Nirsal facilitates n102 b agric loans
A very specific topic!
NIRSAL (Nigerian Incentive-Based Risk Sharing System for Agricultural Lending) is a Nigerian government agency established to facilitate agricultural lending in the country. One of the ways it does this is by providing guarantees to banks and other financial institutions to encourage them to lend to farmers and agricultural businesses.
The N102 billion Agric Loans is a specific program initiated by NIRSAL to provide funding to farmers and agricultural businesses in Nigeria. The program is designed to support the growth of the agricultural sector in Nigeria by providing financing to farmers and agricultural businesses at a competitive interest rate.
Here are some key features of the N102 billion Agric Loans program:
- Loan Amount: The program provides loans ranging from N1 million to N100 million to eligible farmers and agricultural businesses.
- Interest Rate: The interest rate on the loans is 9% per annum, which is competitive compared to other loan options available in the market.
- Tenor: The loan tenor is up to 7 years, which provides farmers and agricultural businesses with a longer repayment period.
- Guarantee: NIRSAL provides a guarantee to the banks and financial institutions that lend to farmers and agricultural businesses under this program, which reduces the risk of default and makes it easier for them to lend.
- Eligibility: The program is open to farmers and agricultural businesses that are registered with the Corporate Affairs Commission (CAC) and have a valid business plan.
- Disbursement: The loans are disbursed directly to the farmers and agricultural businesses, and the repayment is made through a dedicated account.
Overall, the N102 billion Agric Loans program is an initiative by NIRSAL to support the growth of the agricultural sector in Nigeria by providing financing to farmers and agricultural businesses at a competitive interest rate.