CBN Agri-Business Small and Medium Enterprise Investment Scheme

The Central Bank of Nigeria Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) is one of the most significant and impactful financing programmes ever introduced by the CBN to support Nigerian entrepreneurs and small business owners. This programme provides affordable single-digit interest rate financing to eligible Nigerian businesses in both agricultural and non-agricultural sectors at just 5% per annum — one of the lowest interest rates available anywhere in Nigeria. About AGSMEIS AGSMEIS was introduced by the Central Bank of Nigeria in 2017 following a mandatory contribution of 0.5% of Profit After Tax by all deposit money banks in Nigeria into the scheme fund. The fund is managed by NIRSAL Microfinance Bank (NMFB) on behalf of the CBN. The scheme was designed to promote entrepreneurship and support the development of agricultural value chains in Nigeria, create jobs particularly for young Nigerians, diversify the Nigerian economy away from oil, and increase financial inclusion for underserved businesses. Loan Amounts Available Under AGSMEIS individuals can access loans from N500,000 to N10,000,000. Cooperatives, groups, and enterprises can access loans of up to N50,000,000. All loans carry an interest rate of just 5% per annum which is significantly lower than commercial bank lending rates which typically range from 20% to 30% per annum in Nigeria. The repayment period is up to 7 years with a moratorium of up to 18 months meaning you do not have to start repaying until 18 months after receiving your loan. Eligible Business Sectors AGSMEIS is available to businesses across a wide range of sectors. In agriculture the scheme covers crop production including rice, maize, cassava, wheat, and vegetables; livestock farming including poultry, cattle, goats, and pigs; fisheries and aquaculture; agro-processing; and food value chain businesses. In non-agricultural sectors the scheme covers manufacturing and processing, creative industries, ICT and technology businesses, educational services, healthcare, hospitality and tourism, fashion and clothing, and other legitimate small and medium enterprises. Who Can Apply AGSMEIS is targeted at young Nigerians aged 18 to 35 who are operating or starting businesses in eligible sectors. Applicants must be Nigerian citizens with a valid BVN and means of identification. Applicants must have a registered business with the Corporate Affairs Commission (CAC). Applicants must have a viable business plan demonstrating how the loan will be used and how it will be repaid. Importantly all AGSMEIS applicants must first complete a mandatory entrepreneurship training programme through an approved NIRSAL training institution before their application can be processed. Mandatory Entrepreneurship Training Before applying for an AGSMEIS loan you must complete a CBN-approved entrepreneurship training programme. These training programmes are offered by approved institutions across Nigeria and typically last 5 to 10 days. The training covers business planning, financial management, marketing, record keeping, and loan management. Upon completing the training you receive a certificate that is required for your AGSMEIS application. How to Apply After completing your mandatory training visit any NIRSAL Microfinance Bank branch nationwide with your training certificate, CAC registration documents, business plan, BVN, means of identification, and passport photographs. You can also begin your application online at nmfb.com.ng. The bank will assess your application and business plan and notify you of the outcome within a few weeks. Important Warning AGSMEIS applications are completely free. You do not need to pay any agent, consultant or individual to access AGSMEIS financing. If anyone asks you to pay money to process your AGSMEIS application, they are a fraudster. Always apply directly through NIRSAL Microfinance Bank branches. Visit micrise.com.ng daily for more grants, loans and funding opportunities for Nigerian entrepreneurs and businesses.