September 18, 2021

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GUIDES FOR ACCESSING THE 2021 CBN FARM LOAN

The 2021 Agricultural Loan of the Central Bank of Nigeria (CBN) was established by Decree No. 20 of 1977 and began operations in April 1978. Its original share capital and paid-up capital were N100 million and N85.6 million respectively. The federal government owns 60% and the Central Bank of Nigeria 40% of the shares.

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The capital base of the Plan was increased to N3 billion in March 2001. The Fund guarantees credit lines extended to farmers by banks up to 75% of the amount in default net of any guarantees made. This fund is managed by the Central Bank of Nigeria, which manages the day-to-day operations of the regime. The Guidelines define the eligible companies for which guarantees could be issued under the Plan.

Log in https://www.cbn.gov.ng/devfin/acgsf.asp

This is how the 2021 CBN Agricultural Loan works

  • The CBN would create a fund known as “CBN Agricultural Loan – Interest Free Fund” it will be domiciled in a dedicated account with the apex bank.
  • Each bank without interest deposit (for all intents and purposes or window) had to annually set aside 5% of its profit after tax (PAT) as a contribution to the Fund.
  • Each interest-free deposit bank also had to transfer its contribution to the CBN no later than 10 business days after the participating bank’s Annual General Meeting (AGM).

Eligible activities under the program are enterprises along the agricultural value chain, covering production, supply of inputs, storage, processing, logistics and marketing.

Others included MPMIs in the real sector, including manufacturing, ICT, mining, petrochemical and creative industries, as well as other activities that the CBN may determine from time to time.

GUIDES FOR ACCESSING THE 2021 CBN FARM LOAN

The Fund’s application will be divided into three broad components. They are components of debt, equity and development.

CORONATION ANNOUNCEMENTS

The debt component will constitute 50% of the fund which will be disbursed as a loan to eligible companies through Interest-Free Depositary Banks.

Purchased assets must be registered with the National Collateral Registry (NCR).

  1. Funding limit: N10,000,000
  2. Surcharge: 5% per annum

CORONATION ANNOUNCEMENTS

  1. Content: Up to 7 years (depending on the nature / gestation period of the
    project)
  2. Moratorium: maximum 18 months for the capital and 6 months for the top-up.

THE REQUIREMENTS FOR THE 2021 CBN AGRICULTURAL LOAN

  1. Application form duly completed.
  2. Bank Verification Number (BVN).
  3. Training certificate issued by a recognized institution for the development of entrepreneurship (EDI) or proof of membership in an organized private sector association.
  4. Letter of introduction from one of the following: clergy, village chief, district chief, traditional ruler, senior official, etc. (only for individuals, micro-enterprises).
  5. Proof of company name registration or deed of incorporation and submission of annual returns (where applicable) in accordance with the provisions of the Companies and Allied Matters Act (1990).

The CBN AGRICULTURAL LOAN 2021 is aimed at young Nigerians between 18 and 35, seeks to promote interaction between state governments, CBN and other stakeholders in the agricultural value chain in each state.

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