Nigerian Government Offers Big Help for Small Businesses
Great news for Nigerian entrepreneurs! The government has introduced a new initiative known as the Presidential Intervention Fund. This program has allocated N200 billion to support the growth of small businesses.

Who is Eligible?
- You can apply if you run a small business in Nigeria.
- There are two types of businesses that can apply:
- Existing businesses: If your business has been running for at least one year, you can apply.
- Registered startups: New businesses with official registration can also apply.
Requirements?
- Proof of your business: You’ll need to show documents that prove your business is legal. These documents are called CAC documents.
- Bank statements: Existing businesses need to show their company bank statements. If you’re a startup, you can show the bank statements of the main person in charge (chief promoter).
- Good business performance: Your business needs to make a minimum amount of money each month. The exact amount will be set by the bank.
- Guarantees and agreements: You may need to personally guarantee the loan and agree to follow certain rules set by the bank.
What types of businesses can apply?
Many different types of small businesses can benefit from this program. Here are some examples:
- Shops: This includes small stores, corner shops, petty traders, and market sellers.
- Food vendors: People who sell food and vegetables can apply.
- Tech businesses: Business center operators, phone charger and recharge card sellers, and call center agents are all eligible.
- Transportation: Wheelbarrow pushers and independent delivery riders can get help.
- Creative fields: Makeup artists, fashion designers, and dry cleaners can benefit.
- Service providers: Vulcanizers, shoemakers, painters, and repair shops can all apply.
How to apply for the grant
There are two ways to apply:
- Online: You can submit your application electronically on the official website:
- Bank branch: Visit your local branch of the Bank of Industry for more information and help with your application.
The government wants to help!
The Nigerian government is dedicated to helping small businesses thrive. This N200 billion fund presents an excellent opportunity to secure the funding necessary for your business growth. Seize this chance to elevate your business to new heights!
Questions and Answers
- How much money can I get?
The amount of funding available to you will depend on the type of business you operate and your specific needs. The program is split into two segments: N75 billion allocated for small and medium enterprises (MSMEs) and another N75 billion designated for manufacturers. For more information on the exact loan amounts, it’s advisable to visit the website or contact your local Bank of Industry branch.
- What are the interest rates and repayment terms?
The banks participating in the program will determine the interest rates and repayment terms. It’s crucial to thoroughly examine these details prior to submitting your application. For more information, you can visit the website or speak with a representative at your nearest Bank of Industry branch.
- How long will it take to get the money?
The time it takes for applications to be processed can differ based on the bank and your individual circumstances. While the government has noted positive outcomes with the initial disbursements, it’s advisable to consult with the bank for their expected processing timeline.