Nigeria News
CBN Agricultural Loan 2023 Application – How to Apply

Are you a Nigerian youth with dreams of thriving in the agricultural sector? Or perhaps you’re an entrepreneur eyeing the vast potential of the agricultural value chain? Look no further than the CBN Agricultural Loan 2023!
In this blog post, we’ll delve into the details of this transformative financial scheme that’s set to empower individuals and businesses in Nigeria’s agricultural landscape.
The CBN Agricultural Loan 2023: A Brief Overview
The roots of the CBN Agricultural Loan 2023 can be traced back to Decree No. 20 of 1977, and it officially commenced operations in April 1978. At its inception, the scheme boasted an original share capital of N100 million and a paid-up capital of N85.6 million, with the Federal Government holding 60% of the shares and the Central Bank of Nigeria, 40%.
Over the years, this financial initiative has evolved to meet the growing demands of Nigeria’s agriculture sector. In March 2001, the capital base of the scheme was augmented to a substantial N3 billion. One of its key functions is to guarantee credit facilities offered to farmers by banks, covering up to 75% of the defaulted amount, net of any realized security.
The Central Bank of Nigeria is entrusted with managing the day-to-day operations of the scheme, with specific guidelines outlining eligible enterprises that can benefit from the guarantees offered.
How the CBN Agricultural Loan 2023 Operates
To facilitate the implementation of the CBN Agricultural Loan 2023, a dedicated account called the ‘CBN Agricultural Loan – Non-Interest Fund’ is established with the apex bank. Non-interest deposit banks, whether full-fledged or window institutions, are required to allocate 5% of their Profit After Tax (PAT) annually to contribute to this fund.
These contributions must be transferred to the Central Bank of Nigeria within 10 working days following the Annual General Meeting (AGM) of the participating bank.
Eligible Activities Under the Scheme
The CBN Agricultural Loan 2023 covers a broad spectrum of activities within the agricultural value chain. This encompasses production, input supply, storage, processing, logistics, and marketing. Furthermore, it extends its reach to include micro, small, and medium-sized enterprises (MSMEs) in sectors such as manufacturing, ICT, mining, petrochemicals, the creative industry, and other areas as determined by the CBN from time to time.
Accessing the CBN Agricultural Loan 2023
For those eager to tap into the CBN Agricultural Loan 2023, here’s what you need to know:
1. Components of the Loan
- Debt Component: This comprises 50% of the fund and is disbursed as financing to eligible businesses through Non-Interest Deposit Money Banks.
- Asset Registration: Assets purchased through the loan must be registered with the National Collateral Registry (NCR).
- Financing Limit: Up to N10,000,000.
- Interest Rate (Mark-up): 5% per annum.
- Tenor: Up to 7 years, depending on the project’s nature and gestation period.
- Moratorium: A maximum of 18 months for the principal amount and 6 months for the markup.
2. Requirements for the CBN Agricultural Loan 2023
- Completed application form.
- Bank Verification Number (BVN).
- Certificate of Training from a recognized Entrepreneurship Development Institution (EDI) or proof of membership in an organized private sector association.
- Letter of Introduction from a reputable authority, such as a Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals and microenterprises only).
- Evidence of business name registration or certificate of incorporation, along with the filing of annual returns in compliance with the provisions of the Companies and Allied Matters Act (1990).
Target Audience: Nigerian Youth
The CBN Agricultural Loan 2023 is strategically aimed at Nigerian youth aged between 18 and 35 years. Its overarching goal is to foster collaboration between state governments, the Central Bank of Nigeria, and various stakeholders in the agricultural value chain across each state.
In conclusion, the CBN Agricultural Loan 2023 is a beacon of hope for Nigerian youth and entrepreneurs looking to make their mark in agriculture and related sectors. It not only provides financial support but also encourages sustainable growth and development in the vibrant Nigerian agricultural landscape. So, seize this opportunity, harness your potential, and embark on your journey to agricultural success with the CBN Agricultural Loan 2023!
To apply go to https://www.cbn.gov.ng/devfin/acgsf.asp
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