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  Applications are currently being accepted for the 2024 Bank of Industry (BOI) Rural Area Program On Investment for Development (RAPID). This initiative aims to support communities in rural and economically disadvantaged areas by facilitating the development of enterprises that can create jobs, enhance living standards, foster national growth, and address issues of insecurity stemming from youth unrest.
Read more about Opportunities
The Bank of Industry (BOI)-RAPID program is focused on providing financial assistance to nano, micro, and small-scale businesses in rural settings. Beyond financial aid, beneficiaries will receive access to business advisory services and training programs geared towards ensuring the viability, expansion, and sustainability of their businesses.
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Target Audience:

  • Micro and Small Businesses
  • Community Groups in Rural Areas

Key Features:

  • Loan Duration: Up to 3 years
  • Interest Rate: Fixed at 5% per annum
Register to attend the CN Business Mixer

Eligibility Requirements

  • Completed Application Form
  • Business Plan
  • Valid Means of Identification
  • Bank Verification Number (BVN) and National Identification Number (NIN)
  • Proof of Residential Address
  • Completed Guarantor Forms
The application window will remain open until May 29, 2024. Interested parties can submit their applications HERE.
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This article was first published on 20th May 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.

Comments (1)

One thought on “The Bank of Industry (BOI) Rural Area Program on Investment for Development (RAPID) 2024”

  • Mike Inyang

    Thanks for this information. However, which sectors or industries are the potential beneficiaries of this program? BOI Loans are usually structured for Agric Sector players. Is this the same or is it different? Are economic players from other sectors beyond agriculture captured in this new program?

    Reply

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