Get government support with interest-free loans in Nigeria in 2024. Whether you’re a youth, farmer, business owner, or part of a household, you may qualify. Explore various loans, including the Presidential Conditional Loan, CBN NIRSAL COVID-19 Loan, NYSC CBN Loan, Nexit Loan, and more.
Understanding Federal Government Interest-Free Loans in Nigeria
Federal Government interest-free loans are a type of money help given by the government in Nigeria.
These loans allow you to borrow money without needing to pay any extra charges, known as interest.
It’s like the government giving you financial support, and you only have to give back the exact amount you borrowed, without any extra costs.
Types of Loans: Some of these loans have no interest at all, while others have very low-interest rates. They can be grouped into small business loans and personal loans.
Eligible People: The government has made these loans available for specific groups of people. These include:
- Youths
- Farmers
- Business Owners
- Households
If you belong to any of these categories, you may be eligible to benefit from these loans. It’s a way for the government to support and help different groups of people in the country.
List of Federal Government Loans
Below is the list of the loans and link to guide you more:
1. Presidential Conditional Loan and Grant
This is part of the Presidential Palliative Program, helping small businesses, including Nano businesses, grow financially. It offers both a grant and a loan. If you’re interested, find details on how to apply for the Presidential Conditional Loan and Grant.
2. Central Bank of Nigeria (CBN) NIRSAL COVID-19 Loan
A government loan through CBN aiding business owners and households in Nigeria to recover from the economic challenges caused by the COVID-19 pandemic. Interested individuals can learn more and apply by checking the guide on A Guide To Apply for CBN NIRSAL Covid-19 Loan.
3. NYSC CBN Loan
This loan initiative has been available for a while, specifically for NYSC members and Ex-members. It helps them start a business after their service year. Find details and application guidance in the guide on how to apply for NYSC business loan.
4. Nexit Loan
This business loan targets exited N-power beneficiaries. The Central Bank of Nigeria (CBN) disburses funds to those who applied via the Nexit portal. If you are a former N-power beneficiary, explore this opportunity.
5. CBN AGSMEIS loan
The Agric, Small and Medium Enterprise Scheme by the Central Bank of Nigeria supports agricultural businesses in Nigeria. For application details, visit the AGSMEIS Loan Application Portal.
6. NHF loan from Federal Mortgage Bank of Nigeria
The National Housing Fund (NHF) loan is a federal government initiative ensuring affordable housing for Nigerians. Learn more about accessing the NHF loan from the Federal Mortgage Bank.
7. TraderMoni Loan
This interest-free loan from the Federal government is part of the Government Enterprise and Empowerment Programme (GEEP). It’s designed for Nigerian petty traders and artisans. Learn how to apply for the FG TraderMoni loan in Nigeria.
8. FarmerMoni loan
Created to support and encourage petty farmers, this loan is under the Government Enterprise and Empowerment Programme (GEEP). Interested individuals can apply through the Bank of Industry website.
9. MarketMoni loan
Similar to TraderMoni, MarketMoni is a federal government loan initiative supporting business men and women. For application details, refer to the guide on how to apply for MarketMoni loan in Nigeria.
10. NYIF Loan
The Nigeria Youth Investment Fund (NYIF) is a federal government loan initiative aimed at financing the business ideas of youths to reduce unemployment. Access the NYIF Loan Application Portal to learn more and apply.
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