Loans for Nigerians – Government and Private Loans For Businesses and Personal Use
As the economic situation in Nigeria bits harder, most households and businesses in Nigeria depend on loans to boost their business and improve their livelihood.
Although getting these loans sometimes comes at high-interest rates (especially private loans), most people are left with little or no option but to go for the loan.
As a result of this, Nigeria has in recent times experienced a surge in the growth of the lending industry as more loan apps continue to find their way into the Nigerian market both through legal and illegal means.
The Nigerian governement on the other hand has also in recent years increased the number of loans offered to both MSMEs and households, especially after the COVID-19 pandemic. Here are some of the most recent loan options(Governement and Private Loans) used by Nigerians.
Federal Government Loans
The Nigerian people saw a surge of loans under the President Buhari administration and his successor President Tinubu also seems to be announcing some loans for Nano, Micro, Macro, and Small scale businesses and even for households some of these loans include but are not limited to;
- SMEDAN/Sterling Bank Loan
- Presidential Palliative Loan
- Presidential Conditional Grant
- Iyaloja Fund
- BOI-FG Loan
- Access Bank BOI Loan(Private & Governement)
Most of these loans mentioned above are single-digit interest(9%) loans and are distributed by the Federal government through accredited Microfinance banks after successful verification. While most of these loans are meant for businesses, some offer options for household use provided the applicant can repay the loan in due time.
See Also: FG N50K for 1.5 Million Market Women In Nigeria
Private Loans
There are thousands of platforms in Nigeria offering loans to individuals both for personal and business use and some of these loans are even government and privately sponsored the most common options include but are not limited to;
- Okash Loan
- Fairmoney Loan
- Accion Microfinance Loan
- Branch Loan
- Paylater Loan(Cabon Loan)
- Stecta Loan
- Kwaba Loan
- KiaKia Loan
- QuickCheck Loan
- Renmoney
These are just some of the most common loan options used by Nigerians to survive the current Economic hardship in the country. Let’s look at some of the governement loans in detail.
SMEDAN/Sterling Bank loan
Sterling Bank Plc recently signed an MOU with the management of Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) to flag off a 5 billion Naira SMEDAN/Sterling Bank loan program for all MSMEs in Nigeria. The loan is aimed at;
- Stimulating economic growth and driving prosperity by enhancing SME access to finance.
- Financial support to help SMEs expand operations, hire additional employees, and contribute to an overall upswing in beneficial trade and economic activities.
- Provision of prompt access to finance for small businesses and guide them through a formalization process crucial for sustainability and access to funds.
See Also: USSD Code for Loans In Nigeria – Get Instant Loan Now
Presidential Palliative Loan
Launched in October, the Presidential Palliative Loan is an N150 billion(N75 billion for MSMEs & 75 billion Naira for manufacturers in Nigeria) loan program by the President Bola Amed Tinubu administration to cushion the effect of fuel subsidy removal on micro, small and medium-sized businesses across various sectors of the economy. Under this loan program, businesses under these categories can apply to get a loan of up to 1 Million Naira to 1 billion Naira loan at a single-digit interest rate of 9% per year.
Iyaloja Fund
The Iyaloja Fund is an N50k loan program announced by the Minister of Humanitarian Affairs. The loan is for market women in Nigeria and is aimed at boosting their capital base. The loan is also a no-interest loan so recipients are not expected to pay any interest for receiving the loan. Read more here
Access Bank BOI Loan
This is a 50 billion Naira loan from Access Bank Nigeria in partnership with the Bank of Industry. The loan was formally 30 billion but recently increased to 50 billion. Business owners can get up to 1 million Naira through this loan provided they meet all stipulated requirements. You can also get a higher amount after repayment of your first loan. Visit any of their branches to enquire about the application.
If you are interested in any of these loans, you can take your time and do your research about them. We will also cover some of the loans mentioned here in detail in subsequent posts. Share if you find it informative.
