How Nigerian MSMEs can access the ₦75 billion BOI/FG intervention fund

The Bank of Industry (BOI), in collaboration with the Federal Government of Nigeria, launched a ₦75 billion intervention fund in October 2024 to empower Micro, Small, and Medium Enterprises (MSMEs) across the country.

This initiative offers MSMEs loans at a subsidized interest rate of 9% per annum, targeting businesses in manufacturing and agro-processing that leverage local resources and create jobs through the National Enterprise Development Programme (NEDEP). Here’s a detailed guide on how eligible businesses can access this valuable funding opportunity.

1. Purpose and Benefits of the ₦75 Billion Intervention Fund

The BOI/Federal Government fund focuses on supporting MSMEs with specific advantages:

• Affordable Financing: The fund provides a subsidized interest rate of just 9% per annum, making it a low-cost option for business growth.
• Job Creation: Through NEDEP, the program aims to create up to 5 million jobs, emphasizing skill acquisition and entrepreneurship training.
• Local Resource Development: Targeting manufacturing and agro-processing sectors, the fund promotes the use of local raw materials, driving productivity and economic self-reliance.

2. Eligibility Criteria

To qualify for the intervention fund, applicants must meet the following requirements:

• Business Registration: Only registered Limited Liability Companies, Enterprises, and Cooperatives are eligible.
• Sector Focus: The fund is reserved for businesses in manufacturing and agro-processing that add value to local resources.
• Loan Cap: Depending on business needs and BOI’s assessment, qualified businesses may access up to ₦20 million.

3. Step-by-Step Guide to Applying for the BOI/Federal Government Fund

Step 1: Online Application Submission

• Visit the BOI website to fill out the application form, including:
• Email Address
• Business Registration Number
• Company Name and Type (e.g., Sole Proprietorship, Limited Liability)
• Location and Contact Information

Step 2: Document Verification

• Attach necessary documentation, including:
• Certificate of Incorporation (CAC Certificate)
• Detailed Business Plan outlining the project’s goals and fund utilization
• Financial Statements and Tax Records to demonstrate business viability

BOI will verify all documents to ensure they meet the required standards.

Step 3: Loan Approval

• BOI reviews applications based on document credibility and alignment with NEDEP goals.
• If approved, applicants are notified by email or phone with details on the next steps.

Step 4: Fund Disbursement

• Approved funds are transferred directly to the applicant’s bank account. Ensure the provided account information is accurate to prevent delays.

4. Key Advantages of the BOI/Federal Government Fund for MSMEs

• Cost Reduction: Access to low-interest financing allows businesses to cut operating expenses and improve profit margins.
• Enhanced Productivity for Agro-Processors: Funding supports high-yield agricultural equipment and techniques, increasing food security.
• Broader Economic Impact: By enabling MSMEs to thrive, the program promotes job creation, enhances household income, and supports Nigeria’s GDP growth.

5. Tips for a Successful Application

To improve your chances of approval:

• Develop a Comprehensive Business Plan: Clearly outline how the loan will help achieve your business objectives and benefit your community.
• Maintain Updated Records: Keep financial and tax documentation accurate and current, as BOI may request these for review.
• Stay Engaged: Regularly check your email for updates and reach out to BOI if any delays occur.

This ₦75 billion intervention fund offers Nigerian MSMEs in manufacturing and agro-processing sectors a unique opportunity for growth. By following these application steps, eligible businesses can secure funding that fosters stability, expansion, and increased productivity.

visit: https://fgnboimsmeinterventionloan.boi.ng/signup