Affordable funding remains available for registered Nigerian businesses across key sectors
Small business operators in Nigeria now have a valuable opportunity to access affordable finance to scale operations, increase production, or invest in growth—thanks to the ongoing Bank of Industry (BOI) SME loan programme offering up to ₦5 million at attractive single-digit interest rates.
The programme targets Micro, Small, and Medium Enterprises (MSMEs) in high-impact industries including agriculture, manufacturing, healthcare, ICT, fashion, and the creative economy. Designed to promote ease of access, the loan scheme features flexible repayment plans and, in many cases, does not require collateral.
To qualify, businesses must be registered with the Corporate Affairs Commission (CAC) and demonstrate a viable business plan alongside the capacity to repay the loan.
Simplifying Access with Nationwide Support
To help entrepreneurs navigate the loan application process, BOI has partnered with over 400 Business Development Service Providers (BDSPs) across Nigeria. These partners assist applicants with crafting fundable business proposals and offer ongoing mentorship after funds are disbursed, boosting the chances of business success.
Additional Funding Options for SMEs
Besides the core loan programme, Nigerian SMEs can tap into several specialized funding opportunities, including:
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Lagos State Access to Finance for SMEs through Co-operatives (LASMECO): Provides up to ₦10 million with no collateral, 9% annual interest, and a 50% government guarantee.
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₦200 billion Federal Intervention Fund, managed by BOI, segmented as:
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₦75 billion for MSMEs
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₦75 billion for manufacturers
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₦50 billion for the Presidential Conditional Grant Scheme
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These funds are aimed at stimulating local production, generating employment, and strengthening economic resilience—particularly benefiting youth- and women-led businesses.
Why This Matters
For small business owners, access to stable, low-cost financing can be the critical factor between stagnation and expansion. The BOI’s SME loan programme offers practical, affordable financing solutions, backed by mentorship and, in many cases, no collateral requirements—opening real pathways for Nigerian entrepreneurs to grow their businesses and contribute meaningfully to the economy.
