Here’s how you can apply for CBN Agricultural Loan of (N5,000,000 to N50,000,000), are you under the category of entrepreneurs that can apply for the Fund? If yes, make sure to approach Participating Financial Institutions (PFIs) of your choice and apply for the Fund.
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As part of its developmental role, the Central Bank of Nigeria (CBN) in collaboration with the Federal Ministry of Agriculture and Water Resources (FMA&WR) established the Commercial Agriculture Credit Scheme (CACS) in 2009 to provide finance for the country’s agricultural value chain (production, processing, storage and marketing).
Increased production arising from the intervention would moderate inflationary pressures and assist the Bank to achieve its goal of price stability in the country. The primary objectives of the Scheme are to:
- Fast-track the development of the agricultural sector of the Nigerian economy by providing credit facilities to large-scale commercial farmers at a single-digit interest rate;
- Enhance national food security by increasing food supply and effecting lower agricultural produce and products prices, thereby promoting low food inflation;
- Reduce the cost of credit in agricultural production to enable farmers exploit the untapped potentials of the sector; and
- Increase output, generate employment, diversify Nigeria�s revenue base, raise the level of foreign exchange earnings and provide input for manufacturing and processing on a sustainable basis.
Application forms under the Scheme are obtainable from various branches of participating banks throughout the country. The various forms normally completed in the operation of the Scheme by banks can be downloaded.