agrarian sector. Their agrarian loan installation is open to medium or large scale marketable granges, limited liability companies in the husbandry product process and state governments (for advancing to subsistence growers). With 9 as its interest rate, this fund is open until 2025.

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4. Agricultural Credit Support Scheme (ACSS)

This is an husbandry backing action by the Federal Government and the CBN. Also, the Bankers Committee laboriously supports this scheme. Established to encourage growers in the agrarian sector, the ACSS checks affectation of agricultural yield reduces the cost of product and also helps to diversify Nigeria’s profit base. The ACSS loans have an interest rate of 8 (6 if you pay earlier) and you can pierce it through the separate state chapters of Farmers association or directly from banks if you’re a large scale planter.

For enquiry and how to apply visit https://www.cbn.gov.ng/devfin/acgsf.asp

5. Agricultural Credit Guarantee Scheme Fund (ACGSF)

This action, established by the Federal Ministry of Agriculture and managed by the Central Bank provides guarantee ( about 75) for loans extended to growers from marketable banks.

The ACGSF offers some products which include Interest, Debit, the Tone- Help Group Relation Banking and the Trust Fund Model. Interest Debit grants interest rates. Tone- Help Group Relation Banking encourages group complements growers’, and the Trust Fund Model complements growers security for loans.

Top 5 Loans Available For Farmers in Nigeria