Agricultural Loan Grant 2020 by the Federal Government | Read How to Apply Online

Filed in Business by on April 19, 2020 18 Comments

Are you willing to embark on farming but you don’t have the financial strength? The Agricultural loan grant 2020 is a sure way to your dream. A recent report shows that Nigeria about 40 percent out of 84 million hectares of land is cultivated. The country is blessed with rich and favourable weather condition which sustains farm products such as cocoa, palm oil, cashew, rice, yam, groundnut, beans, etc.

Agricultural Loan Grant 2020

Agricultural Loan Grant 2020

To make the agricultural sector an admirable sector, the Federal Government of Nigeria has set up the agricultural loan grant to empower farmer to go into agriculture. The FG provides funds and grants for small-scale farmers to increase agricultural interest.

READ ALSO: Entrepreneurship Grant 2020 Application Form from CBN/World Bank [Apply]

The Federal Government of Nigeria has provided avenues for the agricultural loan grant. Any farmer that needs loan from the Federal Government can access the loans through the following corporate bodies:

  • CBN agricultural loan to farmers in Nigeria.
  • Bank of Agriculture loan

CBN agricultural loan grant

This loan programme was set up by the Federal Government of Nigeria to provide farmers with low-interest loans in the country. This achievement was made by the Central Bank of Nigeria (CBN) releasing about 75 million naira as loan to farmers and other corporate societies around the 36 states of the federation including FCT. The can be accessed directly from Bank of Agriculture.

Bank of Agriculture – Bank of Agriculture loan grants

The channel the Federal Government of Nigeria uses to issue agricultural loan and grant to farmers in the Bank of Agriculture. The BOA is owned by FG and the CBN and Federal Ministry of Finance as their major shareholders. The BOA is controlled by the Ministry of Agriculture and Rural Development.

READ ALSO: World Bank Grant Application Form 2020 | Apply for Grants Worth N3m to N10m

Requirement for accessing loan in Bank of Agriculture (BOA)

  1. You must have maintained a minimum customer account relationship for about 6 months;
  2. You must have made a deposit of at least 20% of the loan you require;
  3. Provide a collateral excluding land;
  4. Submit a detailed business plan.

BOA loans are negotiable and also depend largely on feasibility of your agricultural venture. More information about the loans is available at the BOA official website at www.boanig.com.

Other means of accessing agricultural loan grant

Apart from BOA, farmers can access loans from the following commercial banks. The federal government has patterned with these commercial banks to grant agricultural loans. These banks are:

  • Zenith Bank
  • Stanbic IBTC Bank
  • Union Bank
  • First Bank
  • UBA

Requirements for accessing loans through commercial banks

Farmers can access loans through commercial banks by these credit facilities which are short-term loans, medium-term loans and long-term loans. The general requirements for accessing loans through commercial banks include:

  1. Open an account with the bank;
  2. Submit a loan application;
  3. Deposit at least 10 percent of the total money you are applying for;
  4. Provide a collateral;
  5. Then submit a detailed business plan and a complete feasibility study.

READ ALSO: NCDC 2020 Recruitment Exercise Application Form and How to Apply [See Here]

To get more information about accessing agricultural loan and grant through commercial, visit any of the commercial bank branch.

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Comments (18)

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  1. chinampi askumtu mamza says:

    sir,i need loan to start a poultry and livestock farm I am a graduate of agriculture from fwu wukari taraba state. a loan of 1000,000 naira if possible sir.i am from michika local government adamawa state.see my phone number if need arise 08132753475.i waiting
    for ur respond, for due process.BOD.

  2. chinampi askumtu mamza says:

    I need loan to start a piggery farm if possibli

  3. Abdulrazak Muhammad Aliyu says:

    How can apply for business grant

  4. Dr Benjamin Scarlett Owen says:

    APPLY TODAY FOR QUICK AND AFFORDABLE LOAN WITHOUT COST OR STRESS CONTACT US NOW BY EMAIL drbenjaminfinance@gmail.com

  5. I required a grant for my fish farming business.

  6. Dr Benjamin Scarlett Owen says:

    LOAN OFFER TODAY 100% GUARANTEE LOAN WITHOUT UPFRONT OR CHARGES INVOLVED TO PAY BACK THE LOAN SECURE AND UNSECURE BY EMAIL drbenjaminfinance@gmail.com

  7. Lisa says:

    Loan offer apply now contact morexmontage@yahoo.com now

  8. Joel Jonah says:

    I need a load or grant to start agriculture bussiness

  9. Nkabu John Onyeisi says:

    I need loan to set up my poultry farm
    my phone number is 08032370770

  10. aderemi clement says:

    i need a loan to start turkey and fish farming

  11. Good morning Sir/ Ma, Am Saboh Alate Ibeimo, from Bayelsa state I need loan for my fish farming business I have 6 plot of land with 11 pounds all I need right now is money to Fess the land and money to start

  12. Linda Smith says:

    I got a loan from Mr James Clifford, his a good and legitimate loan lender, his email is: oaktreecapital@consultant.com or whatsapp: +1 (325) -242-9869

  13. Sunday Mathew Garba says:

    i am an Ms.c student with ATBU requesting for data on: loan volume, interest rate charged by BOA, and loan default volume for thirty year each in north east. my topic is for my dissertation is: the effect of inflation on agriculture financing a case study of BOA. i will be grateful if my request has been considered. thank you.

  14. Olaleye Michael ayomide says:

    I need Grant for my fish business.

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