Federal Government to Disburse Interest-Free Loans to Farmers and Small Businesses

The Federal Government of Nigeria has announced plans to commence disbursement of interest-free loans to smallholder farmers and businesses across the country before the end of 2025. This initiative is part of the Government Enterprise and Empowerment Programme (GEEP), a flagship program under the National Social Investment Programme .

Up to N100,000 per beneficiary, with loans ranging from N5,000 to N100,000 depending on the scheme.
Beneficiaries will enjoy a six-month moratorium to enable them to produce before beginning repayment.
The funds will help beneficiaries acquire inputs such as fertilizers, livestock, veterinary drugs, and other critical tools .

GEEP operates three schemes .
Targeting youths aged 18 to 45 involved in petty trades, with loans of up to N10,000.
Focused on women in small-scale trading, with loans of up to N100,000.
For rural farmers, with loans of up to N100,000 to support small-scale farmers involved in poultry, aquaculture, livestock rearing, and crop production.

To be eligible for the loan, beneficiaries must .
– Be a Nigerian citizen
– Have a Bank Verification Number (BVN) and a savings account
– Be a member of an approved cooperative group registered with the Corporate Affairs Commission (CAC)
– Have a valid means of identification, such as a National Identity Number (NIN) or voter’s card

The application process involves registering on the GEEP portal, providing required documents, and completing the application form. Interested applicants can visit the GEEP website or contact the Bank of Industry for more information .