How to Get Loans For Farmers In Nigeria? – There are presently many loan platforms for Nigerian farmers to support their agriculture and the development of the economy for the most part. In this article, we will look at loans for Nigerian farmers.
Nigeria’s agricultural sector is particularly intact and the industry has great potential. Therefore, in recent times, it has become a major concern of the government.
What are the available loan programs for farmers in Nigeria?
Some available loans for farmers in Nigeria are:
Farm operating loans (direct and guaranteed):
This loan is handled by the farm service agency (FSA). It provides several operating loans for family plant and animal farmers to enhance and sustain their farms. In doing so, they grow the agricultural economy of the country.
Farm storage facility loans:
The government brought about this loan to encourage the storage and handling facilities for different farming commodities. some of these commodities include grain sorghum, corn, oats, wheat, barley, soybeans, peanuts, lentils, chickpeas, and more.
Fisheries finance program:
This is a direct government loan program that supplies long time financing to fish farmers. Also, such financing includes the cost of fishing vessels, fisheries facilities, and other equipment that are needed for successful fishing.
Farm ownership loans:
This loan helps you buy your own farmland as a farmer. it also covers the expense of purchase, construction, or renovation of a ranch. Also, farm ownership loans also provide for the payment of soil and water conservation, and also protection.
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Where To Get Loans for farmers in Nigeria
You can also benefit from the following loans for farmers in Nigeria:
Agricultural credit guarantee scheme fund (ACGSF):
This loan is handled directly by the apex bank (CBN). it was also established by the Decree of 20 of 1997 and has been in operation since 1978. Therefore, this makes it one of the oldest agricultural schemes in the country.
Agricultural Credit Support System (ACSS):
This is an initiative of the government programs for agric loans. Therefore, the funds are managed by the central bank of Nigeria, with a total prescribed value of N50 billion. they designed this program to reduce inflation, provide foods to be exported, and increase foreign revenue. Also, this program is only accessible to practicing farmers and agro-allied entrepreneurs.
Commercial Agriculture Credit Scheme (CACS):
This scheme was made as a result of the collaboration between the Federal Ministry of Water Resources and CBN. it was established in 2009 to finance the agricultural value chain of the country. This was in a bid to eradicate the rising inflation through increased production in the country. Also, this loan is financed by the Debt Management Office.
Farmers’ loans from private institutions:
Asides from governmental programs and grants, there are also private institutions that offer loans for farmers in Nigeria. These institutions give you access to loans and pay later with a pre-agreed interest rate. However, you should note that many of them offer a far lesser amount than government loan programs and a higher interest rate.
How do I apply for loans for farmers in Nigeria?
The different types of loans have unique application procedures. Therefore, depending on your preferred loan, you should visit the official release of the institution handling the loan, to know how you can apply. There is no single procedure for applying for loans for farmers in Nigeria.
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While most of these loan platforms claim to offer quick loans without any collateral, you are advised to carefully study their Terms & Conditions (T&C) before applying.
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