The Federal Government of Nigeria has introduced several funding initiatives to support Small and Medium Enterprises (SMEs) with accessible financial assistance. Business owners are encouraged to review eligibility criteria, prepare required documents, and apply online.
1. FGN/BOI Intervention Fund
The Bank of Industry (BOI), in collaboration with the Federal Government, offers a ₦75 billion fund for Micro, Small, and Medium Enterprises (MSMEs) in manufacturing and agro-processing.
Eligibility & Requirements:
- Must be a registered business
- Can access up to ₦20 million based on BOI’s assessment
- Required documents: CAC Certificate, business plan, financial statements, and tax records
How to Apply:
- Visit BOI’s online portal
- Submit business details, necessary documents, and a comprehensive business plan
2. Presidential Conditional Grant Scheme (PCGS)
Aimed at supporting small businesses as part of the Presidential Palliative Programme, this grant targets women, youth, and disadvantaged groups.
Key Features:
- 70% for women & youth, 10% for people with disabilities, 5% for senior citizens, 15% for others
- Beneficiaries receive ₦50,000, directly credited to their accounts
- Open to small business owners in trading, food services, ICT, transportation, and artisans
How to Apply:
Applicants must provide proof of residence, business address, and bank details through the Federal Ministry of Industry, Trade & Investment and SMEDAN.
3. Development Bank of Nigeria (DBN) Loans
The DBN, in partnership with international financial institutions, provides loans to SMEs and MSMEs through Nigerian banks.
Eligibility & Access:
- Open to MSMEs engaged in productive enterprises
- Businesses must apply through a commercial bank or microfinance institution
- DBN provides funding, while banks disburse loans to qualified applicants
Required Documents:
- Government-issued ID, CAC Certificate, asset debenture, and bank guarantee
4. MSME Development Fund
Managed by the Central Bank of Nigeria (CBN), this fund provides low-interest loans through financial institutions to boost MSMEs.
Focus Areas:
- Agriculture, agro-processing, manufacturing, and services
How to Apply:
- Apply through participating Microfinance Banks and financial institutions
- CBN approves and disburses funds to banks on behalf of successful applicants
- Visit CBN’s MSME portal for details
5. SMEDAN Grants & Loans
SMEDAN offers financial support for micro and nano businesses to purchase equipment and expand their workforce.
Benefits:
- ₦50,000 Conditional Grant Scheme (CGS)
- Access to training, mentorship, and funding opportunities
- Market access for exports and business growth
How to Apply:
- Register interest via SMEDAN’s official portal
- Submit required documents and project proposals
- Approved businesses receive the grant for expansion
These funding opportunities are designed to help Nigerian SMEs thrive by providing financial support, business development resources, and growth opportunities.
