The Federal Government Interest-free Loans is a type of loan the government of Nigeria, through the Central Bank of Nigeria (CBN) gives to Nigerian citizens to start up a business where no interest is charged on the borrowed amount. It means that the borrower is not required to pay any additional amount beyond the principal borrowed, making it different from a loan with interest.
Therefore, if you need a loan to start a small business in Nigeria, you can follow the guide below to apply for the loan that best fit your interests.
The category of people that can benefit from these government interest-free loans are:
- Youths with business ideas
Keep in mind that some loans below are interest-free while some are of very low-interest rate.
List of Federal Government Loans in 2023
Below is the list of federal government loans:
1. Central Bank of Nigeria (CBN) NIRSAL COVID-19 Loan
This is a government loan opportunity through CBN aimed at helping business owners and households in Nigeria to recover from the economic challenges caused by COVID-19 pandemic. Apply for this loan at https://nmfb.com.ng/covid-19-support
2. NYSC CBN Loan
This loan has been in existing for a while. It’s a loan initiative for ex-corps members and corps members to enable them to start up a business so they won’t depend on white-collar job after their service year. Apply at https://www.yiedp-hbng.com
3. Nexit Loan
This is the Federal government loan for exited N-power beneficiaries. Through this scheme, the Central Bank of Nigeria (CBN) disburse funds to exited volunteers of the Npower program who applied via the Nexit portal.
4. CBN AGSMEIS loan
The Agric, Small and Medium Enterprise Scheme is an initiative of the Central Bank of Nigeria to help agricultural related businesses in Nigeria. To apply for this loan, see here.
5. Npower GEEP loan
6. NHF loan from Federal Mortgage Bank of Nigeria
The National Housing Fund (NHF) loan is a federal government initiative to facilitate the provision of affordable housing for Nigerians. CIick here for details on how to apply for this loan.
7. TraderMoni Loan
This free interest loan from the Federal government through the Government Enterprise and Empowerment Programme (GEEP), was created specifically for Nigerian petty traders and artisans. CIick here to apply.
8. FarmerMoni loan
The Federal government in a bid to support and encourage petty farmers created this loan. This loan initiative is under the Government Enterprise and Empowerment Programme (GEEP). You can apply via Bank of Industry website at https://www.boi.ng/
9. MarketMoni loan
MarketMoni is a part GEEP. It is a federal government loan initiative created to offer financial help to business men and women. This loan is very similar to TraderMoni loan. You can apply for this loan at https://www.boi.ng/apply .
10. NYIF Loan
The Nigeria Youth Investment Fund (NYIF) is a loan initiative from the federal government to finance the business ideas of our youths on order to reduce the rate of unemployment in the country. To apply for NYIF Loan, CIick Here.