Nigeria News
CBN Agricultural Loan 2023 Application – How to Apply
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
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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.
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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
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- Tenor: Up to 7 years (depending on the nature/gestation period of the
project) - 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 searchngr24@gmail.com and we would give you a reply in a jiffy.
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Olajide Moses Olusola
Friday, 2 September 2022, 3:18 at 3:18 pm
I am a farmer, a catfish fish and livestock farmer, pls I 2500000.00 naira for expansion. My Bank is GTBANK no 0030547042
Olajide Moses Olusola
Friday, 2 September 2022, 3:08 at 3:08 pm
I need Agric loan to expand my farms and catfish production.
Godwin Asema
Tuesday, 19 July 2022, 11:02 at 11:02 am
I’m Godwin Asema from Makurdi Benue State..I need a capital loan of between 1m to 2m to start up my farm business please..2064340685-UBA.. Thanks
Godwin Asema
Monday, 18 July 2022, 3:18 at 3:18 pm
I’m Godwin Asema from Gboko Benue State..I need a start up capital of between 1m to 2m, to begin my agro business.. Account details:2064340685-UBA, Godwin Asema.. Thanks
Godfrey Albert Isaac
Thursday, 14 July 2022, 12:08 at 12:08 pm
My name is Godfrey Albert Isaac, I need load to facilitate my business to the maximal height. I need about #35,ooo,ooo naira only to work things out. Thanks for your cooperation.
Access Bank: 0076168623
Godfrey Albert Isaac
John oluwayomi
Wednesday, 13 July 2022, 1:24 at 1:24 am
I am Mr John from Akoko ondo state i one million to two to help my farm Rice
Mujahid abdulhadi
Tuesday, 28 June 2022, 10:43 at 10:43 pm
I am by name mujahid abdulhadi,
I need some money to continue my farm, I need like 500,000 to 1,000,000. pls
Thank you sir.
Mujahid abdulhadi
Tuesday, 28 June 2022, 10:46 at 10:46 pm
Account number: 0011558637 jaiz bank mujahid abdulhadi thank you so much.
SOLOMON ADEDIGBA
Tuesday, 21 June 2022, 8:34 at 8:34 am
HOW CAN SOMEONE APPLY FOR THE AGRICULTURAL LOAN? OR HOW CAN I GET PARTNER THAT CAN FINANCE MY FARM PROJECT. 07053422845
Ogunjobi olajide adeniyi
Tuesday, 21 June 2022, 3:28 at 3:28 am
My name is ogunjobi olajide adeniyi am from Ondo state I need money for life stuck, pls Nigeria cbn should help me out sir I need up to #2.500,000 this is my account number 2165470830 uba bank ogunjobi olajide adeniyi
Anas
Sunday, 5 June 2022, 9:56 at 9:56 pm
My name is Anas I interested working agriculture
Ajeibi Johnson oche
Tuesday, 10 May 2022, 11:55 at 11:55 am
My name is ajeibi Johnson oche I have 1 actress of land I want to farm rice I need this loan
Ibrahim joseph
Tuesday, 26 April 2022, 8:51 at 8:51 am
My name is ibrahim joseph
Am form Abuja I need money to
Strate my buissness ples day Nigeria CbN should help me out
I really won’t to strate my buissness sir please I need like 800,000 sir my account number is
0148710910 ibrahim joseph
Michael tochukwu Usulor
Tuesday, 22 March 2022, 2:11 at 2:11 pm
usulortochukwu@gmail.com
Aliyu Mohammed
Saturday, 20 March 2021, 4:44 at 4:44 pm
I need a some money for my farm, and I have a rice farm of 27her of land