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NIRSAL MFB to offer loans to SMEs at 5% interest rate

NIRSAL Microfinance Bank would provide loans to small businesses at a single digit interest rate of five per cent, according to CBN Governor.

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Breaking News, Godwin Emefiele, Senate confirms Emefiele's re-appointment for second term

Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, said NIRSAL Microfinance Bank will start offering loans to small businesses at a single digit interest rate of five per cent.

Mr Emefiele made the disclosure, Wednesday, during an inspection tour of the bank’s facilities located in Gwagwalada, Abuja. According to him, the newly-established MFB has been mandated to do everything possible to empower small businesses across Nigeria.

According to him, NIRSAL Microfinance Bank’s target is to have a total of 774 branches across the local governemnt areas in the country. So far, only five branches have been established, even as fifty new branches are being planned for the next phase.

Other pilot phases for NIRSAL Microfinance Bank are: Ibadan, Bauchi, Kaduna, Enugu, Lokoja, and Port Harcourt, Mr Emefiele said.

Speaking further, Mr Emefiele said that the new microfinance bank, which has N5 billion worth of capital base, is expected to help the CBN actualise its 80% financial inclusion target by 2020.

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As we reported, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) unveiled the new national Microfinance Bank (MFB) earlier this year, with the intention to catering to over 400,000 Small and Medium Enterprises (SMEs) within its first two years. It is wholly-owned by the Central Bank of Nigeria.

Mr Emefiele said the loan scheme would be financed with money from the Agribuisness/Small and Medium Enterprises Investment fund. The repayment period for every loan is five years. There will be a two year moratorium.

“The biggest problem that small businesses always have is access to credit and I am happy that with the establishment of this microfinance bank, which will be in at least one local government and we are talking about the 774 locations across the country.

“We will be able to have a financial institution that will help to deepen financial inclusion to make it easy for people to access credit, particularly the small and unbanked people, because we have always said that these are the very weak.

“We will use this to improve access to credit. Interest rate for this will be at five per cent and the loan will be for a tenure of seven years with two years moratorium.”

No Collateral issue

Meanwhile, bearing in mind that some businessmen have issues with collaterals, Mr Emefiele said that NIRSAL would give out loans without using the conventional collateral requirements.

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He said “We know that those who are weak in terms of those who are unable to access credit, the big issue for them is their inability to provide collateral.”

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

27 Comments

27 Comments

  1. Affiong Hogan Asuquo

    October 3, 2019 at 11:11 am

    I have sign in n apply for the load but can not summit it since yesterday wat is d problem

  2. EME KALU Obinna

    October 28, 2019 at 12:57 pm

    I need a loan how do go about it am in ph

    • Chima kalu

      April 16, 2020 at 8:10 pm

      Am Chima kalu( aka) Chimex Enterprises, how do I reach your office in Owerri?

  3. Erimi Precious

    November 10, 2019 at 11:24 pm

    Please how can I apply?

  4. Jimoh Rafiu Alabi

    December 14, 2019 at 9:16 pm

    Comment:I try to register since 3 days ago it tells that I have already registered with you,which is not. What’s happening

  5. Shobayo Saheed Adeshola

    January 5, 2020 at 5:11 pm

    Comment:
    Pls how do I apply for this loan?

  6. ekehmagnus

    January 9, 2020 at 8:57 pm

    how will I apply for time
    his loan

  7. Otoede Monday john

    January 13, 2020 at 2:21 pm

    I have applied for the loan last week, for my agric business (feedsmilling, poultry) for 10,000,000 ten million.

    • Raduno Africa limited

      April 20, 2020 at 1:19 pm

      Please how can one apply for the loan. There is form and address. Thanks

  8. Alamin

    January 21, 2020 at 9:32 pm

    We need help for this bank,

  9. AUTA FELIX IGNATIUS

    February 3, 2020 at 8:58 am

    I will like to apply for a loan of 10,000,000 Naira only for an Agriculture ( Animal Farming)

  10. Muhammad Auwal

    February 4, 2020 at 4:53 pm

    I am very interested in the loan isuence in other to earn a living as a graduate.

  11. Muhammad Auwal

    February 4, 2020 at 4:55 pm

    This opportunity will make the youth to be self reliance in other to earn a living thank you.

  12. abdullahi

    February 16, 2020 at 11:53 pm

    Comment:how do I apply the loan

  13. Moses Okonji

    February 21, 2020 at 6:48 am

    My is Moses Okonji, Please how do I apply for the loan I have registered my details but don’t have access to the loan applications form. Thanks

  14. Anonymous

    February 24, 2020 at 3:50 am

    The only problem that may hinder me from applying is issue of interest attached which is prohibited in islam

  15. Anonymous

    February 24, 2020 at 3:52 am

    The interest charge is the main problem

  16. Gud Yohanna Pwajok

    March 27, 2020 at 7:38 am

    I’am interested in the loan ,how can I access it.lam a farmer.

    • Adedotun Odusina

      April 27, 2020 at 7:37 am

      I need loan for my poltry farm, yam and pepper farm in Ogun state. How do I go about aquiring the loan to boost it?

  17. George George Ekpo

    March 28, 2020 at 1:12 am

    please how do i gain access to this loan .

  18. Kabir Hassan

    April 1, 2020 at 7:19 pm

    How do i apply for the loan?

  19. Assets Height International

    April 11, 2020 at 12:01 am

    I need directions to have my company register

  20. Onyeka onah

    April 14, 2020 at 10:27 am

    How one apply

  21. Kenneth Bawa

    April 19, 2020 at 4:41 pm

    Please how do I apply for this loan?

  22. Tijjani kabir

    May 8, 2020 at 3:02 pm

    Mr.fakoyejo olalaken my name is Tijjani KABIR from kano state I applied for agsmeis loan I did everythings that was required I was interviewed on 12/2/2020 iam waiting for an offer to sign coincidentally and unfortunate cases of corona virus interrupted and now we were lockdown at home we don’t know what to do yet,but iam curious to know what is happening right now,pls inform everything’s you know about it.thank you.

  23. Abbas Ibrahim

    May 26, 2020 at 12:21 pm

    My name is Abbas Ibrahim.I operate business (SME) i’m a trader ie i buy and sell but this days i hardly corpe due to short of financial constrain.please i need financial support for me to be able survive in my business operation and in life in general. I’m Diploma holder from Nassarawa Federal polytechnic. Need to hear from you soon

  24. Awaji henry chizoba

    November 1, 2020 at 2:51 pm

    Please how do I apply for the loan

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Coronavirus

COVID-19: FG to inaugurate 18-man vaccine task team

FG has announced plans to set up an 18-man Covid-19 Vaccine Task Team with the responsibility to acquire and deploy vaccines in the country.

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Minster for health, FG ignores travel ban calls despite Uganda, US, others move against coronavirus, FG reports 10 new cases of COVID-19, COVID-19: FG to inaugurate 18-man vaccine task team

The Federal Government has announced through the Ministry of Health, that it will inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.

This was disclosed on Monday by the Health Minister, Dr. Osagie Ehanire, during the daily briefing of the Presidential Task Force (PTF) on COVID-19 in Abuja.

He revealed that the need for a task force comes as vaccines would be made available globally. The responsibilities of the task force include the acquisition and deployment of vaccines in the country.

Now that vaccines are known to be close at hand, the Federal Ministry of Health is taking measures toward vaccine security, for which an 18-man National COVID-19 Vaccine Task Team with seven Terms of Reference (ToR) will be inaugurated.

“The ToR will include generating strategies for acquisition, deployment, and options for licensed production by Biovaccine Nigeria Ltd.

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“Our options with WHO/GAVI led Covax facility remains our first line of engagement,” he added.

(READ MORE:

(READ MORE: COVID-19 Palliatives: CACOVID donation is 95% complete – PTF)

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What you should know  

After news of the Pfizer vaccine went viral, Nairametrics reported that the Health Minister, Dr. Osagie Ehanire, said Nigerians will benefit early from COVID-19 vaccines when the product is made available for commercial use. He revealed that any vaccine that is deemed fit for commercial use in treating coronavirus will be made available early to Nigerians.

Nairametrics also reported plans by the Nigerian government to set up a vaccine production company in Nigeria to boost local COVID-19 vaccine production.

The G-20 nations announced a pledge to pay for vaccine distribution to developing nations that can’t afford it. The leaders also announced a debt extension programme to developing nations during the weekend’s G-20 summit.

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Economy & Politics

Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

Governor Seyi Makinde has presented a ₦266.64billion budget proposal to the Oyo State House of Assembly.

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The Oyo State Governor, Seyi Makinde, presented the Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly. The total budgeted sum is ₦266.64billion, with education expected to receive N56.35billion – 21% of the budget and a rise from N12 billion budgeted in 2019.

This was disclosed by Governor Makinde in a social media post on Monday.

According to NAN, Mr. Makinde disclosed on social media that the ‘Budget of Continued Consolidation’ was prepared with input from stakeholders in all seven geopolitical zones of the state.

The total budgeted sum is ₦266.64billion The Recurrent Expenditure is ₦136.26billion, while the Capital Expenditure is ₦130.38billion. We are again, aiming for at least 70% implementation of the budget,” he said.

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The News Agency of Nigeria also disclosed that infrastructure spending in the budget would be N46.06billion – representing 17.27% of the total budget and an increase of N33.66 billion over that of last year.

Other sectors include Agriculture which represents 3.6% valued at N9.58billion and Healthcare taking 4.9% of the budget with an N13.29billion allocation.

(READ MORE: #EndSARS: Nothing wrong with social media bill – Ali Ndume)

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The Governor disclosed that Oyo has reduced its infrastructure deficit and made improvements in the areas of healthcare, education, and others.

We have been able to lower our infrastructural deficit, make improvements in healthcare delivery, improve the quality of education, and achieve milestones in our security systems,” he said.

He also added that the state had recorded a 26% increase in IGR at N25.6 billion and hopes to increase IGR to over N100 billion for the 2021 budget.

As of September, we had recorded an IGR of N25.6 billion. And using the half-year figures, it represented a 26.4% increase in IGR year-on-year. Oyo State’s IGR is presently about 32% of actual aggregate revenue.

“We still have not achieved a total dependence on the state’s income outside of the federal allocation to fund the budget. Slowly, but surely, we are getting there.

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“For the 2021 budget, our plan is to increase our annual IGR to N102.82billion. We hope to achieve this by widening the tax net to bring in more taxpayers into the system,”  he added.

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Economy & Politics

Restructuting: Plans must pass through legal process from the National Assembly – Tambuwal

Tambuwal has insisted that plans to restructure Nigeria and the Constitution must pass through due process from the National Assembly.

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The Governor of Sokoto State and Former House of Reps Speaker, Aminu Tambuwal, has said that any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.

Tambuwal disclosed this at a plenary session of the 26th Nigerian Economic Summit, titled: “Building partnerships for resilience” in Abuja on Monday.

Tambuwal warned that Nigeria must learn from mistakes 0f 2015 when the last attempt to amend Nigeria’s constitution was rejected after the first reading.

He added that any plan to restructure must be done after amending the constitution, which must pass through the assembly.

“As it were at the moment, whatever you are going to do about the constitution, has been prescribed by the constitution and how you are going to do it.

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“The constitution has prescribed how a word in that constitution is going to be amended.

“Except of course we are saying we are going to jettison the National Assembly and the State Assemblies in getting it done, which is not possible,” he said.

“So you cannot go outside of the constitution to amend the constitution. We better come to terms with this realization and to come together and agree on how best we can work together to achieve what the nation desires,” he added.

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What you should know 

The agitations from the October protests in Nigeria have revived talks about restructuring in Nigeria. Earlier this month, the Governors of Ekiti and Kaduna State, Kayode Fayemi and Nasi El-Rufai argued that restructuring was a means to end Nigeria’s economic troubles.

“In essence, our desire to build a more perfect union should be anchored on the principle of devolution of powers – that is, re-allocation of powers and resources to the country’s federating units.

“The reasons for this are not far-fetched. First, long years of military rule have produced an over-concentration of powers and resources at the centre to the detriment of the states. Two, the 1999 Constitution, as has been argued by several observers, was hurriedly put together by the departing military authority and was not a product of sufficient inclusiveness.

“All points considered, the fiscal burden of maintaining a largely inefficient and over-bloated bureaucracy is a metaphor for shooting oneself on the foot,” Fayemi said.

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