247 Agricultural Credit Scheme (ACS) Loan 

247 Agricultural Credit Scheme (ACS) Loan – The 247 Digital Platform for Farmers is Nigeria’s premier Agricultural initiative for Farmers, Incorporated in April 2013. 247 Digital Platforms for Farmers’ leverages modern agriculture to deliver inclusive farming.

247 Digital Platform for Farmers’ understand how momentous the process of farming in Nigeria is suffering farmers and the lack of adequate farming tools and access to funds is deteriorating agricultural activities across the country.

In support of SDGs 8 economic growth, they have designed 247 Agricultural Credit Schemes in order to enable farmers to 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.

Also Read: SEIFAC/Heritage Bank ATM Card Distribution Update

The support has come on due time because considering Nigeria has an arable and area of 34 million hectares: 6.5 million hectares for permanent crops, and 28.6 million hectares on meadows and pastures. The 247 Agricultural Credit Scheme (ACS) Loan will surely assist farmers around the country.

Agriculture accounts for about 24 percent of Nigeria’s GDP. It will help greatly toward the growth of the economy of the country and also provide other employment opportunities for young people, thereby reducing the unemployment rate and making Nigeria the food basket of Africa.

Also Read: CBN N41 Billion for Wheat Farming

REQUIREMENTS FOR APPLICATION/247 Agricultural Credit Scheme (ACS) Loan

To be eligible for this loan, you must;
  • Be a Nigerian citizen, non-citizen national, or legal resident of Nigeria.
  • You must be an agricultural producer or family farmer and must have experience in farm
    business operations for at least three years prior to the application submission.

Also Read: United Nations World Food Programme Recruitment – Application Complete Guide

You must also meet all the following:

  • Have a satisfactory history of meeting credit obligations
  • Valid means of identification and BVN
  • Be unable to obtain credit elsewhere at reasonable rates and terms to meet actual needs
  • Have legal ability to incur loan obligations
  • Be the owner-operator of a family farm after loan closing.

Applicants are automatically not eligible if either of the following applies:

  • Are delinquent on a debt
  • Have outstanding obligations to settle with a financial institution

How To Apply for 247 ACS LOAN ONLINE 2021

To access loans under 247 ACS, farmers are encouraged to visit the approved website https://www.digitalfarmers.com.ng. However, large-scale farmers are also allowed under the scheme to apply directly through the website in accordance with the guideline.