The Federal Government of Nigeria has approved loan/grant for SMEs to improve the economy of the country through funding of the Agri-Business Small Medium Enterprises Investment Scheme (AGSMEIS), this loan is readily available to the general public to access upon application. On this page we have more information for you as regarding the Agri-Business Small Medium Enterprises Investment Scheme (AGSMEIS) and how you can apply to receive the funds.
The Bankers’ Committee on 9 February 2017 approved the AGSMEIS to support Federal Government’s efforts at promoting agricultural businesses and small and medium enterprises as a vehicle for sustainable economic development and employment generation. The Scheme requires all banks to set aside 5% of their Profit after Tax (PAT) annually for its funding.
The Objectives of the Funds
- Ensure access to finance for Small and Medium Enterprises (SMEs)
- Generate much needed employment opportunities in Nigeria
- Develop agricultural value chain and ensure sustainable agricultural practices
- Boost the managerial capacity of Agri-Business/ SMEs.
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Managing Agent
The Scheme has a Board of Directors (BOD) which is constituted by the Bankers’ Committee. The Board is comprised of eight members:
- Five from the Bankers’ Committee (Top contributing banks to the Scheme)
- Two representatives of the CBN
- The BOD shall select a Chairman for the Board
- The Managing Director/CEO of the SPV shall be appointed by the BOD
Why was AGSMEIS introduced?
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- For the promotion of agricultural businesses and small/medium enterprises (SMEs)
What is the maximum amount for term loan which can be currently applied for under the AGSMEIS?
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- N3Million. This limit is subject to periodic management review
What is the maximum amount for Equity Investment which can be currently applied for under the AGSMEIS?
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- N2 Billion. This limit is subject to periodic management review
Which financial institution is the managing agent for AGSMEIS?
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- NIRSAL Microfinance Bank.