WATCH THE VIDEO HERE The recent approval by the Federal Executive Council for the disbursement of N60 billion from the Central Bank of Nigeria via the Agric Small and Medium Enterprises Investment Scheme (AGSMEIS) presents a significant opportunity for small business growth, particularly among young entrepreneurs nationwide. Here’s a comprehensive guide on how to benefit from this scheme, including eligibility criteria, requirements, and the application process. The AGSMEIS is a government initiative aimed at promoting agricultural businesses and small/medium enterprises (SMEs) to foster sustainable economic development and employment generation in Nigeria. The objectives of the scheme are as follows: To be eligible for funding under the AGSMEIS, prospective investors must: Beneficiaries of the scheme are expected to: Applicants must fulfill the following requirements for the approval of CBN loans: Training is the first step; interested people are required to take a course with an Entrepreneurship Development Institute that has been certified by NIRSAL MFB (EDI). You would receive a certificate for completing the program by attending a one (1) week mandatory training at the Oko-Oba Agege/EDI Centre of the Lagos State Ministry of Agriculture. Also, the purchase of your equipment(s)/machinery will be handled by one of the NMFB’s certified Vendors, while the working capital will be available for withdrawal through your account upon meeting all terms and restrictions. In conclusion, the CBN’s N60 billion SME schemes offer a valuable opportunity for Nigerian youths to kickstart their entrepreneurial journey and contribute to the nation’s economic growth. By understanding the eligibility criteria, fulfilling requirements, and following the application process diligently, aspiring entrepreneurs can maximize the benefits of this scheme and realize their business aspirations. Seize this opportunity to access finance, create jobs, and contribute to the development of the agricultural sector and SME ecosystem in Nigeria.Understanding the Agric Small and Medium Enterprises Investment Scheme (AGSMEIS)
Objectives of AGSMEIS
Eligibility Criteria for Funding
Responsibilities of Beneficiaries
Requirements for CBN Loan Approval
How to Apply for CBN’s AGSMEIS Loans
Conclusion