Agriculture aside from oil is the second-largest industry and a major source of foreign exchange for Nigeria. In the wake of the pandemic and an economic downturn, agriculture is part of the few sectors that thrive in difficulties. It is, for this reason, the interest in agro-based ventures is increasing in many individuals.
Read more about Business
Nigeria is one of the most populous countries in the world and home to millions of people. There is a need for a viable farming system that can help cater for the number of people who are residents of the country. Unfortunately, the ratio between the number of food produced and available consumers is uneven; there are not so many agricultural enterprises to help solve the problem.
The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC. Secondly, the bank provides technical assistance for development projects and programs. Thirdly, it promotes the
investment of both public and private capital for development. Fourthly, the bank assists in organising the development policies of RMCs.
Commercial banks help the large agricultural sector in Nigeria in a number of ways. They provide loans to traders in agricultural commodities. They open a network of branches in rural areas to provide agricultural credit. The commercial banks only require collaterals to back up loan applications. In fact, the banks are more often than not, the first option for capital in starting an agro-based venture. However, the chances of loan approval can be very slim compared to that of other financial institutions.
Sign up to the Connect Nigeria daily newsletter
The World Bank focuses on developing and implementing agriculture finance strategies and instruments to the popular private sector. It is aimed at enhancing access to suitable financial services to farmers – particularly smallholders – and agricultural Small and Medium Enterprises (SMEs).
-
Bank of Agriculture (BOA)
The BOA (Bank of Agriculture) is a development
finance institution focused on providing loan credit facilities in agriculture. The Bank is wholly owned by the Federal Government of Nigeria. It is required to provide credit to support all activities in the Agricultural Value Chain in Nigeria. Although it also has a secondary mandate to provide microfinance services.
The agricultural loan the BOA provides is for financing small, medium and large-scale agribusiness projects across the agriculture value chain. It provides a great alternative for individuals looking for business loans to fund their startups. Individuals can access credit facilities up to a maximum of N5,000,000 particularly for agricultural projects.
-
Nigerian Agricultural Cooperative And Rural Development Bank
The Bank is a Development Finance Institution wholly owned by the Federal Government of Nigeria. They provide finance and credit facilities to agricultural and agro-allied industries, loans to agricultural institutions, organisations and, especially for cooperative societies.
Compared to other sectors, the agricultural sector seems to be one the major industries that have had the undivided focus from both private and public institutions, not excluding the more favourable policies of the government. When it comes to agriculture, capital is not an issue.
Featured Image Source: The Guardian NG
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
This article was first published on 3rd August 2021
grace-christos
Grace Christos Is a content creator with a proven track record of success in content marketing, online reputation management, sales strategy, and so much more.
Comments (43)
play free vegas slots
sims 4 counter slots aom
cleopatra slots penny’s
write my dissertation
english dissertation help
doctoral dissertation help
example of dissertation
dissertation write
art dissertation help
dissertation write
dissertation writing tutors
dissertation writing service
example of dissertation
dissertation help in delhi
help with dissertation
citing a dissertation mla
chapters writing room
doctoral dissertation help qualitative
online dissertation help veroffentlichen
dissertation titles
dissertation writing plan
medical dissertation writing service
masters dissertation help
writing a masters dissertation
what does dissertation mean
uf dissertation format
how long is a dissertation paper
art dissertation help
dissertation introduction
dissertation writing services uk
dissertation help uk
defending your dissertation
paper writing service
dissertation vs thesis
uk dissertation writing help online
dissertation help for phd candidates
betonline casino
welcome bonus no deposit
online casinos no deposit
writing a dissertation in a day
average dissertation length
thesis and dissertation writing
real casino online
real money online casino
best usa online casinos
cheap dissertation help
dissertation
uf dissertation format
creative writing lindenberg
creative writing lindenberg
dissertation assistance
no deposit casino
free welcome bonus no deposit casino
no deposit online casino bonus
help with dissertation writing
writing dissertation chapters
edd dissertation topics
online casino sign up bonuses
wild casino online
gambling online for real money
online american casinos
casino bonus
online casino no deposit welcome bonus
gambling casino online bonus
online casino play for real money
free bonus casino
casino sign up bonus no deposit
top online casinos
best online casino welcome bonus
online casino no deposit
online casino real money
best deposit bonus casino
cherry jackpot casino
live online casino usa
casino mobile
online casino games that pay
online casino no deposit welcome bonus
real casino online
cherry jackpot casino
real casino games online
usa online casino
vpn unlimited review
totally free vpn
best vpn free trial
free money no deposit casino
online casinos real money
cherry jackpot casino
casino play for real money
online casinos real money no deposit
mobile casino games
secure vpn
roobet vpn free
nord vpn reviews
free online casino no deposit
best welcome bonus online casino
win real money online
best vpn location for netflix
free vpn germany
touch vpn
best casino bonuses
no deposit casino bonuses
casino games for real money
free firestick vpn
vpn free
free mobile vpn
online casino play for real money
best online bingo
real money casinos
vpn unlimited
express vpn free download
vpn server buy
casino real money
welcome bonus casino
best online casinos for us players
the best vpn service
best free vpn service
what is avast secure line vpn
best vpn for chromebook
cisco vpn client download
vpn network
download vpn free
best vpn for ps4
best vpn for windows 2022
casinos online usa
online usa casinos
mobile casino games for real money
casino free spins
casinos online real money
free casino bonus no deposit