What does it take to secure agric loans in Nigeria? Agricultural development has been a matter of serious concern to the Nigerian government. The need to augment the country’s domestic products through agriculture thus cannot be overemphasized. Many countries in the world have developed their economy to enviable degrees by cultivating lands and monetizing the products. Which puts a challenge to Nigeria year after year to move a little concentration from crude oil to agriculture.
The agricultural sector is noted as the highest employer of labor in West Africa. Yet, it is not much more than peasant farming which could barely satisfy the needs of families. These reasons and more have propelled the Federal Government of Nigeria to start agricultural grants and credit initiatives. Through the Bank of Agriculture and some other commercial Banks, the Central Bank of Nigeria (CBN) has mapped out N200 billion for agricultural interest.
These grants are suppose to cover many of these areas of farming
1. Types of Farming That Gets Agric Loans in Nigeria
Poultry: One of the most lucrative farming businesses anyone can think of getting agric loans in Nigeria for is poultry farming. This type of livestock business does not come easy. The process involves huge capital which is the reason why it is in the list of farming that can be considered for grants.
Pig farming: On the other side of meats is pork emanating from pigs. Described as the better option, but the opportunity to setup a pig farm does not come cheap. So, it stands to be considered for agric loans in Nigeria.
Cassava: Serving as one of the most versatile farm products, cassava has been in the hem of agricultural products to be developed for extensive use in Nigeria. Biscuits, Bread, etc. These are among the big products that the Federal Governments is urging investors to develop from cassava. That means, your cassava farm proposal will be considered for loan.
Rice: Undoubtedly the most imported and one of the consumed food in Nigeria that leaves the question: When will Nigeria cultivate enough to stop depending on other countries for rice sustenance? The need to develop Nigeria’s rice farm culture is obvious and welcomed. Rice farming is among the farming business that is legible for loan.
Palm tree: Before 1934, Nigeria was the highest exporter of palm nuts, a product of palm tree. Today, Nigeria is making about 18% of palm products exportation. The chance to get back to where she used to be depends on the cultivating efforts of palm tree farmers. Nigerian government has been promising loans to anyone who has interest in developing a palm tree farm.
There are so many other farm opportunities to be reckoned with. Whichever one you choose, follow the steps below to get the fund you need to cultivate it.
2. Bank Of Agriculture
The Bank of Agriculture (BOA) was established to help farmers develop their fields to any extent possible by giving low interest loans to qualified applicants.
The process of borrowing from BOA is not rigid. BOA operates at a level of direct lending, on lending, collaboration, and credit monitoring.
Requirements For Loans
Loan Rate: Microcredit Agric and collaboration- 12%.
Loan condition: Lien deposits- 20%.
Customer account relationship- 6 months.
Deposit Rate: Interest Rate 2%.
A lot of other things are negotiable, but remember; your loan credibility depends much on the evidence that you have what it takes to execute your agricultural proposal. You can reach BOA on 07042262222, 07040202222.
Agric loan is not exclusive to BOA, other commercial Banks have been partnering with the FG to assist Farmers. For instance-
3. Union Bank
This Bank offers Agricultural financing to Agribusinesses, from small to big. But the starting point is: Evidence of ownership or right to use whatever portion of land you plan to use. Then you can choose from their Loan facilities what you really want-
Short Term Loan: Which covers a short period of time, say- 1 or 2 years.
Medium Term Loan: This type of Loan exceeds the period of 1 to 2 years. Sometimes, it lasts up to 4 years due to the technicalities involved in the business it is being funded with.
Long Term Loan: This type of loan is for Agric products that take longer time to mature.
Fixed Capital: Farmers get this type of Loan to enable them establish fixed assets on their farms.
Working capital Facility: This Loan is given to enable Farmers shoulder their day to responsibility in the farm.
Whatever your objective is, these facilities will enable you to achieve it, so far you meet up with these requirements-
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- Open an account with Union Bank
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- Submit a Loan application to the branch’s Business Development Manager
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- Pay 10% of the total fund you applied for
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- State the purpose of the Loan
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- Method of your farm production
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- Yields as expected
- Your repayment plan
This setting is exclusive to individuals only. For Limited Liability companies and corporate organizations, there are only 2 steps-
Submit a loan application written with the company’s letter head to the Branch. It must be duly signed by the company’s representatives.
Submit detailed report on feasibility studies
There are other banks that offer credit facilities for farming in Nigeria, UBA, First Bank, Stanbic IBTC etc. Feel free to walk into any of the Banks and inquire of their procedure
Wats d limit of loan dat can be secured? Wats d chance dat wen one applies for loan for poultry one wld get?
Tnx plus I love ur article
that means is the banks given the loan,and bank loan na wahala.
@ peter why not take a bold step to the bank first and see if you meet the requirement. i got mine recently after reading this post and i out out well for me. one other thing is i transfer my salary account to the bank and create a relationship
At daibo may I know which bank that is
How can I apply for the loan
I am practicing community pharmacist and a long standing farmer, I currently have about 500 old layers birds to sell in Akure Ondo state , could be of any assistance for bulk sales of the birds. I have plans to restock fresh 1000 birds , can I get loan assistance.
is there any opportunity for retired civil servant to secure agricultural loan to practice farming.
I live in lusada ogun state, have interest in poutry business, i have a land of 120/90. Pls advice me on how to start and what it will take
@BLESS CLOSE TO U AT LUSADA U HV GOOD OPPORTUNITY BUT U DONT GO OUT. SM COMPANY WILL GIVE U D BIRDS AND FEEDS ND WHEN ITS 2KG THEY WILL CM AND PACK IT. AT #50/BIRDS BUT U WILL HV TO BUILD UR PEN URSELF AND HV A BOILHOLE .
Dear Daibo,
I am a poultry farmer in owode Ado/Odo road. I will be interested to meet this company. can you give me their contact info through my mail address.
is this price negotiable?
regards.
Hi Daibo,
Could you please mention some of the companies so that interested people can take advantage of it.
Thanks
@ Daibo, please I ned the name and the address or contact of this company that will give me day old chicks and collect later .
Please, Please and please I need the contact badly.
Iam a civil servant displaced by BHT from Monguno to Maiduguri now.
Which bank will i go to access loan? because i plan to farm at my home town Chibok this year.
ANNOUNCEMENT TO THE FEDERAL REPUBLIC OF NIGERIA
THEFEDERAL GOVERNMENT IS GIVING OUT AGRIC LOAN TO FULLTIME FARMERS AND BUSINESS MEN WITH A LITTLE PERCENTAGE AND INTEREST IF YOU ARE INTRESTED CONTACT MR. FEMI CBN FINNACE COOPRATIVE OFFICER. GOD BLESS NIGERIA.
good day,
How do we contact mr. Femi in CBN Finance Cooperative Officer? How do we authenticate this information?
regards.
Am interestest pls sent me mr femi contract
I have 185 acre of land I want to start farming on it ,how can I get a loan to start?
I so much love poultry farming but I don’t have a land and the finance to start up. Can the bank help with starting me up?
Hello Prince Adejuyigbe, where is ur land located and can You sell out some acres?
is Diamond Bank PLC one of the representing banks?
@Daibo.. Please, can you give one example of the company, and their location that sells DOC and feeds and get back to buy the chicks when they attain 2kg? Thanks.
Am into plantain farming and l have planted 21 acres with plantains 11,0000 stocks need more money plant buy another acres for maize ,and future poultry farming.how do obtain the loan.Is zenith bank among the banks for the Agric loan.
Hi. Does BOA or Union Bank give these loan for start up? Really yearning for it.
I need loan to setup website IT firm that will create jobs opportunity in Nigeria i have the technical no how and I only need finance Awua Joseph Biemdoo, website developer,Network engineer and programmer
Hi am JEY, based in Abuja.
My interest is Tilapia Fish Farming, pls I need details on this venture as to all aspect of feasibility to execution.
I’d appreciate anyone with hands on experience so I may also visit the farm as the need arises.
Thanks for your usual cooperation.
what about plantain plantation farming
what loan is available for one
Pls,where can I get Bell apple seed at Ilorin, tell me can it be planted at Ilorin Kwara state. Thanks
this is a vary nice program
What a sweetable information!!!
Help to share it with others as u feel exitement.
I have a fish pond that has a capacity to take up to 2000 fishes, well secured, but the greatest challenge I have is how to maintain my fish to table size without any issues of feeds shortages. Now the pond is empty and I’m stranded. Pls how can FG help me to continue with this business .
i stared poultry at home and i really like it i want to expand it but i don really have capital to expand it i really like the farming but no capital and i have a very good land where i can build it and go on with business if the capital is available. i really need help. direct me please if possible where the capital with come from.
what are process for get this loan
How can i apply for the loan
How many people neding?
How. Can i apply
I Am Young Teacher Having Interest In Agricultural Bussiness Am Already In Poultry Keeping Before And Now am embark in production of Plantain Now And I Have Three To Five Hectare Of Land,can I Get Loan For These And How To Get Loan,to boost it.
how can i get loan fg to start fish farming 0
how can i get loan fg to start fish farming 0
Continued to help may business in may area
I have 12 acres of land Iam into cassava and palm tree I need a Loan
Am interested in farming, and i have started since last two years and i need fund to improve more in it.
Thanks you bank of agriculture Nigeria. Really you are helping poor people with your system, we are said God bless you!
Up up Nigeria.
How can I get fund to start fish pound business? I have land in my house
Pls is the 10% subjected to refund if the loan application was not granted.
am in to snail farming plz i need loan to improve.
Am into livestock farming and vegetables vegetation,l need loan to improve and enlarge my products
I need loan to increase my vegetable vegetation business. I lived in Ikorodu, Lagos State. I have about 10 years experience, Guarantor/Collaterials are available.
pls. i need the loan of egge production to poultry farms
Am Lenyie, a pastor I want to into agriculture and create jobs for people, by venturing into it,eg,poultry farming and cassava processing, how do I get loan to start,I have,lands,and in my compound enough space,am a rivers man thanks.
Epoyun adetola,i am a poultry farmer i need loan to support my farm
how can i get the loan, after open account?
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Am interested how can I apple
Where is your physical address in Nigeria so we can verify your assertions. No games yoeah!.
How can i apply, i need agric loan
Frank Gold am interested how can i apply
please how can i reach u, i have the structures already that can contain up to 20,000 birds. Just need money for the birds and feeding. i need loan that i will pay back within 2-3yrs time
please, I am into poultry farming but I have been renting or leasing space for my operation. Must often, the space owners always wanting to take up the space as soon as they see my Chickens growing radiantly. Please, I need loan now to buy my own land
Where and who can give me loan on long time basis.
Apart, I will like to work with the company that gives out Day old chicks and buys back after attaining 2kg. Thanks
Kindly give out the contact. We need to check your claims. Regards.
I really interested on plantain and banana plantation farm , I have lands for the purpose but no much more money I based at enugu really need this loan
How can I get this loan?
I m a shoe production in masaka karu nasarawa state and I need help from Nigeria government and to employed some people to work as a staff.
pls i need good capital for my poultry farm
How can i apply loan fm boa, am into palm oil production
I just established my company and is registered as business for agricultural produced but I saw what was written that limited. and am looking for this opportunity to start my business on rice production can business name be part of the opportunity. how can I apply for agricultural loan.thank you.
if you are interested in on going federal government Agric loan, contact the office email: federalloan.gov@hotmail.com.
this is real, i have gotten mine and i feel it will help you too. Usman is my name
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I need to do rice farms