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) released the mechanism for disbursement of N432 billion non-interest loans to farmers. This is the current news on this subject matter. The mechanism to be used will ensure that so many farmers qualify. And obtain a non-interest loan to boost their farm work. This is Non-interest loans: C.B.N. disburses N432b to Selected farmers

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.

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 rescheduled to receive N432b non-interest CBN loans

Furthermore, the Apex Bank announced that the work on the Non-Interest Financing Document had been concluded. It added that it would soon issue a policy guideline detailing how farmers with alternative finance biases might apply and benefit from their agricultural program.

MSMEs, ABP & TCF To Benefit: Non-interest loans: C.B.N. disburses N432b to Selected farmers

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 are some of the commodities to be sponsored.

Nine Agro-commodities financed: Non-interest loans: C.B.N. disburses N432b to Selected farmers

These were revealed by Isaac Okorafor, CBN’s Director of Corporate Communications. And Yila Yusuf, Director, of the Development Finance Department, 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 the non-interest window for funding.

How we help pre-qualify you for the loans: Non-interest loans: C.B.N. disburses N432b to Selected farmers

For every loan there are requirements such as;

• Formal Application,
• Business plan,
• Name of Applicant/business name,
• eligibility criteria

This is where we can be of help to you. Many times applicants are 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 coronavirus on individuals and small businesses. Okorafor noted – that the bank was determined to drive the economy to ensure consecutive quarters of negative growth were 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 was 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, in the heat of the global lockdown during which Nigeria was locked up.

The silos’re closed by some major staple-producing countries. These rice and the export of those goods from the shores of their respective countries were halted. Just keep on reading Non-interest loans: C.B.N. disburses N432b to Selected farmers

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 – Non-interest loans: C.B.N. disburses N432b to Selected farmers

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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• ask for training for the AGSMEIS and other loans.

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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 authorized 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, the 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 is also committed to increasing loan offers to society. This will be based on defined values and systems which greatly exceed their expectations.

We have found a good partner in you. And this has to do with the value for mutual gain you can bring to the table. And will continue to work closely with you to increase the partnership we have developed over time. This is Non-interest loans: C.B.N. disburses N432b to Selected farmers

“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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