FMARD Payment Date For Grant / Loan 2024 Disbursement

FMARD Payment Date: The Federal Ministry of Agriculture and Rural Development (FMARD) has set aside a new date for FMARD Loan disbursement, if you are part of the beneficiary of Nigeria Federal government Grant and Loan kindly check new date below.

The Federal Ministry of Agriculture and Rural Development (FMARD) is responsible for the development of the agricultural sector in Nigeria. They have various initiatives and programs to promote agricultural growth and rural development. One of these initiatives is providing agricultural loans to farmers and agro-processors.

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FMARD Loan Amount

Loan amounts under Agricultural Credit Guarantee Scheme Fund (ACGSF) range from N100,000 to N5 million ($230 – $11,500) with a maximum tenure of 7 years at an interest rate of 7%. To apply for the loan, interested individuals should visit their local bank or the FMARD office.

Loan amounts under Commercial Agricultural Credit Scheme (CACS) range from N1 billion to N10 billion ($2.3 million – $23 million), depending on the project’s size and requirements. The interest rate is determined by the participating financial institutions but can be up to 9% per annum. Interested applicants can apply through their banks or directly at the FMARD office. More information on eligibility criteria and application processes can be found on the FMARD website or through participating financial institutions.

About Agricultural Credit Guarantee Scheme Fund (ACGSF)

The ACGSF is a fund established by the Central Bank of Nigeria (CBN) and managed by the FMARD. The fund aims to improve agricultural production by encouraging lending to the agricultural sector. The CBN guarantees 75% of the loans issued under this scheme, which reduces the risk for financial institutions and makes it easier for farmers to access credit.

To qualify for this loan, applicants must be:

Nigerian farmers or agro-processors
At least 18 years old with a valid government-issued ID
Engaged in agricultural activities that are viable and contribute to food security
Able to provide collateral equivalent to 25% of the loan amount

About Commercial Agricultural Credit Scheme (CACS)

The CACS is another initiative by the FMARD and the CBN aimed at providing credit facilities to large-scale commercial agriculture ventures. This scheme aims to:

Increase agricultural production and productivity
Enhance food security in Nigeria
Improve rural income and generate employment opportunities in rural areas
Modernize and develop agricultural value chains as well as enhance exports of non-oil products