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The federal government, FGN has been influencing the MSME sub-sector of the Nigerian economy with funds in recent years. It achieves this by employing the service of financial institutions (PFIs) who take charge in disbursing funds to business enterprises in Nigeria with low interest.
The FG has said that the funds made available to MSMEs and small business enterprises have both commercial and developmental components to them.
FGN funds accessible to small business enterprises in Nigeria
The Central Bank of Nigeria, CBN and the Bank of Industry, BOI, are among the handlers of the FGN funds for MSMEs. Enterprises or MSMEs who have an interest in accessing these funds can reach out to the CBN or BOI to find out more.
The FG is making funds accessible for small business enterprises in Nigeria as part of its development goal.
The CBN MSMED Fund
The MSMED fund is part of the FG’s developmental role and mandate of promoting a sound financial system in the country. The CBN set up the MSMED fund in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy.
Prospective borrowers can reach out to participating financial institutions (PFIs) for funding applications.
The CBN MSMED reserves 60% of the fund for providing financial services to women-founded enterprises.
- Things to know about the CBN, federal reserve, monetary policy
- CBN – Which business is eligible for the NYIF and who can get fund
The BOI intervention funds
The BOI is a development finance institution that provides financial assistance for the establishment of large, medium and small projects. BOI has several divisions in its intervention funds program.
- StateMatching Funds
- Dangote Foundation Matching Fund
- CBN Intervention Fund
- Cassava Bread Fund
- Cement Fund
- Cottage Fund
- FGN Special Intervention Fund For MSME (NEDEP)
- NADDC Fund
- National Programme on Food Security (NPFS)
- Rice and Cassava Intervention Fund
- Sugar Development Council Fund
- ASM Fund
- Bottom of pyramid
- Fashion and Beauty Product
- Light Manufacturing
- Food and Agro Commodity Processing
- Graduate Entrepreneurship Fund
- Nollyfund
- On-Lending To Commercial Banks
- Solar Energy
- Youth Entrepreneurship Support (Yes) Programme
- Youth Ignite Programme
Similar to the CBN, the BOI targets Small and medium-sized enterprises.
FGN survival fund
The FG survival fund scheme was created outside the MSMED. It aims to support and protect enterprises from the potential vulnerabilities brought about by the COVID-19 pandemic.
The program constitutes three parts – Payroll Support, Guaranteed Offtake, MSME Grant and Formalisation Support. Each of these funding programs requires completion steps:
How to register to get funding for business
Only the free Formalisation Support for the registration of new businesses with the Corporate Affairs Commission, CAC is currently active on the survival fund platform. The Payroll Support, Guaranteed Offtake, MSME Grant are now closed.
BOI programs as well as the MSMED Fund are currently running with no likey ending dates.
- How to get the survival fundS for business individuals
- FG Begins Free Business Registration For MSMEs Across Nigeria
Conditions for accessing funds under the BOI intervention or the CBN MSMEs funds include collateral, loan repayment and interest rate.
Both FGN funding channels promote women entrepreneurs and businesses.
