The Federal Government(FG) of Nigeria is providing more loans to MSMEs (Micro-, Small and Medium-sized Enterprises); most pricisely agric business, so on this page you will be provided with more information about the loan and the official online portal to begin application.
In realization of the important role of MSMEs in economic growth, poverty eradication, and employment creation, the CBN introduced youth-focused policies and programmes with the objective of addressing underemployment and unemployment among young Nigerians and create a paradigm shift from seeking white-collar jobs towards entrepreneurship development.
Objectives of the Loan
- To provide guarantee in respect of loans granted by lending banks for agricultural purposes, with the aim of increasing the level of bank credit to the agricultural sector.”Loan” under the Scheme include advances, overdrafts and any other credit facility.
- To mitigate risks associated with banks’ lending to agriculture by guaranteeing 75% of the net amount in default in accordance with the provisions of the enabling Act.
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Eligible participating financial institutions under the scheme:
- Deposit Money Banks
- Microfinance banks under the regulatory and supervisory role of the Central Bank of Nigeria (CBN)
Eligible participating Stakeholders under the scheme:
- Small Holders Farmers (SHF) across the Agricultural value chain
- Medium Scale Farmers and Agro Processors within the Agricultural value chain.
Agricultural purposes for which loans can be guaranteed:
The Agricultural purposes in respect of which loans can be guaranteed by the fund are those connected with:
- The cultivation or production of crops, establishment or management of plantation;
- Animal Husbandry; and
- All activities within the Agricultural Value Chain.