The majority of Nigerians have begun to benefit from federal government loans in 2021 and various grant loans in Nigeria, even sharing viable business ideas. Meanwhile, some Nigerians who are already in business use the programs to expand and expand their enterprises.
I know it seems strange, but the Nigerian government has been working hard to support small businesses. The fact is that you lacked in knowledge. However, those who did took use of the opportunity wisely.
To assist the country in swiftly recover from the economic slump caused by the covid 19, the Federal government has created Lots of government business funding initiatives in the past, and many more are presently being created.
Here are some of the Government loans and Business Funding schemes you shouldn’t miss in 2021, especially following the Vice President’s statement that the target number of recipients should be increased.
Article Road Map
1. Nigeria Youth Investment Fund (NYIF).
The Federal Government’s N75 billion Nigeria Youth Investment Fund is already accepting applications (NYIF). The Federal Ministry of Youth and Sports Development (FMYSD) created the NYIF program, which is funded by the Central Bank of Nigeria (CBN), to offer investment loans to Nigerian youths and youth-owned companies.
Individuals or unregistered firms can apply for funding of up to N250,000, while youth-owned registered firms can seek funding of up to N3 million. The loans will be granted for a maximum of 5 years and will have a 5% annual interest rate.
APPLY HERE FOR: Nigeria Youth Investment Fund (NYIF) login portal
2. Federal Government MSMES Survival Fund Program
In line with its pledge to help companies overcome the obstacles posed by the COVID-19 epidemic, the Federal Government has started rolling out the MSMEs Survival Fund and government loans, with the Payroll Support Track being the first program to go live (50 Billion Naira).
The Buhari Administration established the MSMEs Survival Fund to assist mitigate the effects of the COVID-19 epidemic, intending to strengthen the economy by preserving existing jobs and generating new ones.
The program is a conditional grant designed to assist vulnerable micro and small businesses in completing their payroll responsibilities and protecting their assets. MSMEs have a lot of job opportunities.
The program is expected to save 103 million jobs across the country, affecting approximately 35,000 people in each state.
The plan will be launched during a three-month trial period in order to give immediate relief from the pandemic’s economic effect.
The plan is designed to benefit two groups of people: workers of MSMEs and self-employed persons. Both programs have a 45 percent female business participation rate and a 5% special needs participation rate.
APPLY HERE FOR: MSMES Survival Fund login portal
3. P-AADS Loan for Farmers
Farmers have a critical role in nation-building because the country’s food supply is completely dependent on their produce. The government recognizes this and has established several programs and government loans to assist and boost agricultural jobs in Nigeria.
P-AADS, or “Private Sector-Led Accelerated Agriculture Development Scheme,” is a Federal government loan, among other agricultural loans, to assist farmers or new farmers in increasing food production and ensuring food security in Nigeria.
Objectives Of P-AADS Loan
The following are the precise objectives:
- Fast-track land clearance for agricultural commodity primary production.
- Ensure food security by allocating huge tracts of land for agricultural development throughout all states.
- Collaborate with agro-processors engaged in backward integration by providing funding for expanded land clearance nearby for the cultivation of commodities for the supply of industrial raw materials.
- Support other capable parties who are interested in using suitable funding to release land for agriculture.
- Individual farmers who will grow the cleared area will be able to create jobs.
APPLY HERE FOR: P-AADS Loan for Farmers
4. NPower Nexit / NPower CBN Empowerment
NEXIT Registration Application Form from Npower Sign Up/Login. The Npower NEXIT Application Form site is now accessible for all exiting Npower Beneficiaries in Batch A and B to register and benefit from the Npower NEXIT CBN Empowerment.
To register successfully for Npower NEXIT CBN Loan Empowerment, go to nexit-fmhds.cbn.gov.ng and sign up and log in.
As recommended by the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development, all Expired Npower batches A and B are asked to register for the Federal Government CBN Empowerment.
An online portal has been created or launched by the Government. The government has built or launched an internet site.
This portal is aimed at Npower disengaged beneficiaries. According to the Ministry of Humanitarian Affairs, the ministry is working with Nigeria’s national bank, the Apex Bank, to offer a better departure plan for all N-Power disengaged members.
The information gathered on the NEXIT site is used to assess the appropriateness of departing N-Power recipients for CBN-affiliated programs, which is contingent on satisfying the CBN’s requirements and requirements.
APPLY HERE FOR: NPower Nexit
5. FG MSMEs Survival Fund Program for GUARANTEED OFFTAKE
The program is aimed at manufacturing MSMEs, particularly those in the sanitization/cleaning and processed food industries. Beneficiaries will get funding to stimulate direct local production, assure the sustainability of their income, and ensure that their products are consumed.
The MSME award will assist 100,000 firms in 36 states throughout the United States. According to Ambassador Mariam Katagum, Minister of State for Industry, Trade, and Investment. She said that each qualifying MSME will get a N50,000 one-time award as a direct financial injection into their business.
The guaranteed offtake plan, like the MSME award, will assist 100,000 micro and small companies. 3,880 people will come from Lagos, 3,280 from Kano, 3,080 from Abia, and 2,640 from the remaining 34 states. This is just like the government loans available.
APPLY HERE FOR: FG Survival Fund GUARANTEED OFFTAKE
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