Non-interest loans: C.B.N. disburses N432b to Selected farmers
This is how to get Non-interest loans: C.B.N. disburses N432b to Selected farmers. You can apply now. In fact, the Central Bank of Nigeria (CBN) releases the mechanism for disbursement of N432 billion non-interest loans to farmers. This is the current news on this subject matter. Mechanism to be used’ll ensure that so many farmers qualify. And obtain the non-interest loan to boost their farm works.
So, are you a farmer interested in boosting your farm production? In fact, do you need to get into mechanized agriculture? This opportunity is for you. This post gives details about how you will go about obtaining this loan. In fact, the mechanism to be used is highlighted here. So, please read on.
- 1 CBN Releases N432B for Non-interest loans: C.B.N. disburses N432b to Selected farmers
- 1.1 MSMEs, ABP & TCF To Benefit:
- 1.2 Nine Agro-commodities financed:
- 1.3 CBN 2021 Agricultural Programs – Non-interest loans: C.B.N. disburses N432b to Selected farmers
- 1.4 NIRSAL Micro-Finance Bank (NMFB)
- 1.5 Loan Recovery Plan:
- 1.6 A Good Partner for Non-interest loans: C.B.N. disburses N432b to Selected farmers
- 1.7 Share this:
- 1.8 Like this:
CBN Releases N432B for Non-interest loans: C.B.N. disburses N432b to Selected farmers
As a matter of fact, the Central Bank of Nigeria (CBN) will soon release the mechanism for the disbursement of some N432 billion non-interest loans to farmers. This is as part of efforts to further incorporate non-interest finance into the national financial system and boost the agricultural development agenda of the country. Nigerian farmers re scheduled to receive N432b non-interest CBN loans
Furthermore, the Apex Bank announced that the work on the Non-Interest Financing Document hd been concluded. It added that it would soon issue a policy guideline detailing how farmers with alternative finance biases might apply nd benefit from their agricultural program.
MSMEs, ABP & TCF To Benefit:
In fact, the CBN indicated that the loans would be channeled to help – households and micro, small and medium enterprises (MSMEs) – impacted by the COVID-19 pandemic through the Anchor Borrowers’ Program (ABP) and the Targeted Credit Facility (TCF).
In addition, the Apex Bank also said it plans to finance nine commodity value chains to the tune of N432 billion in the 2020 wet season. Among others, rice, maize, livestock, fish, oil palm, cowpea and poultry re some of the commodities to be sponsored.
Nine Agro-commodities financed:
These wre revealed by Isaac Okorafor, CBN’s Director, Corporate Communications. And Yila Yusuf, Director, Development Finance Department, who jointly represented Mr. Godwin Emefiele, CBN Governor, at a stakeholders’ meeting to review the achievements reported under the ABP and the 2020 agricultural wet season strategies.
The development of a non-interest window, according to Okorafor, followed appeals from concerned stakeholders. This is for farmers across the country to also be considered under non-interest window fr funding.
How we help pre-qualify you for the loans”:
For very loan there are requirements such as;
- Formal Application,
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- Name of Applicant/business name,
- eligibility criteria
This is where we can be of help to you. Many a times applicants re confused and would do the wrong thing. But, if you contact us, we will help you qualify and obtain the loan.
CBN 2021 Agricultural Programs – Non-interest loans: C.B.N. disburses N432b to Selected farmers
Okorafor said the bank ws committed to actively financing its agricultural programs in the 2021 agricultural wet season. And encouraging farmers along selected crop value chains to prevent the country from falling into a recession. As is currently – being experienced in some of the world’s major economies.
Speaking about the bank’s Targeted Credit Facility (TCF) aimed at alleviating the effect of the corona virus on individuals and small businesses. Okorafor noted – that the bank was determined to drive the economy to ensure consecutive quarters of negative growth wre not encountered in Nigeria.
NIRSAL Micro-Finance Bank (NMFB)
According to him, Emefiele had directed both the apex bank’s Development Finance Department and the NIRSAL Micro-Finance Bank (NMFB) to expedite the approval process for loans intended to help restore businesses and livelihoods.
Yusuf said in his remarks that the target for the 2020 agricultural wet season was to advance approximately N432 billion in the value chains of nine commodities via the participating banks.
He noted that, it was projected that, over 1.1 million farmers, farming over one million hectares of farmland will be affected. These would benefit from loans that would help generate 8.3 million metric tons of cumulative production.
The focus for the 2021 wet season, he says, is to ensure the provision of improved seeds. This is in order to enable farmers to return to their farms. He pointed out – this is to ensure every player along the entire value chain, from farmers to processors, was funded. The CBN implemented the value chain strategy across all commodities.
Again, he said, ABP funding from the bank for the 2020 season was the highest since the program ws launched in 2015. He added that this was very significant considering the achievements reported in the 2019 season. That contributed to shielding Nigeria from any food shortages. Particularly rice, inthe heat ofthe global lockdown during which Nigeria waslocked up.
The silos’re closed by some major staple producing countries. These’re rice, and the export of those goods from theshores of their respective countries washalted.
Present at the conference were – for Non-interest loans: C.B.N. disburses N432b to Selected farmers
- The Presidents of the Rice Farmers Association of Nigeria (RIFAN)-Alhaji Alhaji Aminu Goronyo;
- National Cotton Association of Nigeria (NACOTAN)-Mr. Anibe Achimugu;
- Nigerian Maize Association (MAN);
- Nigerian Maize Association (MAAN)-Alhaji Bello Abubakar;
- And Nigerian Maize Growers, Processors, and Marketers Association (MAGPMAN)-Dr. Edwin Uche.
All testified at the conference.
Every new or existing business needs assistance to
- generate a profitable business idea for start-up or for expansion,
- manage its accounting and tax matters,
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For those in agribusiness we prepare you for exports of your produce. We have online export manuals for ginger, garlic, cocoa butter,sesame seed and many more.
Loan Recovery Plan:
Though pledging to support the continued implementation of the ABP to generate jobs and wealth. They pledged to ensure the prompt recovery of the loans earned by farmers in order to maintain the program.
Meanwhile, through the CBN Commercial Agriculture Credit Scheme (CACS) Program for the Nigerian Farmers Community . And Cooperative Society, Keystone Bank has authorised the amount of N500 million (NFGCS).
A Good Partner for Non-interest loans: C.B.N. disburses N432b to Selected farmers
Yesterday in Ga’ate, Nasarawa State, Divisional Manager, North and Public Sector Directorate was present. The, Keystone Bank Plc officer, Akinsanmi Falaki, at the final inspection tour of the NFGCS farm settlement. Akinsanmi Falaki – the bank’s also committed to increasing loan offer to society. This will be based on defined value and systems which greatly exceeded their expectations.
We have found a good partner in you. And this has to do with the value for mutual gain you can bring on the table. And will continue to work closely with you to increase the partnership we have developed overtime.
“This is my third farm visit in my entire life. But considering the size of the infrastructure here, I have never seen anything like this,” Falaki said.
What about your palm plantation, palm oil processing business and rice mills business plans?
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