The Central Bank of Nigeria (CBN) loan initiative is for the interest of Nigeria’s economic growth, hence financial aid is solely provided to individual and large sectors to assist and enhance their output towards the growth of the nation.
How To Apply For A CBN Loan
The application process for the CBN loan are different for each loan and depends on the specific type of CBN loan you are applying for.
You should apply for a CBN loan if you are eligible.
Who Is Eligible
Agricultural sectors, small, and medium-scale sectors, families, including youth empowerment initiative.
To enhance Nigeria’s economic growth, the central bank of Nigeria has developed several financial assistance for agricultural sectors, small, medium, and large sectors, etc.
Furthermore, loans can be disbursed to agricultural sectors that seek financial aid, such as capital or investment purposes. However, SMEs and other health sectors can likewise achieve financial assistance if eligible.
List of all CBN loans And Grants
- AGSMEIS loan.
- Anchor borrowers program.
- Accelerated agricultural development.
- MSMEDF loan.
- Creative industry financing initiative.
- CBN health care research & development grants.
CBN MICRO, SMALL & MEDIUM ENTERPRISES DEVELOPMENT FUND
The CBN MSMEDF initiative is solely for micro, small, and medium enterprises.
The Central Bank of Nigeria, on its verge to improve the financial state of the country, has developed the MSMEDF’s loan.
Sectors qualified for the MSMEDF include:
Micro sectors, small, and medium sectors who specialize in artistry, trade and general e-commerce, agricultural value chains, cottage, energy production, and services listed by CBN.
CBN LOAN fOR THE CREATIVE INDUSTRY FINANCING INITIATIVE(CIFI)
This is a program developed under the Central bank of Nigeria to provide financial assistance to the creative sectors such as the Fashion, music industries, and information technology in Nigeria.
Prospects can access up to 500 million naira with a duration of 3-10 years.
INTEREST rate is 9%
Prospects can apply via the link below.
CBN HEALTH CARE RESEARCH & DEVELOPMENT GRANTS
This is a CBN grant scheme developed to assist the healthcare sector; to aid the public healthcare industry and provide financial assistance for research and development of new drugs and medical care to medically challenged individuals in the country.
The CBN health sector grant is available for pharmaceutical industries, biotechnological, and research institutions for the provision of drugs, herbal medicines, and control of infectious diseases in the country.
CBN Agricultural Loans
CBN agricultural loans are a part of the Central bank loan initiative for small and large agricultural enterprises in Nigeria.
CBN agricultural loans include:
- The CBN AGSMEIS loan for small and medium agricultural sectors.
- CBN Anchor borrowers program (ABP) intervention for agriculture.
- CBN- non-interest accelerated agricultural development.
CBN ANCHOR BORROWERs PROGRAMME (ABP).
The Anchor borrowers program in connection with the developmental function established the ABP scheme for small-scale agricultural producers who produce basic agricultural commodities such as cereal, tomato, legumes, sugar cane, and many more products.
The loan is dispersed among 5-20 farmers for ease of administration.
Interest rate ranges from 9% -5%, within the gestation period of the agricultural commodity involved.
AGSMEIS LOAN FOR SMEs & AGRICULTURAL SECTORS / CBN without collateral
CBN AGSMEIS loan is an initiative developed to eradicate financial impediments in the agricultural and economic sectors, enhance agricultural output, improve the rate of employment and economic standard of the country.
This loan is available for agricultural sectors, including SMEs, and it’s dispersed by NIRSAL/MFB.
You can access a maximum of 10million naira, with a varied interest of 9% to 5%.
To find more information about the CBN AGSMEIS loan, kindly access the CBN loan application portal for more information.
You can access the CBN loan (AGSMEIS) application form via https://agsmeisapp.nmfb.com.ng/
CBN NON- INTEREST ACCELERATED AGRICULTURAL DEVELOPMENT (AAD)
With the agricultural sector at heart, CBN has developed the AAD scheme to encourage and involve about 370,000 youths into the agricultural Enterprise; to curtail the rate of unemployment among the youths and promote agricultural production.
This program is open to youths from the age of 18-35 years and must sign an agreement to adhere to the rules and principles of the program.
The CBN loan (AAD) is still on, prospects can apply through the CBN loan application portal at https://www.cbn.gov.ng/devfin/acgsf.asp