Nigeria Announces Support for 22,000 Farmers with Interest-Free Loans Under FarmerMoni

News in Brief:

-The Federal Government will provide interest-free loans of up to ₦300,000 to 22,000 farmers nationwide under the FarmerMoni Dry and Wet Season Programme.

-This scheme targets smallholder farmers in all 774 LGAs in its first phase to ensure nationwide coverage.

The Federal Government has announced that 22,000 farmers across Nigeria will benefit from interest-free loans under the FarmerMoni Dry and Wet Season Programme.

The initiative will be executed through the National Social Investment Programme Agency (NSIPA). It will be part of the Renewed Hope Government Enterprise and Empowerment Programme (GEEP 3.0). 

Speaking at the inauguration of the initiative’s Technical Working Group in Abuja, Mr Hamza Baba, National Programme Manager of GEEP, stated that the loans are designed to strengthen agricultural productivity nationwide.

According to Baba, each successful beneficiary will receive up to ₦300,000, interest-free and without collateral.

“We are targeting vulnerable and small-scale farmers at the grassroots. The portal is open for eligible farmers to register and access these loans,” he said.

Who Can Apply and How It Works

The programme is open to Nigerian farmers aged 18 years and above who are already engaged in farming activities. Applicants must either own or rent farmland, as the scheme is not intended for new entrants into the food production sector.

To qualify, farmers must also:

• Have a valid bank account

• Possess a National Identification Number (NIN)

• Provide municipal identification

• Belong to a registered farming cooperative or association within their local government area

The scheme will cover all 774 local government areas in the country, targeting about 28 farmers per local government in this phase. State programme managers, enumerators, banks, FinTech recovery agents, and Agricultural Development Projects (ADPs) will collaborate to ensure a smooth implementation.

Boosting Productivity and Food Security

Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro, described the programme as a practical step toward poverty reduction and economic inclusion.

He noted that the FarmerMoni Dry and Wet Season Programme is structured to support farmers during both planting cycles, helping them overcome seasonal challenges, increase yields, and improve food production. 

“Our farmers remain the backbone of the Nigerian economy. Supporting them is not only an economic necessity but also a moral obligation,” the minister said.

By investing directly in smallholder farmers, the Federal Government aims to improve livelihoods, strengthen rural economies, and enhance national food security through greater agricultural productivity.

He drew a parallel between it and TraderMoni, a similar scheme that provided funding for traders. However, this past empowerment initiative faced several issues, including implementation challenges, a lack of transparency, and political motivations.