CBN Loans and How to Apply (Best Guide)

One of the major financial institutions that offer loans in Nigeria is the Central Bank of Nigeria (CBN). With CBN loans and proper strategy, you can take your business to the next level.

The Central Bank of Nigeria (CBN) was established in 1958 by the House of Representatives of Nigeria. From then until now, it remains the Central Bank and apex monetary body of the country, 100% owned by the government.

According to the CBN’s official release, its functions include ensuring monetary and price stability, issuing legal tender currency in Nigeria, maintaining external reserves, safeguarding the international value of the legal tender currency, promoting a sound financial system, and acting as a banker while providing economic and financial advice to the federal government.

Pros of CBN Loans

  • Accessible by everyone.
  • Caters to the needs of businesses in different sectors.
  • Less stringent eligibility criteria.

Cons of CBN Loans

  • Loan disbursement time is usually long due to numerous protocols.
  • Loan application involves a lot of documentation and processes.

Maximum and minimum amount of Central Bank Loans

Generally, there are loan options as small as N500,000 and as high as N500 million or more, depending on the type of loan.

What services do Central Bank Loans offer?

1. AGSMEIS Loan for SMEs and Agricultural businesses without collateral

  • Features: Up to N10 million, interest rate of 9%.
  • Disbursed by NIRSAL Microfinance bank and other banks.

2. Accelerated Agricultural Development Scheme loan (AADS):

  • Features: For Nigerian youths between 18 to 35.
  • Up to N1.5 million loan, interest rate of 9%.

3. Micro, Small, and Medium Enterprises Development Fund MSMEDF Loan:

  • Features: Strictly for SMEs and micro-enterprises.
  • Available to businesses in agriculture value chain, cottage industries, artisans, services, renewable energy, trade and commerce.

4. Anchor Borrowers Program Intervention for Agriculture (ABP):

  • Features: Requires membership in 5 to 20 groups or cooperatives.
  • Available to businesses intending to become anchor or farm product suppliers.

5. Creative Industry Financing Initiative Loan (CIFI):

  • Features: For businesses in the creative and information technology (IT) industry.

6. CBN Healthcare Research and Development Grants:

  • Features: For the healthcare sector and research and development.
  • Up to N500 million in loan.


The listed loan services have specific requirements and application processes. Visit the CBN official website at for full information.

Additional Fees:

No additional fees for CBN loan application and disbursement.

Minimum Requirements:

Requirements vary; refer to each loan service on the CBN website.

Funds Release Time:

Due to processes and protocols, CBN loans are not quickly disbursed—could take months to a year after approval.

Repayment Terms

CBN’s repayment terms are pre-agreed interest rates, typically between 5 to 10% or more, specified during the application. Applied interest grows after exceeding the stipulated payment time.


The only restrictions are eligibility requirements; if qualified, there are no other restrictions.

Central Bank loans contribute to Nigeria’s economic improvement, offering services to SMEs and individuals across various sectors, especially those in certain lagging areas. Apply if qualified to enjoy government support for growing your business.

15 thoughts on “CBN Loans and How to Apply (Best Guide)”

  1. Aina Bolarinwa Oladipupo

    i need about #700 000 to upgrade my snail breeding businesses to uptimal level of breeding

  2. Nwigune Rosemary

    I am a business I need 5000 thousand to support my business 3189787793 first bank Nwigune Rosemary

  3. Gbenga Olaoye

    I need need loan to bust my phone lab business I have all the all the documents needed

  4. Adewoyin Adeola biodun

    I am a business woman and also a farmer I need federal government loan to bust my farm and my account no.0235809106.wemabank thanks

  5. Onyeka Kevin Iloh

    Good morning sir, please I need #500,000 to buy house rent and to start up business. My account number is 0659355415 that is Gtbank account number and my account name is Onyeka Kevin Iloh

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