About this opportunity
Most Nigerian businesses do not fail for lack of customers. They fail for lack of capital at the right price. The Akwa Ibom State Government and the Bank of Industry built this facility to fix exactly that for businesses operating out of Akwa Ibom State.
The programme runs on a N4 billion fund. Micro enterprises can access up to N10 million, while small and medium enterprises can access between N10 million and N100 million. A term loan carries 7.5 per cent interest per annum over a tenure of three to five years, and a working capital facility carries 8.5 per cent per annum for up to three years. Approval typically takes two to four weeks once your documents are complete.
The ambition behind it is straightforward. The programme targets more than 5,000 new jobs, better access to technology and market expansion, higher agricultural productivity, lower production costs and steadier household incomes across the state.
To qualify, your business must be headquartered in Akwa Ibom State and registered with the Corporate Affairs Commission. If you are not yet registered, do that first, because the application will not move without it. Applications are submitted through the official state portal and remain open.
What you receive
- Loan of up to N10 million for micro enterprises
- Loan of N10 million to N100 million for small and medium enterprises
- Term loan interest of 7.5 per cent per annum with a tenure of three to five years
- Working capital facility at 8.5 per cent per annum for up to three years
- Business and financial management training with Ibom Local Enterprise Development before disbursement
- Funds disbursed directly by the Bank of Industry after due diligence, typically within two to four weeks of a complete application
Who can apply
- You must own a micro, small or medium enterprise
- The business must be headquartered in Akwa Ibom State
- The business must be registered with the Corporate Affairs Commission
- You must present a valid means of identification, such as a national ID, driver's licence, voter's card or international passport
- Indigenes of Akwa Ibom State are given preference
Who should not apply
- Businesses headquartered outside Akwa Ibom State cannot access this facility
- Businesses without Corporate Affairs Commission registration cannot complete the application
Documents to prepare
- Corporate Affairs Commission registration details for the business
- A valid means of identification
- Accurate business details completed in the online application form
- Clear and legible uploads of every supporting document requested in the portal
How to apply
- Confirm your business is registered with the Corporate Affairs Commission and headquartered in Akwa Ibom State
- Open the official application form at https://aksgboiloan.akwaibominvest.ng/apply/ and fill in your business details accurately
- Upload your identification and business documents clearly and legibly
- Complete the capacity training with Ibom Local Enterprise Development when you are reached
- Wait for Bank of Industry due diligence, after which approved funds are disbursed directly
- For questions, use the support channel listed on the official portal at https://aksgboiloan.akwaibominvest.ng/
Selection process
- Online application is submitted through the state investment portal
- Documents are verified for completeness and legibility
- Applicants attend Ibom Local Enterprise Development capacity training
- The Bank of Industry conducts due diligence and approves the facility
- Funds are disbursed directly, usually to suppliers, on approval
Sources and verification
- Official source , Discovered by the opportunity automation module.
Questions applicants ask
How much can I borrow?
Micro enterprises can borrow up to N10 million. Small and medium enterprises can borrow between N10 million and N100 million.
What interest do I pay?
Term loans carry 7.5 per cent per annum over a tenure of three to five years. Working capital facilities carry 8.5 per cent per annum for up to three years.
How long does approval take?
Typically two to four weeks, depending on how complete and legible your documents are.
Do I need CAC registration?
Yes. You must be registered with the Corporate Affairs Commission to apply. If you are not registered yet, complete that first.
Is there a closing date?
The official portal has not published a closing date and applications are open. Because the fund is capped at N4 billion, it is best to apply early.
Important disclaimer
Nextali researches and curates useful opportunities to make discovery easier. Before applying, verify every timeline, requirement, fee and application link on the official provider website. Do your own research into the organisation, its background and the authenticity of the offer. Nextali does not guarantee selection, funding or the conduct of third party providers.
