98,000 Small Businesses, Farmers to Secure Over N5 Billion FG Loan

• The Nigerian government is set to roll out N5 billion interest-free loan to small business owners and farmers in all the states of the federation
• Sadiya Farouk, the minister of Humanitarian Affairs, Disaster Management and Social Development stated this in Abuja
• The minister said that about 98,000 beneficiaries will be selected in the Phase Two of the Government Enterprise and Empowerment Programme (GEEP)

The Nigerian government has announced on Wednesday, April 6, 2022, that it is rolling out the Government Enterprise and Empowerment Programme, phase 2 in all the states of the country including the Federal Capital Territory.

The Punch reports that about 98,000 Nigerian farmers and small business owners will secure between N50,000 and N300,000 interest-free loans, meaning that the government will dole out over N5 billion as loans under the programme.

N50,000 to N300,000 up for grabs as loans for small businesses

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Sadiya Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development said this in a statement in Abuja via her spokesperson, Nneka Anibeze.

The Minister said the programme follows the final vetting of Phase One applicants who scaled the hurdles and were selected to benefit from the small loans ranging from 50,000 to N300,000.

She said all the beneficiaries of GEEP Phase Two will get congratulatory and sensitisation SMS in the coming days, telling them of their suitability for the loan and also informing them that the scheme was a loan and not a grant.

Loan for all persons

According to Farouq, her ministry was making plans to roll out the programme nationwide after which an enumeration exercise will be conducted to capture beneficiaries’ data.

The GEEP Phase Two loan scheme is created by the federal government to make financial inclusion possible and give credit access to poor and vulnerable persons.

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The statement by the minister said that beneficiaries will also include persons with disability and people at the bottom rung of the economic ladder.

How to apply for and secure N5 billion loan from CBN’s 100 for 100 policy scheme

Legit.ng has reported that recently, Nigeria’s apex bank, the Central Bank of Nigeria released the names of beneficiaries of its N23.2 billion loan under the 100 for 100 Policy on production and productivity (PPP).

Applicants for the loan should know that the CBN’s loan limit is B5 billion, although, applicants can secure above the N5 billion threshold subject to CBN’s approval.

The CBN will select 100 private sector companies which have projects with the potential to greatly boost local productivity and have foreign exchange capacity for Nigeria.

Source: Legit.ng