Many have accused the Federal Government of Nigeria of failing to care for the underprivileged or vulnerable in society. This claim may be a result of inadequate information about platforms made by the Federal Government to assist this set of people. At the moment, there are ongoing loans and grants to assist the underprivileged. In this article, we would be giving you a complete list of ongoing Nigerian Federal Government FGN and CBN loans and grants for 2023. If you’re interested in these loans and grants, then you should read this article carefully.
1. The NIRSAL Microfinance Loan
The NIRSAL Microfinance Loan is one of the ongoing Federal government loans in 2023. The NIRSAL Microfinance Loan offers loans to small and medium-scale businesses. Under the umbrella of its Agric, Small, Medium Enterprise Scheme (AGSMEIS), loans are disbursed to entrepreneurs of different kinds.
The AGSMEIS loan, you can be eligible for the loan if your business is under the following sectors: Fashion, Beauty, Arts, Entertainment, Agriculture, Allied Processing, Automobiles, Telecommunication, Catering, and Event Management.
The benefit of loans under this umbrella is that you wouldn’t be asked to provide any collateral. Also, your interest rate is just 9% per annum.
Another umbrella of the NIRSAL loan program ongoing is the Anchor Borrowers’ Program. The Anchor Borrowers’ Program was formed as a result of the collaboration between the NIRSAL Microfinance body and the Central Bank of Nigeria (CBN). This is also open for application at this moment.
2. National Youth Service Corps (NYSC) Business Loan
The NYSC Business loan is a loan open to all intending, current, and ex-corpers. If you fall into any of the listed categories, you would be eligible to get a loan for your business through the NYSC Business Loan.
This loan program was formed by Heritage Bank and Youth Innovative Entrepreneurship Development Program (YIEDP). This program was formed to help youths with loans to aid their business dreams.
You can access loans of up to 3 million naira as an individual and loans of up to 10 million naira if you collaborate with 4 people for the loan. This loan is open to youth between the ages of 18 – 35 years of age.
To stand a high chance of being funded, you’ll need to be a serving Corp member. An ex-corp with less than 5 years of post-NYSC is also eligible for the loan.
For the NYSC Business Loan, you can be eligible if your business falls under the following sectors: Agricultural and Allied Processing, Food Processing, Power, Energy, Film, Photography, Manufacturing, Cottage, Construction, Technology, Automobile, Education, ICT, and other fields.
Just like the NYSC business loan, the TraderMoni is an avenue for youths to access loans for their business. These loans offered would help grow the empower youths who are not privileged to have certain opportunities.
The TraderMoni is aimed at youths between the ages of 18 – 40 years. This loan is targeted at helping orphans, people living with disability, and uneducated youths. It may be hard for these to cope with the economy, which is why this loan program is specifically for them.
However, for this set of youth to be eligible for the loan, they would have to have some sort of entrepreneurial skill. For instance, Tailoring, Artistry, Artisan, and the like. These can gain access to 50,000 naira which would come with no interest attached. Isn’t that impressive?
4. Market Moni
Market Moni is another scheme made by the Federal Government of Nigeria to help women. These include women who are underprivileged or women who are marginalized in the society.
These loans are targeted to women between the ages of 18 – 55 years of age. The Market Moni loan is meant to assist women get out of poverty. The loans would also help in expanding their businesses too.
Just like TraderMoni, women under the categories mentioned above would be able to access loans of 50,000 naira which would be interest-free.
5. Farmer Moni
As the name implies, this loan opportunity is open to farmers. Farmers living in rural areas and who lack enough funds for expansion are those who are most eligible for this loan program.
The Farmer Moni loan program helps farmers with loans as much as N300,000 which would come with no collateral charge attached. A farmer privileged with this funding would use this money to expand his business and buy necessary pieces of equipment to yield more output.
What is the grant for Nigerians 2023?
Grants for Nigerians in 2023 include TraderMoni, Farmer Moni, and Market Moni. You can also go for the Wellcome Career Development Awards for Mid-Career Researchers, and also the Al-Sumait Prize in Education.
Is there any federal government grant in Nigeria?
There are many Federal Government grants in Nigeria.
How to get money from the federal government in Nigeria?
You can get money from the Federal Government of Nigeria when you are among the underprivileged and vulnerable. Also, you can get money from them when you have the skill to present that needs funding.
What is the website for the Federal Government loan?
The website for Federal Government loans is http://GovLoans.gov . When you visit the site, you see the list of loans you are available for.
Is there any loan available for Farmers?
Yes. You can leverage the Farmer Moni platform to get loans that can help you.
Thanks to this article, you’ve seen the complete list of ongoing Nigerian Federal Government and CBN Loans and Grants for 2023. If you’re eligible for any of the programs listed above, do well to apply for them. If you discover any problems applying, leave a comment below. We would be glad to help you.