What are you waiting for? The Federal Government of Nigeria (FGN) and the Central Bank of Nigeria (CBN) have started offering aloans and grants to businesses, entrepreneurs, and individuals. These loans and grants are designed to support economic growth, create jobs, and improve the lives of Nigerians. Now, in this of post, I will show you complete list of ongoing nigerian federal government FGN and CBN loans and Grants for 2023.
Why are FGN and CBN Loans and Grants Important?
FGN and CBN loans and grants are important for many reasons, well, I will highlight four main reasons in this article.
First, they can help businesses to expand and create jobs. Second, they can help entrepreneurs to start their own businesses. Third, they can help individuals to improve their skills and education. Lastly, they can help to reduce poverty and inequality.
Who Are Eligible for FGN and CBN Loans and Grants?
The eligibility requirements for FGN and CBN loans and grants vary depending on the specific program. The requirements include;
- Being a Nigerian citizen or legal resident
- Having a registered business or company with the Corporate Affairs Commission (CAC)
- Having a good credit history
- Providing collateral for the loan
- Demonstrating a need for the funds
- Being able to repay the loan
List of Ongoing nigerian federal government FGN and CBN loans and Grants for 2023
1. Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) Loan
Established in 2015, the AGSMEIS loan program was initiated to provide interest-free loans of up to N10 million to small and medium-sized enterprises (SMEs) in the agricultural sector. Its primary aim is to enhance food production, job creation, and economic stability in the agriculture value chain.
Under this program, eligible applicants can access financial support that enables them to expand their agricultural businesses, purchase modern equipment, and adopt advanced farming techniques.
Lastly, Borrowers have a comfortable repayment period of 5 years, allowing them to invest and grow their enterprises without undue financial strain.
2. Anchor Borrowers Programme (ABP)
The Anchor Borrowers Programme (ABP) strives to support smallholder farmers by providing them with agricultural loans.
These loans are facilitated through commercial banks and are guaranteed by the CBN. The program’s primary objective is to enhance food security, reduce food imports, and promote local production.
Farmers can access loans of up to N1 million per farmer, giving them the financial backing needed to invest in their farming operations.
The good thing about this loan is that borrowers have a repayment period of 3 years, allowing them to pay back the loan from the proceeds of their agricultural activities.
3. Accelerated Agricultural Development Scheme (AADS) Loan
Established in 2018, the Accelerated Agricultural Development Scheme (AADS) Loan is tailored for small and medium-sized enterprises (SMEs) operating in the agricultural sector. This program provides interest-bearing loans of up to N5 million, aimed at stimulating growth, job creation, and poverty reduction in the agricultural value chain.
The loans offered through AADS enable beneficiaries to invest in modern farming techniques, acquire machinery, and improve their productivity.
Borrowers benefit from a 5-year repayment period, providing them with flexibility in repaying the loan.
4. Micro, Small and Medium Enterprises Development Fund (MSMEDF) Loan
The MSMEDF Loan program seeks to support small and medium-sized enterprises (SMEs) across all sectors of the economy. It offers loans of up to N2 million to eligible businesses, enabling them to expand, innovate, and create job opportunities.
Borrowers have a comfortable 5-year repayment period, allowing them to focus on growing their businesses.
5. Creative Industry Financing Initiative (CIFI) Loan
The Creative Industry Financing Initiative (CIFI) Loan is tailored for businesses in the creative industry. It provides loans of up to N10 million to support creative entrepreneurs, artists, and innovators. This initiative aims to foster creativity, boost the creative economy, and create sustainable employment opportunities.
Beneficiaries enjoy a 5-year repayment period, giving them time to invest in their creative projects and ventures.
6. CBN Healthcare Research and Development Grants
The CBN Healthcare Research and Development Grants program is designed to support researchers and institutions engaged in healthcare research. This initiative provides grants of up to N10 million per project, encouraging research that leads to the development of innovative healthcare solutions, medical breakthroughs, and improved healthcare services in Nigeria.
7. Bank of Industry (BOI) Loans and Grants
The Bank of Industry (BOI) plays a pivotal role in providing financial support to various sectors of the economy. Some of the key programs under BOI include:
Graduate Entrepreneurship Fund (GEF)
This program offers loans of up to N2 million to recent graduates who are venturing into entrepreneurship. It empowers young entrepreneurs to kickstart their businesses and contribute to job creation.
Nollyfund
Nollyfund is a specialized support program for the Nigerian film industry. It provides financial assistance in the form of loans and grants to filmmakers, actors, and other professionals in the film industry, fostering growth and creativity in Nollywood.
Conclusion
Weather you are a farmer, “vocationist”, artist, business owners, firms, enterprise and more, these loans get you covered.
Each program is strategically designed to address specific needs within various sectors, contributing to job creation, economic growth, and national self-reliance. It is essential for aspiring beneficiaries to explore these opportunities and apply through the links provided in this article. Thanks for reading to the end, till we meet again
FAQS
How much cash can I withdraw from CBN in 2023?
The Central Bank of Nigeria (CBN) has imposed a cash withdrawal limit of N500,000 per day for individuals and N5,000,000 per day for corporate entities in 2023. This means that you can withdraw a maximum of N500,000 from your bank account in cash per day, and a maximum of N5,000,000 per day for corporate accounts.
How can I get CBN grant?
There are many ways to get a CBN grant. Below are the most common methods;
You can apply through a financial institution. Many banks and microfinance institutions (MFIs) offer CBN-backed grants to their customers. To apply, you will need to meet the eligibility criteria of the bank or MFI, and submit a loan application.
You can also apply through a government agency. The CBN also partners with government agencies to provide grants to businesses and individuals. To apply, you will need to contact the relevant government agency and inquire about their grant programs.
Lastly, you can apply through a non-governmental organization (NGO). There are also a number of NGOs that offer CBN-backed grants. To apply, you will need to contact the NGO and inquire about their grant programs.
Is CBN 500k grant real?
Yes, the CBN 500k grant is real. The Central Bank of Nigeria (CBN) launched the Tertiary Institutions Entrepreneurship Scheme (TIES) in 2021 to provide grants of up to N500,000 to graduates of tertiary institutions who want to start their own businesses.
Also, the TIES grant is a competitive program and only eligible applicants will be selected. To be eligible, you must:
- Be a graduate of a Nigerian tertiary institution
- Have a valid bank account
- Have a business plan or proposal
- Meet the income or asset requirements of the program
