The Nigerian government’s FarmerMoni loan program is once again accepting applications for loans of up to N300,000. This initiative, which is aimed at supporting smallholder farmers and agribusinesses, is expected to benefit over 2.3 million applicants across the country.
The FarmerMoni loan program was launched in 2018 as part of the Federal Government’s National Social Investment Programme (NSIP) aimed at reducing poverty and promoting economic growth through the provision of loans to small businesses. The program is specifically designed to help smallholder farmers and other players in the agriculture value chain access funding to expand their businesses and increase their productivity.
Under the FarmerMoni program, eligible farmers can access loans of up to N300,000 at an interest rate of 5% per annum, with a repayment period of six months. Applicants are required to have a valid Bank Verification Number (BVN) and must belong to a registered farmers’ association or cooperative society.
The FarmerMoni loan program has been widely praised for its impact on smallholder farmers and agribusinesses across the country. Since its inception, the program has disbursed over N10 billion in loans to more than 1.5 million farmers and other players in the agriculture value chain. This has resulted in significant increases in productivity and income for beneficiaries, with many farmers reporting increased yields and better access to markets.
The re-opening of the FarmerMoni loan program is therefore welcome news for many smallholder farmers and agribusinesses in Nigeria. The loan will provide a much-needed boost to the agriculture sector, which has been hit hard by the COVID-19 pandemic and other economic challenges in recent years.
To apply for the FarmerMoni loan, interested applicants are required to visit the program’s official website or contact their local banks for more information. The application process is straightforward and requires basic information about the applicant’s business and financial history.