The Central Bank of Nigeria (CBN), has introduced a funding support programme for Micro, Small and Medium Enterprises known as ‘Agric Small and Medium Enterprises Investment Scheme (AGSMEIS)’.
Existing and aspiring entrepreneurs can access up to Ten Million Naira (N10,000,000) at 9% per annum for up to 7 years repayment from CBN in the AGSMEIS program, designed to help MSMEs in the following sectors:
Agricultural businesses, Education, Health, Services (Hospitality, Restaurants, Catering, Services, etc), ICT, Manufacturing/Production, Mining, Creative Industry (Fashion, Design, Crafts, Entertainment, etc), Petrochemicals.
To qualify to access this fund, you have to be trained by an Enterprise Development Institution (EDI), after which your application and other details would be forwarded to CBN by the EDI.
– This Enterprise Development Centres on encouraging private entrepreneurship, self employment, job creations, income growth, poverty eradication and economic development.
– The Enterprise Development would target those with at least secondary education has the following specific objectives:
- To develop entrepreneurship spirit amongst Nigerians and provide insight into the tools, techniques and framework for managing all functional areas of business enterprise, including production, marketing, personnel and finance.
- To develop skills of would-be-entrepreneurs to successfully start, expand, diversify and manage business enterprises as well as link them with financial institutions for start up capital, especially the micro-finance banks.
- To generate employment opportunities for Nigerians in pursuance of the provisions of the National Economic Empowerment and Development Strategy [NEEDS] and recently vision 2020.
- To raise a new class of entrepreneurs/owners, who can compete globally and succeed in managing MSMEs and provide the bridge for future industrialisation of the country.
The Federal Government via CBN is working hard at this time to stimulate the economy through SMEs. We encourage you to kindly participate as you don’t know how far this could take you.