Complete list of Ongoing Nigerian Federal Government FGN and CBN Loans and Grants for 2023

The Nigerian Federal Government, in collaboration with the Central Bank of Nigeria, has rolled out an extensive range of ongoing loans and grants for 2023. These initiatives are designed to empower individuals, stimulate economic growth, and pave the way for a thriving business landscape. 

Whether you're a graduate with entrepreneurial dreams, a filmmaker seeking funding, a farmer in need of support, or a young entrepreneur with innovative ideas, there's a program tailored to meet your specific needs. Join us as we explore the complete list of these exciting opportunities that can propel your business aspirations to new heights. Get ready to unlock your potential and make a lasting impact in the Nigerian economy!

Graduate Entrepreneurship Fund (GEF)

The Graduate Entrepreneurship Fund (GEF) is one of the ongoing Nigerian Federal Government FGN and CBN loans and grants for 2023. It is a loan scheme specifically designed to support graduates who have the ambition to start and grow their own businesses. The GEF aims to empower young entrepreneurs by providing them with financial resources and necessary support to turn their business ideas into reality.

One of the key features of the GEF is its loan structure. Graduates who qualify for the program can access loans of up to N2 million to kickstart their entrepreneurial ventures. This loan amount can provide a significant boost to young entrepreneurs who often face challenges in accessing capital to start their businesses. 

The loan amount is intended to cover various aspects of business establishment and development, including capital expenditure, working capital, equipment purchase, and business expansion.

The interest rate for the GEF loan is set at a favorable rate of 9%. This low-interest rate is aimed at encouraging graduates to pursue their entrepreneurial dreams without being burdened by exorbitant borrowing costs. By offering a competitive interest rate, the government aims to make the loan more accessible and affordable for the target beneficiaries.

Repayment terms for the GEF loan are designed to be flexible and supportive of entrepreneurs' needs. The loan is structured to be repaid over a period of 5 years, providing a reasonable timeframe for entrepreneurs to establish their businesses and generate sustainable revenue streams. This extended repayment period allows entrepreneurs to focus on business growth without the immediate pressure of loan repayments.

In addition to financial support, the GEF also provides business development services and mentoring to loan beneficiaries. This includes training programs, capacity building workshops, and mentorship initiatives to equip entrepreneurs with the necessary skills and knowledge to succeed in their business endeavors. These support services are crucial in helping graduates navigate the challenges of starting and managing a business, enhancing their chances of long-term success.

To access the GEF loan, interested graduates need to meet certain eligibility criteria and go through an application process. The specific requirements may include proof of graduation, business plan submission, and adherence to the loan guidelines set by the program administrators. It is essential for applicants to thoroughly review the eligibility criteria and application requirements to increase their chances of securing the loan.

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Launched to provide financial assistance to filmmakers, producers, and other stakeholders in the Nollywood industry, Nollyfund aims to boost the quality and quantity of Nigerian films while creating employment opportunities and promoting economic growth within the entertainment sector.

The Nollyfund loan scheme offers filmmakers the opportunity to access funds for various aspects of film production, including pre-production, production, post-production, marketing, and distribution. The loan amount available through Nollyfund is substantial, with filmmakers being eligible to receive up to N100 million. This financial support allows filmmakers to produce high-quality films, invest in advanced production equipment, hire skilled personnel, and enhance the overall production value of Nigerian films.

One of the notable features of Nollyfund is its competitive interest rate of 9%. This interest rate is designed to encourage filmmakers to access the loan facility without incurring excessive borrowing costs. By providing affordable financing options, Nollyfund aims to remove financial barriers and enable filmmakers to focus on creating exceptional content and expanding their reach both locally and internationally.

The repayment period for Nollyfund loans is set at 7 years, providing a reasonable timeframe for filmmakers to recoup their investments and generate revenue from their film projects. This extended repayment period allows for financial flexibility and reduces the pressure on filmmakers to repay the loan immediately after film production. It also takes into consideration the longer revenue realization cycle typically associated with the film industry.

To access the Nollyfund loan scheme, filmmakers need to meet certain eligibility criteria and go through a comprehensive application process. These requirements may include submitting a detailed business plan, demonstrating the commercial viability of the film project, providing information about the production team, and meeting the necessary legal and regulatory obligations. 

It is important for filmmakers to thoroughly review the eligibility criteria and application guidelines provided by the program administrators to ensure a successful application.

Beyond the financial assistance, Nollyfund also offers additional support services to loan beneficiaries. 

This may include mentorship programs, workshops, and training sessions conducted by industry experts to enhance the skills and knowledge of filmmakers. The aim is to equip them with the tools necessary for successful film production, marketing, and distribution in a competitive industry.

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On-Lending to Commercial Banks

Under the On-Lending to Commercial Banks program, the Federal Government and the Central Bank of Nigeria (CBN) allocate a significant loan amount, currently set at N100 billion, to be disbursed to eligible commercial banks. These banks, acting as intermediaries, then utilize these funds to extend loans and credit facilities to micro, small, and medium-sized enterprises (MSMEs) as well as individuals in need of financial support.

The loans provided to commercial banks through this scheme are subject to favorable terms and conditions, including an interest rate of 9%. This incentivizes commercial banks to participate in the program and offer affordable lending rates to borrowers, thereby facilitating easier access to finance for businesses and individuals who may otherwise face challenges in securing loans from traditional financial institutions.

The repayment period for the loans acquired by commercial banks through the On-Lending scheme is set at 5 years. This allows commercial banks to effectively manage their loan portfolios and provide longer-term financing options to borrowers, aligning with the longer revenue realization cycles and investment horizons often associated with small businesses and certain economic sectors.

By leveraging commercial banks as intermediaries, the On-Lending to Commercial Banks program helps to extend the reach of government-supported financing to a wider range of beneficiaries. This approach ensures that funds are efficiently distributed across the economy, promoting financial inclusion and fostering entrepreneurship and business growth at the grassroots level.

The availability of these funds through commercial banks enables MSMEs to access the necessary capital to expand their operations, invest in new equipment, hire additional staff, and pursue business opportunities. It also provides individuals with the opportunity to secure loans for personal and entrepreneurial ventures, thereby fostering economic empowerment and job creation.

To participate in the On-Lending to Commercial Banks program, commercial banks must meet specific eligibility criteria and comply with the guidelines set by the Federal Government and the CBN. These criteria typically include maintaining sound financial standing, meeting regulatory requirements, demonstrating a commitment to lending to the target market, and adhering to reporting and monitoring requirements.

The On-Lending to Commercial Banks scheme plays a critical role in driving economic development by facilitating access to finance for small businesses and individuals. By partnering with commercial banks, the program optimizes the distribution of government funds and promotes sustainable economic growth by empowering MSMEs and encouraging entrepreneurial activity across various sectors.

For more detailed information on the On-Lending to Commercial Banks program, including the latest updates, participating banks, and application procedures, interested parties are advised to consult the official websites of the Federal Ministry of Finance, the Central Bank of Nigeria, or relevant financial institutions.

Application Link

Solar Energy

Solar Energy is a grant scheme under the ongoing Nigerian Federal Government FGN and CBN loans and grants for 2023. The Solar Energy grant scheme aims to support businesses in Nigeria that want to adopt solar energy systems for their operations. It provides financial assistance in the form of grants to eligible businesses, enabling them to install and utilize solar energy solutions to meet their energy needs.

The Solar Energy grant scheme addresses the increasing demand for sustainable and clean energy alternatives, promoting the use of renewable resources to reduce reliance on fossil fuels and mitigate the environmental impact of traditional energy sources. By encouraging businesses to adopt solar energy systems, the scheme contributes to the overall transition towards a greener and more sustainable economy.

Under this scheme, eligible businesses can receive a grant amount of N5 million. This financial assistance helps cover the upfront costs associated with the purchase, installation, and integration of solar panels, inverters, batteries, and other necessary equipment required for generating and storing solar energy. 

The grant is designed to alleviate the financial burden and make solar energy systems more accessible to businesses of various sizes and sectors.

The repayment period for the Solar Energy grant is set at 5 years. This allows businesses to gradually repay the grant over a reasonable timeframe while benefiting from the long-term cost savings and environmental advantages associated with solar energy. 

The repayment terms ensure that the grant funds can be reinvested into future projects, expanding the reach of the program and supporting more businesses in adopting sustainable energy practices.

By embracing solar energy solutions, businesses can reduce their reliance on grid-based electricity, which is often subject to power outages and high tariffs. Solar energy provides a reliable and consistent source of power, enabling businesses to operate efficiently and sustainably. 

It offers numerous benefits, including lower electricity bills, reduced carbon footprint, increased energy independence, and enhanced corporate social responsibility.

The Solar Energy grant scheme contributes to the overall development of Nigeria's renewable energy sector, fostering innovation and job creation within the industry. 

It encourages the growth of local businesses involved in the manufacturing, distribution, installation, and maintenance of solar energy systems, promoting economic opportunities and technological advancement in the sector.

To participate in the Solar Energy grant scheme, businesses need to meet specific eligibility criteria established by the Federal Government and the CBN. These criteria may include factors such as the business's sector, its energy consumption profile, its commitment to sustainability, and its capacity to maintain and operate solar energy systems effectively.

Application Link

YES Program

The YES Program offers grants to eligible young entrepreneurs, providing them with the necessary capital to kick-start their business ventures. The grant amount available under the program is N500,000. This financial support enables young entrepreneurs to overcome the initial funding challenges and invest in critical aspects of their businesses, such as product development, marketing, equipment acquisition, and operational expenses.

The repayment period for the YES Program grant is set at 3 years. This gives entrepreneurs ample time to establish their businesses, generate revenue, and gradually repay the grant without undue financial burden. The repayment terms are designed to ensure flexibility and allow entrepreneurs to focus on growing their ventures and contributing to the Nigerian economy.

In addition to the financial support, the YES Program also offers training, mentorship, and business development services to the beneficiaries. This comprehensive support system equips young entrepreneurs with the necessary skills, knowledge, and guidance to effectively manage their businesses, navigate challenges, and maximize their chances of success. 

The program facilitates capacity building and helps entrepreneurs develop entrepreneurial mindsets, business strategies, and operational efficiencies.

The YES Program encourages the participation of young entrepreneurs from various sectors, including agriculture, technology, manufacturing, creative industries, and service-oriented businesses. 

It promotes innovation, creativity, and sustainability in entrepreneurship, fostering an ecosystem where young individuals can transform their ideas into viable and thriving businesses. By nurturing and empowering young entrepreneurs, the program contributes to job creation, poverty reduction, and economic development in Nigeria.

To be eligible for the YES Program, applicants must meet specific criteria defined by the Federal Government and the CBN. These criteria may include factors such as age requirements, Nigerian citizenship, business viability, entrepreneurial drive, and the potential for job creation. 

Interested individuals should refer to the official websites of the Federal Ministry of Finance, the Central Bank of Nigeria, or relevant financial institutions for detailed guidelines, application procedures, and program updates.

The YES Program serves as a platform for young Nigerians to unleash their entrepreneurial potential, contribute to economic growth, and shape the future of the nation. By providing financial support, training, and mentorship, the program empowers young entrepreneurs to build sustainable businesses, create employment opportunities, and drive innovation and prosperity in Nigeria.

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What is the ongoing grant in Nigeria 2023?

One of the ongoing grants in Nigeria for 2023 is the Youth Entrepreneurship Support (YES) Program. It offers financial assistance to young entrepreneurs who want to start or expand their businesses.

Which grant is ongoing in Nigeria?

The Youth Entrepreneurship Support (YES) Program is one of the ongoing grants in Nigeria. It provides grants to young entrepreneurs to support their business ventures.

Is CBN giving out loans?

Yes, the Central Bank of Nigeria (CBN) is involved in various loan schemes and initiatives. These loans are designed to support different sectors of the economy and promote economic growth.

How to get money from federal government in Nigeria?

To access funds from the federal government in Nigeria, you can explore different loan and grant programs that are available. These programs have specific eligibility criteria and application processes. It is advisable to visit the websites of relevant government agencies, such as the Federal Ministry of Finance or the Central Bank of Nigeria, to get detailed information on how to apply for funding.

Which loan app gives the highest loan in Nigeria?

There are several loan apps in Nigeria that offer varying loan amounts based on individual circumstances and eligibility. While it's difficult to determine which app provides the highest loan amount, some popular loan apps in Nigeria include Carbon, Renmoney, and FairMoney, which offer competitive loan options to individuals. It is recommended to research and compare different loan apps to find the one that suits your needs best.


In conclusion, the ongoing Nigerian Federal Government FGN and CBN loans and grants for 2023 provide a range of financial opportunities and support for various sectors of the Nigerian economy. These initiatives aim to promote entrepreneurship, stimulate economic growth, and empower individuals and businesses across the country.

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