The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of “189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The Central Bank of Nigeria (CBN) in collaboration with International Monetary Fund (IMF) has approved the disbursement of about N305 billion as loan to unemployed youths, artisans, traders etc in the 36 states and the Federal Capital Territory (FCT) under the Nigerian Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL).
The loan guarantee scheme is a public-private sector initiative set up to transform the country’s agricultural sector. It was initiated by the apex bank, the Bankers’ Committee and the Federal Ministry of Agriculture and Rural Development, to guarantee 75 per cent loans provided by Deposit Money Banks (DPB) to farmers as part of efforts to transform the country’s agricultural sector.
Under the partnership, Diamond Bank will provide the platform and customer base to disburse the fund which is open to beneficiaries nationwide, comprising market women, youths, artisans and farmers. The loan size ranges from N100,000 to N1,000,000 on zero percent interest rate.
“The loan is affordable at no interest. So, basically, the extra money you see is the administration fee of five per cent. That means if you take a loan of N100,000, at the end of six months, you will be paying N105,000.
We are prepared to offer following terms to farmers in the States and FCT Abuja: 75% guarantees on all input, working capital and limited living cost loans to plant the crop, and loan duration should be about 24 – 28 months.
ELIGIBILITY FOR LOAN APPLICATION
- Must be a citizen and resident of Nigeria
- Must have a Valid means of Identification
- Must be aged 18-60years
- Must have a unique Bank Verification Number (BVN)
NOTE: Application is free of charge. DO NOT GIVE ANYBODY MONEY, JUST APPLY HERE
HOW TO APPLY
- No multiple application is required.
- All application must be online on this platform.
- Start Loan Application online using the Application Link provided on this page.