Federal Government Launches Interest-Free Loans for Smallholder Farmers and Traders

Dayo Thomas

The Federal Government is accelerating the disbursement of interest-free loans to smallholder farmers and traders through the Government Enterprise and Empowerment Programme (GEEP) 3.0. This initiative aims to support over 22,000 farmers nationwide, with a focus on transparency and reaching those who truly need support. By providing access to affordable credit, the government hopes to boost agricultural productivity, increase food security, and stimulate economic growth.

To qualify for the interest-free loan, applicants must meet specific requirements. They must be Nigerian citizens aged 18 and above, engaged in farming or trading, and either own or rent farmland. Additionally, they must have a bank account and valid means of identification and belong to a recognized farming cooperative or association. These criteria are designed to ensure that the loans reach those who are most in need and can utilize them effectively.

GEEP 3.0 offers interest-free and collateral-free loans to support smallholder farmers and traders. Eligible applicants can access loans of up to ₦300,000 for farming activities and up to ₦100,000 for trading and artisanal pursuits. The loans are repayable over six months, with a minimum loan amount of ₦10,000. This flexible repayment structure is designed to accommodate the cash flow needs of small-scale entrepreneurs.

The government plans to support petty traders, artisans, and small-scale entrepreneurs, with about 28 farmers expected to benefit in each local government area. The application process is ongoing, and interested applicants can register through the official GEEP portal. With this initiative, the Federal Government is taking a significant step towards promoting economic empowerment and reducing poverty in rural and urban areas.