₦500,000 FG Loan by CBN Begins

The Central Bank of Nigeria (CBN) has launched a new loan scheme to support small and medium-sized businesses in Nigeria.

The scheme will run for the first time within 10 years, concluding no later than December 31, 2031, contingent upon the project’s complexity.

Projects funded under this scheme will be meticulously monitored by independent assessors appointed by CBN and MFIs.

The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.

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₦500,000 FG Loan by CBN Eligibility

The following businesses are eligible to apply for the scheme:

  • Traders, including single retail marketers, corner shop owners, petty traders, market men and women in open markets
  • Food services, including food and vegetable vendors
  • ICT, including business center operators, battery chargers, recharge card vendors, call center agents
  • Transportation, including wheelbarrow pushers, independent dispatch riders
  • Creatives, including makeup artists, fashion designers, dry cleaners
  • Artisans, including vulcanizers, shoemakers, painters, repairers

The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.

Eligible applications which meet the selection criteria will be shortlisted.


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