The CBN Agricultural Loan 2023 – was established by Decree No. 20 of 1977 and started operations in April 1978. Its original share capital and paid-up capital were N100 million and N85.6 million, respectively. The Federal Government holds 60% and the Central Bank of Nigeria, 40% of the shares.
To apply go to https://www.cbn.gov.ng/devfin/acgsf.asp
TRENDING NOW on searchngr.com
- MARDSPACE (AFJP) 2022: Registration of Farmers Ongoing – See How to Apply
- COVID-19: FG to Give 1m Households N5000 Monthly Cash Transfer for 6 Months – Apply
- Apply for CBN Manara Loan 2022 – Application Portal (Non-Interest Loan)
- Japan International Award for Young Agricultural Researchers (Japan Award) 2021
- Apply for Ebbe Nielsen Challenge 2021 (Up to €20,000 in prizes)
The capital base of the Scheme was increased to N3 billion in March 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75% of the amount in default net of any security realized.
The Fund is managed by the Central Bank of Nigeria, which handles the day-to-day operations of the Scheme. The Guidelines stipulate the eligible enterprises for which guarantees could be issued under the Scheme.
How the CBN Agricultural Loan 2023 works
- The CBN would create a Fund to be known as the ‘CBN Agricultural Loan – Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.
- Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as a contribution to the Fund.
- Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.
Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics, and marketing.
Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals, and the creative industry as well as other activities as the CBN may determine from time to time.
How to access CBN Agricultural Loan 2023
The application of the Fund shall be categorised into three broad components. They are debt, equity, and developmental components.
The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.
Asset purchased shall be registered with the National Collateral Registry (NCR).
- Financing limit: N10,000,000
- Mark-up: 5% per annum
- Tenor: Up to 7 years (depending on the nature/gestation period of the
- Moratorium: Maximum of 18 months for the principal and 6 months on the markup.
Requirements for CBN Agricultural Loan 2023
- Duly completed application form.
- Bank Verification Number (BVN).
- Certificate of Training from a recognised Entrepreneurship Development Institution (EDI) or evidence of membership of an organised private sector association.
- Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only).
- Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
The CBN Agricultural Loan 2023 is targeted at Nigerian youth between 18 and 35 years and seeks to promote interaction among state governments, the CBN, and other stakeholders in the agricultural value chain in each state.
For more information regarding the CBN Agricultural Loan 2023 kindly send us a message via firstname.lastname@example.org and we would give you a reply in a jiffy.
Technology2 days ago
Make Free Call While the Receiver Pays on MTN – Dial this Code Before Calling
Technology2 days ago
Get 900MB FREE on MTN (Please Follow Instructions Carefully)
Education1 day ago
Jamb Portal 2023 – eFacility Portal Login
Entertainment1 day ago
Netnaija Movies 2023: Download Movies, Series and more
Education8 hours ago
JAMB Reprint 2023 – Check Date, Venue and Time
Technology1 day ago
Top PHP Frameworks for Agile Application Development in 2023
Technology2 days ago
Starlink Nigeria – Specs, Data Plan & How to Buy 2023
Scholarship2 days ago
Apply for Brunei Darussalam Scholarship 2023 for Foreign Students