The Bank of Industry (BOI), in partnership with the Federal Government of Nigeria (FGN), has launched a transformative ₦75 billion intervention fund. Aimed at Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, the fund offers subsidized loans at a 9% per annum interest rate to support growth in manufacturing and agro-processing sectors, with a focus on utilizing local raw materials and creating job opportunities through the National Enterprise Development Programme (NEDEP). Here’s how eligible MSMEs can easily apply for this significant support.
1. Purpose and Benefits of the BOI/FGN ₦75 Billion Intervention Fund
The fund targets MSMEs in manufacturing and agro-processing, offering unique benefits:
- Subsidized Interest Rate: A single-digit interest rate of 9% per annum makes this fund an affordable financing option for business expansion.
- Job Creation and Skills Development: NEDEP, overseen by SMEDAN, emphasizes skill acquisition, entrepreneurship training, and access to finance, aiming to create 5 million jobs nationwide.
- Enhanced Local Production: By focusing on value addition, this fund supports local resources and enhances productivity within Nigeria.
2. Eligibility Criteria
To qualify for the BOI/FGN 75 Billion Fund, applicants must:
- Be a Registered Business: Only duly registered Limited Liability Companies, Enterprises, and Cooperatives can apply.
- Operate in Targeted Sectors: The fund is designated for businesses in manufacturing and agro-processing that focus on adding value to local raw materials.
- Maximum Loan Amount: Eligible businesses can access up to ₦20 million, depending on their needs and BOI’s assessment.
3. Step-by-Step Guide to Applying for the BOI/FGN Intervention Fund
Step 1: Submit Your Application Online
- Visit the BOI’s official website to access the online application form.
- Fill in the necessary details, such as:
- Email
- Business Registration Number
- Company Name
- Business Type (e.g., Sole Proprietorship, Limited Liability)
- Location and Phone Number
Step 2: Document Verification
- Attach supporting documents, which may include:
- A copy of your company’s Certificate of Incorporation (CAC Certificate)
- Business plan detailing your project, goals, and how the funds will be utilized
- Financial statements and records
- Tax identification numbers and records
- Verification will ensure all provided information aligns with BOI’s standards.
Step 3: Loan Approval
- Once your documents are verified, BOI will assess your application.
- Approval is based on the credibility of the documents and the fund’s purpose alignment with the NEDEP program.
- If approved, BOI will notify you of the next steps via email or contact number provided.
Step 4: Fund Disbursement
- Upon approval, BOI disburses the funds directly to the designated bank account.
- Ensure the account details provided are accurate to avoid disbursement delays.
4. Key Advantages of the BOI/FGN 75 Billion Intervention Fund
- Reduced Production Costs: The fund allows MSMEs to minimize operating costs, leading to increased profit margins.
- Enhanced Agricultural Productivity: For agro-processors, the fund supports investments in high-yield equipment and practices, boosting output and food security.
- Economic Impact: With more enterprises operational, the program drives job creation, uplifts household welfare, and contributes to Nigeria’s GDP growth.
5. Tips for a Successful Application
To increase the likelihood of approval:
- Prepare a Detailed Business Plan: Outline how the loan will contribute to your business’s goals and impact the community.
- Maintain Accurate Records: Keep financial documents and tax records up-to-date, as they may be requested for verification.
- Follow Up: Regularly check your email and contact BOI offices if you encounter delays.
The BOI/FGN ₦75 Billion Intervention Fund provides an unparalleled opportunity for Nigerian MSMEs to expand and innovate. Whether you’re in manufacturing or agro-processing, this fund can give your business the financial push it needs to thrive. By following this streamlined application process, you can set your enterprise on a path toward growth and stability.
Now That you are Clear, You can click HERE to Apply
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