How to Benefit from the CBN’s N60 Billion to Empower Young Nigerians
How to Benefit from the CBN’s N60 Billion to empower young Nigerians
Empower Young Nigerians Update: The government has granted N60 billion from the Central Bank of Nigeria (CBN) to support small enterprises, particularly those managed by young people. This initiative, known as the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), intends to empower young Nigerians and boost economic growth.
What is AGSMEIS?
AGSMEIS is a government program that aims to help small and medium-sized businesses (SMEs) in the agriculture sector. It offers financial assistance and resources to help young entrepreneurs start and grow their agribusinesses.
Why AGSMEIS?
This program provides various benefits:
Easy access to funds: AGSMEIS makes it easier for young Nigerians to obtain financing for their enterprises.
Job creation: AGSMEIS supports young entrepreneurs, which helps to create work possibilities in the agricultural industry.
Agriculture is sustainable: The initiative promotes sustainable farming practices that benefit both the environment and future generations.
Boosted agricultural value chain: AGSMEIS improves the agriculture industry by assisting enterprises throughout the entire production process.
Enhanced management skills: The program provides training to help young agribusiness operators improve their management skills.
Are you eligible?
Here’s how to determine if you qualify for AGSMEIS funding:
Your company must be registered with the Corporate Affairs Commission. CAC
You must follow tax regulations and file your tax returns on time.
You must be willing to apply for a loan with a participating bank.
What will be the next steps?
If you match the eligibility requirements, follow these steps to apply:
Training: Attend a one-week training session at a recognized Entrepreneurship Development Institute (EDI).
Apply online: After finishing the training, apply for the loan online using the NIRSAL Microfinance Bank (NMFB) platform. You will need your EDI completion certificate.
Review and interview: NIRSAL MFB will submit your application to the CBN for consideration. You may be approached for an interview regarding your company proposal.
Loan approval: If you are successful, the loan money will be transferred immediately to your NMFB account.
Important Notes:
The loan amounts and terms will vary. Equipment purchases will be made through authorized NMFB vendors. Once all prerequisites are met, you will be able to access working capital via your NMFB account.
Are you ready to take your agribusiness to the next level?
AGSMEIS could be a stepping stone to success. Get trained, apply online, and realize the full potential of your agricultural business!
FAQs
What types of agribusinesses qualify?
AGSMEIS supports a diverse range of agribusinesses, including crop cultivation, cattle farming, aquaculture, poultry farming, and agro-processing.
Is there an age limitation for applicants?
The program focuses on young entrepreneurs, but no precise age range is available. For clarification, contact the CBN or the NIRSAL MFB.
How much funding can I apply for?
Loan amounts vary according to your company’s needs and the program’s available finances. It is best to discuss your individual needs with a participating bank.
What are the interest rates on AGSMEIS loans?
Interest rates are usually lower than commercial lending rates. The actual rate will be determined by the bank you choose and the parameters of your loan.
Is there any assistance after receiving the loan?
Some partnering banks may provide mentoring or business development services to AGSMEIS beneficiaries. However, this is not a program guarantee.
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Where can I find more information?
For more information and updates on the AGSMEIS program, please visit the CBN website or contact NIRSAL MFB directly. Additionally, partner banks can offer advice on the application procedure.
