The Nigerian government through different initiatives have created many loan programs for Nigerians.
Most of this loans are zero interest loans and also without collateral. This loans are created to make life a bit easy for Nigerians due to the drastic economic decline.
The loans are mainly targeted to the unemployed, traders, farmers, small medium scale business owners and also for students.
These loans have very good and flexible repayment plans which will not cause a financial strain on the individual taking the loan.
The loans are disbursed in phases and due to the high number of people that apply for the loan it is always very competitive and somehow difficult in getting a loan.
In this article we will list out the various available and ongoing federal government loans Nigerians should apply to.
Federal Government Loans For Small Businesses and Individuals In Nigeria
Famermoni Loan
This loan is an initiative of the Nigerian government to provide financial assistance to farmers to improve their farm produce.
Marketmoni Loan
Marketmoni Loan is a loan program initiated by the Nigerian government to business men and women especially market women.
Survival Fund Loan
This is a government loan given to government workers. It is given to people who where affected by the COVID-19 pandemic lockdown.
CBN AGSMEIS Loan
The Central Bank of Nigeria Agricultural small and Medium Enterprise Scheme is an initiative of the federal government through the Central Bank of Nigeria to help small and medium scale agric businesses.
P-AADS Loan
This loan is initiated by the federal government for agricultural based businesses to tackle unemployment and food shortage in the country.
NHF Loan
This loan is initiated to deliver affordable housing to Nigerians. It is created by the federal government through the Federal Mortgage Bank of Nigeria.
BOA-SMEDAN Matching Fund Program
This loan is for small and medium scale businesses. Small and medium scale business owners can apply for this loan to get funding for their businesses.
Npower Geep Loan
This loan is initiated for Npower beneficiaries. It is to help people in starting and growing their businesses.
NSHP Loan
The National Social Housing Program loan is initiated by the federal government. It is created to deliver quality and affordable housing to Nigerians.
NYSC CBN Loan
This is a federal government loan program created for corpers and ex-corpers to get funding to start or grow their businesses if they can't get jobs.
Tradermoni Loan
Through the Government Enterprise Empowerment Program the Nigerian government initiated this loan to help small and medium scale businesses.
These are the available federal government loans you can apply to. If you can't get any government loan you can still apply to commercial banks or microfinance banks for loans.
Some commercial banks offer loans with very low interest rate and a very fast approval rate.
Visit the official website of the government loan programs for more information on how to apply for a loan.
Hope this article is helpful.
Updated on November 21