HOW TO SECURE AGRICULTURAL LOAN IN NIGERIA

What does it take to secure agric loans in Nigeria? Agricultural development has been a matter of serious concern to the Nigerian government. The need to augment the country’s domestic products through agriculture thus cannot be overemphasized. Many countries in the world have developed their economy to enviable degrees by cultivating lands and monetizing the products. Which puts a challenge to Nigeria year after year to move a little concentration from crude oil to agriculture. The agricultural sector is noted as the highest employer of labor in West Africa. Yet, it is not much more than peasant farming which could barely satisfy the needs of families. These reasons and more have propelled the Federal Government of Nigeria to start agricultural grants and credit initiatives. Through the Bank of Agriculture and some other commercial Banks, the Central Bank of Nigeria (CBN) has mapped out N200 billion for agricultural interest. These grants are suppose to cover many of these areas ...