The Federal Government, through the Central Bank of Nigeria (CBN) launched the Gas intervention fund last August. According to the Federal Government, investors must meet seven (7) criteria to access the N250 billion intervention fund for gas value chain businesses. Here we will show you the seven criteria to access federal government N250bn gas intervention fund.
The Minister of State for Petroleum Resources, Timipre Sylva, through his Technical Adviser, Ms Brenda Attaga listed the criteria in Abuja on Sunday when she addressed newsmen.
Criteria to access Federal Government N250bn gas intervention fund
Your business plan must meet the following government’s national objective of creating skilled and unskilled employment:
- Technical feasibility,
Overall business plan on skills and experience output of the plan,
Social economic impact of the business plan,
What percentage of internally generated revenue (IGR) it would contribute to the state in which the applicant plans to operate,
Financial feasibility of the business plan,
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Environmental feasibility of the plan.
Attaga disclosed that 27 applications had been received so far, and they have obligor limit of N10 billion each.
She added that on the Small and Medium Enterprises (SMEs) portion, fifty (50) applications had been received, noting that SME scheme had a limit of N50 million.
“In this regard, our evaluation covers seven fundamental areas which must be evidenced by applicants.
“This is because people have sent us all kinds of applications that are not in line with the recommended framework of our evaluation.
“The essence is really for us as a ministry to support the propagation of gas and also creation of jobs through access to financing,’’ she said
She added that SME will also follow similar structure but that start ups would enjoy some leniency in the financial model.
According to her, SMEs will prove that they are registered with Cooperate Affairs Commission (CAC), pay taxes, affiliate to first class companies which are already established businesses with good track records within the gas value chain.
Ms Attaga also said there was no timeline for applications, but that the fund had a fixed amount.