The N300,000 FarmerMoni Loan Is Back – 2.3 Million People Are Eligible – Apply Now!

FarmerMoni, the Nigerian government’s loan program, has begun accepting applications for loans of up to N300,000. This initiative, which aims to help smallholder farmers and agricultural businesses, is expected to benefit more than 2.3 million applicants across the country.

The FarmerMoni loan program was introduced in 2018 as part of the Federal Government’s National Social Investment Programme (NSIP), which aims to reduce poverty and promote economic growth by providing small business loans. The program is specifically designed to assist smallholder farmers and other agricultural value chain participants in obtaining funding to grow their businesses and increase productivity.

Under the FarmerMoni program, eligible farmers can borrow up to N300,000 at a 5% annual interest rate with a six-month repayment period. Applicants must have a current Bank Verification Number (BVN) and be members of a registered farmers’ association or cooperative society.

The FarmerMoni loan program has received widespread praise for its positive impact on small-scale farmers and agribusinesses throughout the country. Since its inception, the program has disbursed over N10 billion in loans to over 1.5 million farmers and other agricultural value chain participants. Beneficiaries’ productivity and income have increased significantly as a result, with many farmers expressing increased yields and improved market access.

The reopening of the FarmerMoni loan program is thus welcome news for many Nigerian smallholder farmers and agribusinesses. The loan will provide a much-needed boost to the agriculture sector, which has been hard hit in recent years by the COVID-19 pandemic and other economic challenges.

Those interested in applying for the FarmerMoni loan should visit the program’s official website or reach out to their local banks for additional details. The application procedure is simple, requiring only basic information about the applicant’s business and financial history.