CBN Agricultural Credit Support Scheme (ACSS) Loan 2021/2022
Agricultural Credit Support Scheme (ACSS) Loan 2021/2022 – The ACSS is an initiative of the Federal Government and the Central Bank of Nigeria with the active support and participation of the Bankers Committee. The Scheme has a prescribed fund of N50.0billion.
ACSS was introduced to enable farmers exploit the untapped potentials of Nigeria’s agricultural sector, reduce inflation, lower the cost of agricultural production (i. e. food items), generate surplus for export, increase Nigeria’s foreign earnings as well as diversify its revenue base.
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To access loans under ACSS, applicants (practicing farmers and agro-allied entrepreneurs with means) are encouraged to approach their banks for loan through the respective state chapters of farmers associations and State Implementation Committees. However, large scale farmers are allowed under the scheme to apply directly to the banks in accordance with the guidelines.
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Agricultural Credit Support Scheme (ACSS) Loan Interest Rate
ACSS funds are disbursed to farmers and agro-allied entrepreneurs at a single-digit interest rate of 8.0 percent. At the commencement of the project support, banks will grant loans to qualified applicants at 14.0 per cent interest rate. Applicants who pay back their facilities on schedule are to enjoy a rebate of 6.0 per cent, thus reducing the effective rate of interest to be paid by farmers to 8.0 per cent.
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Requirements for CBN Agricultural Credit Support Scheme Loan
You must be a farmer. You must provide collateral if your loan amount is above N20,000.
The collateral must be in a tangible form or in the form of 25% cash security of the intended loan amount in the form of savings.
How to Apply for CBN Agricultural Credit Support Scheme Loan
Application forms under the Scheme are obtainable from various branches of participating banks throughout the country.
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The various forms normally completed in the operation of the Scheme by banks can be downloaded from the list below: CLICK HERE FOR FULL APPLICATION UPDATE