Accelerate Your Business: 2024 Nigerian Federal Government Loan Application

The registration process for the FG Loan Portal is currently ongoing, as the federal government has committed to providing Nigerians with loans of up to 1 million Naira. This initiative, referred to as the Presidential Palliative Programmes by the Federal Government, aims to enhance livelihoods by empowering businesses.

Applicants can access the loan application through the official website, loan.fedgrantandloan.gov.ng, and their respective banks will facilitate disbursement upon meeting the eligibility criteria.

Here are some of the requirements outlined by the Federal Government on its official website for applying for the 1 million Naira FG loan:

Nigeria FG Loan Eligibility Criteria
Loan Amount: Up to 1 million Naira

A). Eligibility Requirements
Existing businesses must have been operational for a minimum of one (1) year.
Start-ups need to be officially registered as businesses.
Submission of CAC business registration documents is mandatory.
Submission of company bank statement(s) spanning one (1) year for existing businesses, or chief promoter’s (director or business owner) bank statement(s) for start-ups.
Meeting the necessary monthly turnover and any additional requirements stipulated by the bank.

B) Security
Personal guarantee of the promoter.
Acceptance of the BVN Covenant (Global Standing Instruction-GSI), and any additional requirements stated by the bank.

C) Repayment Schedule
Monthly equal instalments (no moratorium) over a period of three (3) years.

Manufacturers can receive up to N1 billion for either working capital or asset financing.

A). Eligibility Requirements

Minimum of six (6) months of business/corporate banking relationship.
Submission of CAC business registration documents is obligatory.
Presentation of twelve (12) months’ bank statements for accounts held with other banks.
Any other documents required by the bank.

B) Security