FG Business Loans in Nigeria You Can Apply in 2022

FG Business Loans in Nigeria You Can Apply in 2022

If you are a Nigerian entrepreneur or business owner, you can apply for a number of federal government loan programs to help you boost your business in 2022.

Through intervention loan programs, the Buhari-led government is working diligently to revive the economy after the devastating effects of the Covid-19 epidemic on the revenues of small and medium enterprises in the country last year.

These funding programs, initiated by the federal government and which have already helped thousands of people, are aimed at youth and SMEs.
Let’s take a look at some of the best federal government loan programs you can apply for in 2022.

FG Business Loans in Nigeria You Can Apply in 2022

Third Institutional Entrepreneurship Scheme (TIES) Loan Program

The CBN N500 million undergraduate and graduate loan was developed as part of TIES in partnership with Nigerian universities and polytechnics, with the aim of harnessing the potential of Nigerian undergraduate entrepreneurs.

The Central Bank of Nigeria (CBN) introduced a new loan with the week named Scheme named Tertiary Institution Entrepreneurship Scheme (TIES) for undergraduates in an accredited University or Polytechnic in Nigeria and graduates (not more than 7 years of graduation).

Graduates with less than seven years of experience are eligible to apply for loans up to N25 million under the loan program.

the Central Bank of Nigeria, the introduction of the Tertiary Institution Entrepreneurship Scheme  (TIES) is to create a paradigm shift among undergraduates and Graduates of Nigerian Polytechnics and Universities, from seeking white-collar jobs to Entrepreneurship. Click Here to Apply

Agribusiness / Small and Medium Enterprise Investment Scheme (AGSMEIS) Loan

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGMEIS) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

AGSMEIS is designed to support with 5% p.a for February 2022 and 9% p.a for the rest of the year, applicants can borrow up to N10 million without any deposit for a maximum period of 5 years. Generally, a mortuary lasts for 12 months. AGSMEIS loans are now available for entrepreneurs in various fields, including agriculture, creative industries, hospitality, etc. Click Here to Apply

NYSC Business loan

If you are a current or former member of the National Youth Services Corps (NYSC), and you have an ongoing business or business idea that requires a federal government loan to promote or start, you now have an ongoing NYSC that has access to the opportunity.

This is an opportunity from the CBN with the aim of helping youths to apply for loans in Nigeria to startup a business. The loan is been paid through Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme. (YIEDP).

Individuals can apply for loans of up to 3 million, while a group of three to five persons can apply for loans of up to 10 Million. The following explains how you can apply for the NYSC loan. Click Here to Apply

Nigeria Youth Investment Fund (NYIF)

The federal government has reopened the Nigerian Youth Investment Fund application process for eligible youth who want to access the program to improve their lives. NYIF is an N75 billion loan program set up by the Nigerian government to invest in the youth’s innovative skills and business ventures in the country.

The loan has a single-digit annual interest rate (APR) of 5% and a grace period of 12 months before repayment. In July 2020, the Federal Executive Council authorized the Nigeria Youth Investment Fund.

National Housing Fund (NHF) Loan

Federal Mortgage Bank Of Nigeria (FMBN) is the apex mortgage institution in Nigeria tasked with the responsibility of providing long-term credit facilities to mortgage institutions in Nigeria.

The Federal Mortgage Bank of Nigeria (FMBN) offers a wide range of loans and credit facilities to the people of Nigeria, especially low- and middle-income earners. The NHF is one of its most important credit institutions, allowing low-income people who are unable to afford a home.

NPower Government Enterprises and Empowerment Program (GEEP) Loan

The Government Enterprise & Empowerment Programme (GEEP) is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. It is an initiative by the Federal Government of Nigeria to provide financial inclusion and access to micro-credit for Nigerians at the bottom of the economic pyramid.

GEEP was launched in 2016 by President Buhari led-administration charged with the aim to offer interest and collateral-free credit to the millions of Micro SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid. Click Here to Apply