FG Just Released a New Business Loan — Nigerians Can Get ₦500K–₦10M
Many Nigerians want to start or grow a business, but most struggle with one major problem: capital. Private loan apps offer quick cash, but their interest rates are often too high and repayment periods too short. That’s why government-backed loans remain one of the best ways to get real business support in Nigeria.
In 2025, the Federal Government (FG), Central Bank of Nigeria (CBN), Bank of Industry (BOI), and NIRSAL Microfinance Bank have expanded several funding programs designed to help Nigerians secure ₦500,000 to ₦10 million in business loans with flexible repayment and lower interest rates.
This guide explains the major government loan programs available right now, how they work, and how Nigerians can apply before the window closes.
Top 10 Instant Loan Apps in Nigeria That Approve Fast (2025 Guide)
1. NIRSAL AGSMEIS Loan (Up to ₦10 Million)
The AGSMEIS loan is one of the most powerful business loans Nigerians can apply for today. It is funded by CBN and disbursed through NIRSAL Microfinance Bank.
Loan Amount:
₦100,000 – ₦10,000,000
Interest Rate:
Very low, single-digit per year
What Makes It Special:
– No collateral for many categories
– Designed for both new and existing businesses
– Long repayment period
Who Can Apply:
– Small business owners
– Youth entrepreneurs
– Fashion designers
– Farmers
– Tech startups
– Service businesses
– Manufacturers
Requirement:
You must attend simple business training at a certified center (the training takes a few days).
This is one of the easiest ways to get up to ₦10 million legally in Nigeria.
2. BOI SME Loan (₦500K – ₦50M)
Bank of Industry (BOI) is Nigeria’s biggest government-backed lender. They support entrepreneurs who want to buy equipment, expand operations, or start real businesses.
Loan Amount:
₦500,000 to over ₦50 million (depending on business type)
Interest Rate:
Single-digit to moderate, depending on the program
Why It’s Good:
– Long repayment period
– Perfect for manufacturing, logistics, production, and tech
– Best for entrepreneurs with solid business plans
Who Should Apply:
– Registered businesses (CAC)
– People with physical shops or workshops
– Producers and manufacturers
BOI is harder to get than NIRSAL, but it offers some of the biggest funding amounts in Nigeria.
3. CBN Targeted Credit Facility (TCF) – SMEs Up to ₦2.5M
This program was originally created during COVID to support individuals and small businesses, and variants of it are still active under NIRSAL.
Loan Amount:
– Individuals: Up to ₦500,000
– SMEs: Up to ₦2.5 million
Interest:
Low, government-controlled
Why Nigerians Like It:
– No collateral for small amounts
– Fast processing when the portal is open
– Great for beginners
This loan is perfect for small business owners, traders, tailors, POS operators, salon owners, and online vendors.
4. FGN GEEP Loans (TraderMoni, MarketMoni, FarmerMoni)
GEEP is a business empowerment program for small traders and micro-entrepreneurs.
TraderMoni:
₦10,000 – ₦50,000 (for petty traders)
MarketMoni:
₦50,000 – ₦100,000 (for small businesses)
FarmerMoni:
₦50,000 – ₦300,000 (for farmers)
Why It’s Good:
– No collateral
– Easy approval
– Supports small shops and market women
This loan is perfect for people who need a small push to start their hustle.
5. CBN Creative Industry Loan (For Youths)
This funding is for young Nigerians in creative and tech industries.
Eligible sectors:
– Fashion
– Software development
– Music
– Film production
– Photography
– Creative studios
Loan Amount:
Often up to several million depending on business needs.
Why It’s Good:
– Youth-focused
– Unique business categories
– Lower interest rate than banks
Perfect for students, young creators, influencers, freelancers, and tech talent.
6. Nigeria Youth Investment Fund (NYIF)
The NYIF loan supports Nigerians aged 18–35 who have business ideas but lack funding.
Loan Amount:
Up to ₦3 million
Why It’s Good:
– Supports youth entrepreneurs
– Low interest rate
– Funding for both registered and unregistered businesses
NYIF has helped thousands of young Nigerians.
Top 10 Instant Loan Apps in Nigeria That Approve Fast (2025 Guide)
How to Qualify for Any Government Business Loan
To improve your approval chances:
-
Have a simple business plan (1–3 pages is enough)
-
Use a bank account with regular transactions
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Ensure your name matches on BVN, ID, and bank account
-
Register your business with CAC (optional but increases approval)
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Attend required training if needed (AGSMEIS, NYIF)
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Apply through official portals, not random agents
Government loans take time, but they are real, and many Nigerians have been funded.
How to Avoid Scam Loan Agents
Avoid anyone who:
– asks for upfront payment
– promises “guaranteed approval”
– sends WhatsApp-only links
– tells you to “pay for form”
– operates outside official portals
Always use verified websites:
– NIRSAL MFB
– BOI portal
– CBN official pages
– FGN loan platforms
If it doesn’t come from an official site, ignore it.
Conclusion
If you’re serious about starting or expanding a business in 2025, government-backed loans offer the best chance to secure real funding with low interest and long repayment periods. Programs from FGN, CBN, BOI, NIRSAL, and NYIF remain some of the most powerful opportunities available to Nigerians today — offering between ₦500,000 and ₦10 million in legitimate support.
If you prepare properly and follow the right steps, you can access capital that private lenders will never offer.
