How To Access And Get Agric Loans In Nigeria

The daily decline in the Nigerian economy has driven the country to take agriculture more seriously than ever before. Irrespective of this public clamour for farming, a lot of farmers in Nigeria still have a large problem getting access to agric loans, despite the fact that the Central Bank of Nigeria (CBN) has allocated about 200 billion Naira to fund the agricultural sector. While this may be a major mishap, it also means that funding is now available for every farmer or investor looking to expand or get into the sector.

The first problem farmers experience is not getting the loan, but being informed on how to properly gain access to the agricultural loan. This has led to growing concerns in the country, with many farmers stipulating that they have no access to the agricultural loan facilities being disbursed.

The purpose of this article is to show you exactly what it takes, what to do, and how to approach the proper financial and government institutions to secure a loan for your agricultural business.
The first thing you need to know is the type of agricultural businesses that have access to the agric loans. While some do, others don’t. Some of the agricultural products that can give you access to agric loans in Nigeria are: cassava farming, fish farming, poultry farming, cotton farming, oil palm farming, pig farming, maize farming, rice farming, snail farming, and a lot more.

The next step is you need to visit your state’s Bank of Agriculture (BOA) to know the full agric loan requirements, and how you can proceed with your application for a loan.

Some things you need to know about the loan is; before you can gain access to the agricultural loan from your state’s Bank of Agriculture (BOA), you need to have banked with them for at least 6 months. You must also have saved at least 20% of the amount you intend to loan from the bank. Also, the loan rate for the micro credit agricultural loan is usually 12%. When you visit your state’s Bank of Agriculture (BOA), you can get more detailed information on how to apply for the loan. If you don’t have time to visit your local Bank Of Agriculture (BOA) branch, you can call the BOA on 07042262222 or 07040202222.

It’s important to know that it’s not only the Bank Of Industry that is giving agric loans. Some commercial banks too do, but through the federal government and other bodies. Some banks that are offering agricultural micro-loans for farmers in Nigeria are Union bank, United Bank For Africa (UBA), Stanbic IBTC, First Bank, some other banks, and several micro-finance banks. These loan institutions will require that existing farmers present a financial statement showing their income statements so far. New farmers would need to present a viable business plan for the bodies to review. Being a part of FADAMA, and/or applying for Youth Based Initiatives loans are also a great way to get agricultural loans in Nigeria.

These methods to access and get agric loans in Nigeria is perfect for anyone looking to either expand his farm, or start up an agribusiness.

I hope this article answers all your questions.
Source:Startup Tips Daily

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Pls,help me out to get agric loan

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need softloan to finance my rice farm project. Though I applied for AGMEIS loan but is getting to late. Its planting season already. If you can help how/where to get d loan will be appreciated

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I need a finance to control weeds from my farm rice.

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Help me to get access to loan

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i will like to know more about agric loans and what requirements do bank of Agriculture do require from applicants

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Hello @Tunde15, @SirAyede, @Maintain, @Elvisn, @okeking2001, You can go through the https://www.agricsquare.com/Fund to find the available funds you can apply for.

Thanks.

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I need loan to work in my farm

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Hello Nancy, You can check through our #Agriculture-Funds category here- #Agriculture-Funds. Click through to see if there are any you can apply for.

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Great information I will also like to get an Agric loan… but must I go back to my state to do that?

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No, You can work into any bank that has the agribusiness department and apply for a loan if you meet the requirements. Read through this post below for more info.

As a beginner, is there anyone that could help in writing a business plan for fish farming thanks.

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Hello @Joseph_Akapo The following articles below can be a guide for your fish farming business plan …Read through

Let’s know if this helps… Thanks

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Hello Joseph,can you let us chat on whatsapp on 08034030244. I will make it as simple as possible for you. Regards.

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I need money for my farm

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Can someone assist me, I need a loan for my pig farm. Nothing much really, I’ve been to BOA in my state, their requirements are somewhat difficult and tedious. It takes time also and there’s no guarantee you’ll be given the loan.
I’m starting with the little money I have coz the best way to get something done is to start. I need fast loan, with good repayment plan.

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Please I’m into fish farming productions, since I’ve gained the knowledge from NIORM as far back as 2012 during GJE second regime as part of Yaradua project .
After a while my state government left us behind the whole planned. If I can still get the chance to get loan from the government, I can work and produce in large quantities and the same time if I can get a land to cultivate on. I’m a young Nigerian with great ambition.
My State is, Ondo State
My Local Government is, Ondo East.
I’m young and ready to serve my father land.

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Yes if are serious contact me. 07084939271

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have you found any that can help?

Hi @femijumo… You can check through our #Agriculture-Funds category here- #Agriculture-Funds. Click through to see if there are any you can apply for.

Let’s know if this was helpful…:+1:

1 Like