How To Get Agricultural Loan In Nigeria: A Brief Guide
It is no news that due to the global crashing of oil price and the current economic situation in Nigeria, citizens are looking for ways to survive the situation and one of the ways they do that is venturing into agriculture. And for those that had tried their hands in agriculture, it had proven to be very lucrative and addictive. However, venturing into agriculture is not easy, you need capital to start and grow in it and getting this capital can be difficult.
Even though the Central Bank of Nigeria (CBN) released about N200 billion to fund agriculture, many people still don’t know how to have access to this money. If you are a farmer and you are looking for how to get loan for your farm business, worry no more as this article would show you how to access loan for your Agric based business.
First, it is important you know that not all agricultural ventures can be used to access this loan. Some wouldn’t even pass the review stage, so it is better you venture into the farm business that will get you the money from the bank to start your business. Some of these includes Maize farming, rice farming, cassava farming, cocoa farming, snail farming, poultry farming, fish farming, etc.
To get the loan as a farmer, visit your states branch of Bank of Agriculture (BOA) and ask for the requirements for accessing the loan. However, you need to know that you might be lucky to collect it if you have been banking with them for at least 6 months and also have saved at least 20% of the amount you intend to loan from the bank. The interest rate is 12% when you get to the bank, you will get briefed on the requirements.
Conclusively, it is important you have a good business plan as that would be one of the most important thing that will make or break your chance of getting the loan.