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How To Get Agric Loan in Nigeria: Ways Farmers Access Agricultural Loans
Development in Agriculture is a serious issue for the Nigerian government. The over-dependence on oil revenues is what is currently weakening the Naira daily because of the recent crash in price of a barrel of crude oil in the international market. The agricultural sector which is un-arguably the largest employer of labour in Africa is needed to diversify the economy.
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Every year, through the Bank of Agriculture and some other commercial banks, Central Bank Of Nigeria (CBN) releases around 200 Billion Naira in agric loans to help solve the problem of capital in farming business across the country especially for small and large scale farmers.
These grants are suppose to cover many of aspects of farming such as fish farming, poultry farming, snail farming, pig farming, oil palm farming, cotton farming, cassava farming, rice farming etc.
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To get an agric loan, visit your state's branch of Bank Of Agriculture (BOA) to make inquiries on what is needed to apply for it. The last time, I visited, you must have banked with BOA for six months and contributed/saved not less than twenty percent of the amount you want as loan. For new customers, you cannot be given loans above #150,000.
If you are interesting in getting agric loans for your existing farm, you must have documented records of every income and spending. For a new farm, a solid business plan is a non-negotiable requirement.
One of the surest way to access agric loans is through Agric cooperative societies. Loans through agricultural co-operatives are not given on individual basis but as grants to the organisation itself which then share it out based on contributory payment. Try to locate FADAMA in your local government.
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Another source of loans for agribusiness is Youth Business Initiatives but they will rather buy farm materials and inputs as loan instead of giving you raw cash.
Some commercial banks in Nigeria ( like UBA, FirstBank, Stanbic IBTC etc) offer credit facilities for farming. Just walk into any of their branch ans ask for the procedures involved.
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