How Agro Based Industry Can Access Bank of Industries Funds


Bank of Industry (BOI) is a Development Finance Institution in Nigeria designed to providing Financial Assistance to Startup businesses, SMEs, and large Enterprises. BOI has resolved to provide financial assistance in form of loan at a very low interest rate (between 4% and 7%) to Agro-based Industries.
 This act is geared towards creating jobs for the unemployed youths in the value chain line and also helping Federal Government realise his Industrial Revolution Plan.
Major Funds Available at BOI
1. The Federal Government’s Rice Intervention Fund of N10.0 billion: This was designed to ensure Nigeria attains self sufficiency in rice production. Interest rate is 4% per annum.
2. Dangote-BOI N5bn Fund for Small Businesses: This is designed for the development of MSMEs across the nation. Interest rate is 5%.
3. Sugar Development Council Fund: This is designed to ensure Nigeria attains self sufficiency in sugar production. Interest rate is 4%.
4. AFDB US$500 million Line of Credit: This is made available for the development of export oriented SMEs.
5. CBN N235 Billion Intervention Fund: It is made available for refinancing of Commercial Bank’s exposures to SMEs in the Manufacturing sector.  Interest rate is at 7% per annum.
6. Cotton Textile and Garment (CTG) Fund of N100 billion: Designed to revitalize the CTG Industry along the entire value chain. Interest rate is at 6% per annum.
 How to Access the Loan
Apply for loan directly online HERE
Write a formal application letter
Complete the BOI’s Questionnaire.  
Submit the Forms and Questionnaire to the nearest office.  
You will need passports size photograph for registration;
 Apply for loan with your Business Plan;
It is important to register your business with CAC before applying for loan.
 Drop your comment(s) below.

Credits : Agroprenuer

1 comment:

  1. Good Job Author. Kindly reference the source of this information. I hope you understand.


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