FGN special intervention fund for MSMEs

In my previous posts we covered information about the AGSMEIS and MSMEDF loan scheme, the Eligibility, Procedure and Requirements. If after going through and you feel that your business does not qualify for the loan scheme, then you should try the Federal Government Special Intervention Fund for Micro Small and Medium Enterprises (FGN).

By Ujunwa Onuegbu

This is my favorite loan scheme because it is specific and covers a lot of businesses. Irrespective of the type of business, there is something for you. And if your business is not listed, you can provide information about your product to be reviewed by the Bank of Industry.

FGN special intervention fund for MSMEs also known as National Enterprise Development Program was initiated to provide subsidized loans to micro, small, medium enterprises at a single digit (9% per annum) interest rate. The fund is also to cater for applications received from SMEDAN under the National Enterprise Development Program (NEDEP) scheme.

The fund is aimed at stimulating economic activities for SMEs engaged in manufacturing and Agro-processing businesses. The fund can be accessed by duly registered limited liability companies, enterprises and cooperatives in Nigeria.

Applications are received and processed by the Bank of Industry (BOI) including disbursement and repayment.


Adire (Tie& Dye) / Aso okeDigital Printing/ Multimedia publishingGreenhousesPlastics
Animal FeedsDoors & Window FramesLaundry & DrycleaningQuick Service Restaurants
AquacultureE-commerce/ information communications Technology ICTLeather & Foot wearQuarries
BakeryFashion/ GarmentingMeat ProcessingRecycling
Blocks & interlocking StonesFish Smoking/ DryingMechatronicsRoofing Sheets
Bottled waterFood Processing (including Agricultural produce)Health care (Medical Diagnostics)Soap/Detergents
Ceramics & TilesFoundries/ Metal Fabrication/ 3-D printingLaboratory / Orthodontist /Ophthalmology / PhysiotherapySolar (off grid)
Chemicals and paintsFruit JuiceMovie ProductionTechnical /Vocational Schools (Offering City &Guild Certificate)
Cosmetics/ Hair ProductsFurniture & Wood ProcessingLight ManufacturingTheme Parks
DairyGemstonesWater TransportationGrocery Packaging


Micro Credit

  1. Formal letter of application
  2. Photocopy of Certificate of registration
  3. Business plan
  4. Four passport photographs of the business owner
  5. Any form of ID; National Identity Card, international passport or Driver’s License
  6. Bank statement of the Business for a period of one year (for existing business)
  7. Sales Record for six months and operating expenses
  8. Evidence of availability of collateral Security (e.g. landed property, individual Guarantor

Note that the Federal Special Intervention Fund requires that you pledge an asset to secure your loan.  However, the bank also accepts other forms of security. Types of security the Bank accepts include:

  • Legal mortgage on a landed property (duly registered with Certificate of Occupancy)
  • Debenture on assets of the company
  • Bank guarantee
  • External Guarantors with Notarized statement of Net worth for loans below 10 million


Create an account on the website, login and click on register. Ensure you have all the necessary documents ready before you apply.

Once you’ve successfully applied, you’ll be given an Application tracking ID to help you track the progress of your application.

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