LOANS FOR FARMERS IN NIGERIA

As a farmer, you may sometimes desire to expand capacity of your Farm, especially when you have become very proficient in the Art of Farming.

Whether it be Crop, Poultry or Fish Farming, at some point, you will desire to expand. When that time comes, you will need finances, greater than is currently available and in that case, the most readily available option is usually Credit Facility, what we generally call Loans.

If you are a Farmer in Nigeria, you're in LUCK! WHY? you may ask.

Well, the current Government has rekindled the Agricultural Industry in Nigeria by making available lots of Industrial and more importantly Financial Support.

Various Organizations both Government and Private have been empowered to empower you as a Farmer with various kinds of Credit Facilities, so without further ado, the ADP team has put together a list of these Credit Facilities available to you as a farmer in Nigeria.

Here they are -

1. Agricultural Credit Guarantee Scheme Fund (ACGSF) from CBN

LINK - https://www.cbn.gov.ng/devfin/acgsf.asp


2. Bank Of Agriculture

The Bank of Agriculture (BOA) was established to help farmers develop their fields to any extent possible by giving low interest loans to qualified applicants.
The process of borrowing from BOA is not rigid. BOA operates at a level of direct lending, on lending, collaboration, and credit monitoring.

LINK - http://agronewsng.com/how-to-access-bank-of-agriculture-loans/

CONTACT -
Dr Auta Bulus (Head, Corporate Planning, Department Head Office, Kaduna)
07040202222
07042262222
Email : info@boanig.com, cp@boanig.com
Website : www.boanig.com


3. Union Bank

This Bank offers Agricultural financing to Agribusinesses, from small  to big. But the starting point is: Evidence of ownership or right to use whatever portion of land you plan to use. Then you can choose from their Loan facilities what you really want-

Short Term Loan: Which covers a short period of time, say- 1 or 2 years.

Medium Term Loan: This type of Loan exceeds the period of 1 to 2 years. Sometimes, it lasts up to 4 years due to the technicalities involved in the business it is being funded with.

Long Term Loan: This type of loan is for Agric products that take longer time to mature.

Fixed Capital: Farmers get this type of Loan to enable them establish fixed assets on their farms.

Working capital Facility: This Loan is given to enable Farmers shoulder their day to responsibility in the farm.

Whatever your objective is, these facilities will enable you to achieve it, so far you meet up with these requirements-

- Open an account with Union Bank
- Submit a Loan application to the branch’s Business Development Manager
- Pay 10% of the total fund you applied for
- State the purpose of the Loan
- Method of your farm production
- Yields as expected
- Your repayment plan

This setting is exclusive to individuals only.


4. First Bank Commercial Agriculture Credit Scheme (CACS)

LINK - https://www.firstbanknigeria.com/agricultural-finance/commercial-agriculture-credit-scheme/



5. First Bank Micro SME Development Fund

LINK - https://www.firstbanknigeria.com/business-banking/agricultural-financing/micro-small-and-medium-enterprises-development-fund/


6. First Bank Conventional Term Loans and Overdrafts

(As a FirstBank Customer, individual or corporate, if your agricultural business profile falls outside retail or special government intervention funds specification, this loan facility is designed to offer credit facility to business like yours.)

LINK - https://www.firstbanknigeria.com/business-banking/agricultural-financing/conventional-term-loans-and-overdrafts/


7. UBA Agric. Credit Support Scheme

LINK - https://www.ubagroup.com/countries/ng/wholesalebanking/agrcredsup

CONTACT - 
+234 1 6319822
+234 700 2255 822
+234 1 280 8822


8. LAPO Agric Loan

LAPO MfB designed Agric Loan to finance the farming activities of individuals, group or corporate organisations. The repayment schedule is designed to suit the seasonal nature of such activities. In 2016, LAPO MfB won the Best Microfinance Bank in Agricultural Financing under the Agricultural Credit Guarantee Scheme for the year 2015 by Central Bank of Nigeria (CBN).
For more information about Agric Loan, kindly contact us on: 0700-LAPOMFB (07005276643) or 07051483208.

LINK - http://www.lapo-nigeria.org/loans/agricloan


As other Major Credit Opportunities open, we will be sure to alert you!


Culled from: https://www.businessinlagos.com/agric-loans-for-farmers-in-nigeria/

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