Nigeria, a nation with over 200 million people, continues to face challenges in feeding its population, despite having vast arable land. Issues such as insecurity, poor logistics, post-harvest losses, and inadequate storage facilities hinder local production. As a result, it becomes challenging to meet domestic demand, let alone pursue export opportunities.
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In response to this crisis, the government and private organizations are stepping in with various funding initiatives aimed at empowering farmers and agribusiness owners. These initiatives include low-interest loans, grants, and investment schemes designed to boost food production, reduce dependency on imports, and create jobs within Nigeria’s agricultural sector.
In this article, we outline the top 5 funding opportunities in agribusiness available to Nigerians, with the goal of assisting farmers, agropreneurs, and small to medium enterprises (SMEs) in obtaining the financial support they require for growth.
Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme (ABP)
The CBN Anchor Borrowers’ Programme (ABP) was launched in 2015 to boost agricultural production, reduce food imports, and strengthen the link between farmers and processors. The program provides affordable financing and inputs to smallholder farmers, ensuring they have the resources to grow key crops like rice, maize, cassava, cotton, and wheat.
Benefits:
- Low-interest loans (typically at 5% per annum).
- Free or subsidized farm inputs (seeds, fertilizers, pesticides).
- Guaranteed off-taker agreements (farmers sell directly to agro-processors).
- Training & extension services to improve farming techniques.
- Reduction in post-harvest losses through better storage support.
Related: 5 Federal Government Funding Schemes For Nigeria SMEs
Eligibility Criteria:
- Farmers must belong to a registered cooperative or association.
- Individuals with proof of farmland (owned or leased).
- Agro-processors and commodity associations can also apply.
- Priority given to farmers cultivating ABP-approved crops.
How to Apply:
- Register with an accredited farmers’ association or cooperative society (mandatory for most applicants).
- Submit your application through any ABP-approved financial institution (Bank of Agriculture, NIRSAL MFB, or other CBN-approved banks).
- Provide Required Documents – You’ll need:
- Valid ID (NIN, voter’s card, or international passport)
- Proof of farmland ownership/lease agreement
- Bank Verification Number (BVN)
- Recent passport photograph
- CBN-appointed evaluators will inspect your farm before approval.
- If approved, loans are disbursed as cash or farm inputs (seeds, fertilizers, etc.).
Application Portal: Visit the official CBN ABP portal or contact your nearest participating bank for the latest application details.
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Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
NIRSAL was established by the Central Bank of Nigeria (CBN) to de-risk agricultural lending and stimulate bank financing for agribusinesses. The program provides credit guarantees and technical support to encourage financial institutions to lend more to farmers and agro-entrepreneurs across Nigeria.
Benefits
- Credit guarantee cover of up to 75% of loan amount
- Reduced collateral requirements for agricultural loans
- Technical assistance to improve farm productivity and business viability
- Interest rate subsidies on qualifying agricultural loans
- Linkage to markets and off-takers for farm produce
Eligibility Criteria
- Smallholder farmers, cooperatives and agribusinesses
- Agro-processors and agricultural value chain operators
- Must have a viable agribusiness plan
- Must operate within Nigeria’s agricultural sector
- Must meet requirements of participating financial institutions
How to Apply
- Prepare your business plan and farm records
- Approach any NIRSAL-partnered bank or financial institution
- Submit loan application with required documents:
- Valid means of identification
- Bank Verification Number (BVN)
- Farm business records (if existing)
- Land ownership/lease documents
- Undergo NIRSAL’s risk assessment process
- Receive loan disbursement upon approval
Application Portal: Visit the NIRSAL official website or contact any participating bank for more details on the application process.
International Fund for Agricultural Development (IFAD) Projects
IFAD is a specialized United Nations agency that provides funding to empower rural populations and boost agricultural productivity across Nigeria. Their projects focus on poverty reduction, food security, and sustainable rural development through targeted agricultural interventions.
Benefits:
- Grants and low-interest financing for rural development projects
- Technical assistance and capacity building for farmers
- Improved access to agricultural inputs and technologies
- Support for climate-smart agricultural practices
- Market access and value chain development initiatives
- Special focus on women and youth empowerment
Eligibility Criteria:
- Smallholder farmers and rural producer organizations
- Agricultural cooperatives and community groups
- Women and youth-led agricultural initiatives
- Nigerian-based NGOs working in rural development
- Government agencies implementing agricultural programs
- Projects must align with IFAD’s country strategic objectives
How to Apply:
- Monitor IFAD’s Nigeria project portfolio for open opportunities
- Prepare a comprehensive project proposal aligned with IFAD’s focus areas
- Submit through approved channels:
- For organizations: Via IFAD’s country office or implementing partners
- For individuals: Through participating farmer organizations
- Required documents typically include:
- Detailed project proposal
- Organizational registration documents
- Financial statements (for organizations)
- Beneficiary profiles and impact projections
Application Portal: Visit the IFAD Nigeria Country Page for current funding opportunities or contact the IFAD Nigeria Country Office in Abuja for application guidance.
CBN Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)
The AGSMEIS initiative by Nigeria’s Central Bank provides affordable financing to support agribusinesses and SMEs, driving job creation and economic growth through accessible funding.
Benefits:
- Low-interest loans at 5% per annum
- Loan amounts up to ₦10 million
- Business training and capacity development
- No collateral requirement for qualified applicants
- Flexible repayment period (up to 7 years)
Eligibility Criteria:
- Nigerian-owned agribusinesses or SMEs
- Startups or existing businesses (0-3 years operational)
- Youth (18-35 years) and women entrepreneurs prioritized
- Must present a viable business plan
- Registered with CAC (for existing businesses)
How to Apply:
- Complete training at a CBN-approved Entrepreneurship Development Institute (EDI)
- Submit application through any participating bank (Access, Zenith, FirstBank etc.)
- Provide required documents:
- Bank Verification Number (BVN)
- Valid ID (NIN, voter’s card, international passport)
- Business plan/proposal
- CAC registration (if applicable)
- Await evaluation and loan disbursement
Application Portal: Visit any participating bank or the CBN website for current application details.
Tony Elumelu Foundation (TEF) Entrepreneurship Programme
The Tony Elumelu Foundation (TEF) Entrepreneurship Programme is one of Africa’s largest business funding initiatives, empowering young entrepreneurs across the continent—including agribusiness ventures—with seed capital, training, and mentorship.
Benefits:
- Non-refundable seed capital of $5,000 per business
- 12-week business training on enterprise management
- Access to mentorship from industry experts
- Networking opportunities with investors and global markets
- Lifetime TEF alumni support for business growth
Eligibility Criteria:
- Open to all African entrepreneurs (including Nigerians)
- Startups (0–3 years old) or scalable business ideas
- Businesses in any sector, including agribusiness and agro-processing
- Applicants aged 18 and above
- Must complete the online training programme
How to Apply:
- Visit the TEF Application Portal: https://application.tefconnect.com
- Create an account and fill out the online form
- Submit required details, including:
- Business plan or proposal
- Personal identification (ID, passport)
- Proof of business registration (if available)
- Complete mandatory online training during the selection process
- Await selection results (shortlisted candidates receive funding)
Application Portal: Applications open annually (January–March). Check the TEF Website for updates.
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