Another funding is here for farmers. If you haven’t heard about it, it’s called Smallholder Economic Interest Farmers Agricultural Cooperative or SEIFAC loan
What is SEIFAC loan?
SEIFAC is one of the Anchor Borrowers Programme (ABP) rolled out by the Central Bank of Nigeria in a bid to support local farmers with funds so as to boost local production of what we consume.
In one of our publications, we highlighted the key requirements for you to enroll in the anchor’s programme.
To avoid any sort of technicality, SEIFAC is a cooperative of Smallholder Farmers by Smallholder Farmers for smallholders. Meaning you form a cooperative among yourself provided you a smallholder farmer in your community.
This is where it becomes very interesting…
Usually, farmers prepare for raining season ahead of a plantation. Some of the activities farmers do before the raining reason include:
- Clearing of farmlands
- Purchase of input and farming implements
- Negotiation with labourer (for more large scale)
- Irrigation preparation etc
That’s why SEIFAC launched data collation ahead of time for the 2021/2022 Wet Cropping Season.
The smallholder farmers will farm in Agricultural Production Clusters (Agro-PCs) so that their challenges could adequately be tackled. That’s the significance of Agro-PC.
Targeted crops for 2020/2021 season:
The idea behind the programme is for farmers to leverage on their comparative cost advantage.
As such the targeted crops include:
- Rice Maize,
How To Become a Member Of Seifac/CBN Project
If you are interested, membership is opened to the following people:
- Agricultural Producer Cooperative Societies
- Individual Smallholder Farmers
- Primary Agricultural Cooperative Societies
- Community Development Associations
- Federal, State and Local Governments
- Public Financing Institutions
- Cooperative society
Why should farmers enroll for this CBN-Seifac agric funding?
If you’ve ever benefited from a government loan before, here is an opportunity for you.
The project is designed for Smallholder Farmers who have suffered and are without adequate resources needed to boost their farming.
As such, below is a list of five cogent reasons you should apply for seifac loan or any other agric-funding credit facility by the government
- The project is aimed at addressing the challenges often faced by Smallholder Farmers across Nigeria.
2) It will also give you an opportunity to bring together farmers under the same umbrella for the same purpose…farming
3) The project is organised in such a way to make it easy to buy back of members farm produce for processing. This is aimed at eliminating glut at harvest seasons.
4) You will also have access to high-quality fertilizers at the right time
5) This will also serve as an avenue to expand your production because mechanization equipment will be brought to fore.
How much can I get from SEIFAC loan?
Apart from other opportunities, you can get up to N5,000,00 funding for your agric produce.
How To Obtain SEIFAC Registration Form
Information we got from Abuja says “Project account opening has been postponed to February 2021” However, this shouldn’t stop you from knowing what you need to register for this opportunity
The registration is done online and the beauty of it is that IT’S FREE! Follow the step by step guide below to create your SEIFAC profile:
Step 1: Head straight to seifac.org
Step 2: Click on the register as a member. Note: You must be 18 years and above
Step 3: Check your inbox to confirm your email
Step 4: Now, login to your SEIFAC Profile and apply for the SEIFAC/CBN ABP for 2021/2022 Wet Cropping Season.
Don’t forget to select your most preferred crop.
Step 5: An email will be sent to you to set up a project account with SEIFAC Project official bankers
Beginning from February 1, 2021 upload of Project account and BVN to your profile will begin.
It’s expected to end by February 28, 2021.
What are you waiting for?
Go to SEIFAC portal page to begin the application process.
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