LunagisthubFederal Government Launches N300,000 Loan Program for Farmers
The Federal Government has launched a loan program aimed at supporting vulnerable and poor farmers at the grassroots level. The program, which is part of the Renewed Hope GEEP 3.0 initiative, will provide each beneficiary with a loan of N300,000.
To be eligible for the loan, farmers must meet certain criteria, including being a Nigerian citizen, at least 18 years old, and owning or renting land. They must also be engaged in farming activities, have a bank account, NIN, municipal identification, and belong to a farming cooperative or association in their local government.
The program will cover all 774 local governments in Nigeria, with state program managers, enumerators, banks, and FinTech recovery agents working together to support farmers. The program aims to target more than 22,000 farmers in its first phase, with about 28 farmers per local government.
The Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, emphasized the government’s commitment to supporting vulnerable populations. He stated that the Renewed Hope GEEP 3.0 initiative represents more than just a policy initiative, but a commitment to improving the lives of Nigerians.
The program manager, Baba, explained that a similar scheme, TraderMoni, was designed for artisans and petty traders. He emphasized that the current program is specifically tailored to support farmers, who are critical to the country’s economic development.
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