Agricultural Loans And Grant In Nigeria How To Get Them
Agriculture is one sector of the economy that shouldn’t be overlooked. It should be well budgeted for, supervised and monitored to bring effective result. Of course we need to eat everyday of our lives. So the government of Nigeria, like every other countries are really supporting in terms of financing. This brings us to the topic Agricultural loans and Grant in Nigeria how to get them.
Here loans for Agricultural are planned for farmers to use for grain plant supplies and tools and things that can boast heir produce.
Nigeria as a country earns largely from Crude oil but are also looking at Agriculture because it can still boast the economy.
If you take a look at West Africa, Agriculture is the highest employer of labour.
So far the federal government of Nigeria has mapped out grants, credit schemes to help support Agriculture. Also the Central Bank of Nigeria in its Kitty has in budget of over #200 billion for Agriculture alone. This can be accessed through Bank of Agriculture and commercial banks. So what more than to use it and work.
Farm Inputs To Use Agricultural loan for – Agricultural loans and Grant.
Agricultural loans and Grant can be used for water system, arable land, construction of biogas plant.
In Nigeria, Bank of Agriculture and Central bank are to fund farmers.
Nigeria has the opportunity to become a world class player in Agriculture. But farmers will need credit facility.
And about 50% of Nigeria depend on Agriculture a career. This is mainly for this is mainly found in rural areas.
Now, when you look at the population of Nigeria. It is awesome compared to food production. I want to say that the population of Nigeria is about 200 million. I learnt that. But we still import heavily. Yes the food we eat instead of exporting. This is because of lack of care for Agriculture.
Agricultural Businesses that needs loan
Of a truth, the economy of Nigeria can be split into two, Oil sector and nonoil sector.
However, the nonoil sector that Agriculture falls into we will look at.
Agricultural produce to use money or credit given to acquire include maize, millet, cassava, sugar cane , tomatoes, pepper. And cash crops like cocoa, palm kernel, rubber .
There is also livestock Agricultural farming , diary farming and aquaculture. Also Beef production, fruit juice canning. Timber planting and manufacturing.
Cash production juices like coffee, palm kernel, rubber and so on.
Where To Get Agricultural Loans In Nigeria.
The below are where you can get Agricultural loans in Nigeria.
• Agricultural Credit Gurantee Scheme Fund – ACGSF – Agricultural loans and Grant.
This is a subsidiary unit of the Central bank. The government of Nigeria formed it.
They offer credit facility to use for Agricultural lands, houses, trees and equipments. Irrigation schemes, seedlings and so on.
This fund is controlled by the Central Bank of Nigeria. And if granted this credit. The Central Bank of Nigeria oversees it day by day.
• Commercial Agriculture Credit Scheme – CACS – Agricultural Loans And Grant.
The Central bank of Nigeria formed this scheme to fund in cooperation with the federal Ministry of Agriculture and water supply.
And here, the Agricultural chain of production – processing – storage and marketing will help to ease inflation.
This will make the bank to Meetup with market stabilization Nationwide.
• Agricultural Credit Support Scheme- ACSS- Agricultural Loans And Grant
This is another federal government and Central bank of Nigeria scheme to get credit from the bankers committee.
The scheme has over #50 billion administered fund. ACSS is to make farmers harness the unexploited sector of Agriculture. This will boost economy, reduce Agriculture production cost, generate an export surplus. This will help to increase Nigerian foreign exchange revenue.
LAPO Microfinance Agricultural Loan.
LAPO Microfinance bank in 2016 won the best bank in Agriculture under Agricultural credit Gurantee Scheme. This award was given to them by the Central Bank of Nigeria.
And Lapo Microfinance offers Agricultural loans to Individuals , organization, groups, businesses.
They give out based on the season to plant and have good repayment plans to suit you. I have to tell you to give Lapo lMicrofinance a try. This is because it is easier to get loan from them.
• Bank Of Agriculture- BOA.
And here we go, the bank of Agriculture. With a well written Business proposal you can get money from here.
BOA are to provide loans to farmers through commercial banks. If you want to grow big and go far in your Agriculture, it is worth applying for through them.