₦5M CBN Agricultural Loan Begins! : Careersngr

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₦5M CBN Agricultural Loan Begins!

Filed in Loans & Grants by on February 6, 2023

Looking for (N5,000,000 to N50,000,000) CBN Agricultural Loan Begins? as you read, we are going to show you how you, too, can access the CBN loans offered by the Federal Government.

The Agricultural Credit Support Scheme (ACSS) is an initiative of the Federal Government and the Central Bank of Nigeria with the active support and participation of the Bankers Committee. The Scheme has a prescribed fund of N50.0 billion.

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ACSS was introduced to enable farmers exploit the untapped potentials of Nigeria’s agricultural sector, reduce inflation, lower the cost of agricultural production (i.e. food items), generate surplus for export, increase Nigeria’s foreign earnings as well as diversify its revenue base.

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At the national level, the scheme operates through a Central Implementation Committee (CIC) while at the Federal Capital Territory (FCT) and State levels, the Scheme operates through State Implementation Committees (SICs) instituted to ensure that the objectives of the scheme is realized without hindrance.

To access loans under ACSS, applicants (practicing farmers and agro-allied entrepreneurs with means) are encouraged to approach their banks for loan through the respective state chapters of Farmers Associations and State Implementation Committees.

However, large scale farmers are allowed under the scheme to apply directly to the banks in accordance with the guidelines.

ALSO READ: ₦500,000 CBN loan by FG Begins

ACSS funds are disbursed to farmers and agro-allied entrepreneurs at a single-digit interest rate of 8.0 percent. At the commencement of the project support, banks will grant loans to qualified applicants at 14.0 per cent interest rate.

Applicants who pay back their facilities on schedule are to enjoy a rebate of 6.0 per cent, thus reducing the effective rate of interest to be paid by farmers to 8.0 per cent.

The Implementation Guidelines will be determined administratively as soon as a decision is taken on the proposed fund.

(N5,000,000 to N50,000,000) CBN Agricultural Loan 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 here:

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