How Secure Interest-Free Agric Loan in Nigeria?
I’m a farmer and own a palm plantation (inter-cropped with cassava) in Ebonyi. i’m looking forward to expanding my business but i need some kind of funding. how can i access the federal govt interest-free agricultural loan?
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Last year, it was all over that The Central Bank of Nigeria (CBN) approved
the disbursement of about N75billion as loan to
farmers in the 36 states and the Federal Capital
Territory (FCT) under the Nigerian Incentive-
Based Risk Sharing in Agricultural Lending
That was all we heard. The requirement, process and even testimonies of people that successfully acquired the loan is not known.
I don’t think it’s still functioning because so far, no one that I have seen or known or heard of has come out to say he or she got the loan.
I will advice you to get loan from elsewhere although with interest. The payment of the interest should not be a problem since you are going to make profits from your farm. And you are confident in what you are doing.