Seifac Loans – Smallholders Farmers & Cooperatives is a programme sponsored by the Nigerian Central Bank ( CBN) under her anchor Borrower’s Programme.
The management of seifac has reached peak and ready to disburse loans to worthy applicants. You’ll also recall that the management had distributed seifac Co-Branded ATM Cards to deserving applicants across the 36 states and federal capital territory (FCT). Seifac conditions for applicants to receive loans are clearly stated paragraph of this publication.
Seifac Programme Objectives
Objective: The broad objective of the ABP is to create economic linkage between smallholder farmers and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilization of processors. Other objectives include:
- Increase banks’ financing to the agricultural sector;
- Reduce agricultural commodity importation and conserve external reserves;
- Increase capacity utilization of agricultural firms;
- Create new generation of farmers/entrepreneurs and employment;
- Deepen the cashless policy and financial inclusion;
- Reduce the level of poverty among smallholder farmers;
- Assist rural smallholder farmers to grow from subsistence to commercial production levels.
Seifac Conditions for Applicants to Receive Loan
Targeted Beneficiaries: The loan shall be targeted at smallholder farmers engaged in the production of identified commodities across the country. The Farmers should be in groups/cooperative(s) of between 5 and 20 for ease of administration.
Identified Agricultural Commodities: The targeted commodities of comparative advantage to the states shall include but not limited to:
- Cereals (Rice, Maize, Wheat etc.);
- Roots and Tubers (Cassava, Potatoes, Yam, Ginger etc.);
- Tree crops (Oil palm, Cocoa, Rubber etc.);
- Legumes (Soybean, Sesame seed, Cowpea etc.);
- Livestock (Fish, Poultry, Ruminants etc.);
- And any other commodity that will be introduced by the CBN from time to time.
Therefore, for any applicants to receive seifac loan, such applicants must meet the above conditions.