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  On April 22, 2024, the Federal Government of Nigeria announced the launch of a Public Intervention Fund for MSMEs and manufacturers in Nigeria. Through this initiative, loans and grants totalling ₦200 billion will be disbursed to qualified businesses which apply for them.
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Publicly available information indicates that the funds will be distributed equally between MSMEs and manufacturers. The Federal Government of Nigeria intends for the Public Intervention Fund to energize businesses and fuel their growth. In the end, it is hoped that this intervention will spur the expansion of Nigeria’s economy.

Businesses Eligible to Apply

The following businesses are eligible to apply for this scheme:
  • Traders: Single retail marketers, corner shop owners, petty traders, and market men and women in open markets.
  • Food Services: Food and vegetable Vendors.
  • ICT: Business centre operators, battery chargers, recharge card vendors, and call centre agents.
  • Transportation: Wheelbarrow pushers and independent dispatch riders.
  • Creatives: Makeup artists, fashion designers, and dry cleaners.
  • Artisans: Vulcanizers, shoemakers, painters, and repairers.
  • Product manufacturers.
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Other Eligibility Criteria

Applicants must meet these requirements to qualify for a loan or grant:
  • Business must have been in operation for at least a year
  • Possess valid business registration documents issued by the Corporate Affairs Commission (CAC)
  • Existing businesses must show their company bank statement; startups can present their chief promoter’s bank statement
  • Meet the required monthly turnover as specified by the bank
  • Present personal guarantee
  • Agree to a Bank Verification Number (BVN) covenant
  • Adhere to the bank’s Global Standing Instruction (GSI)

Loan Repayment Terms

Applicants can choose between Asset Financing and Working Capital options. The repayment period for Asset Financing is 5 years. Working Capital offers a 6-month moratorium on principal and interest, and then 12 months of equal instalment payments.
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How to Apply

You can find out more about this program by visiting your local Bank of Industry (BOI) branch. If you would like to apply for a loan or grant under this program, you can do so through the link HERE.
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 23rd April 2024

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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