How to apply for CBN’s AGSMEIS loans with no collateral

Nigerian entrepreneurs can now receive a zero collateral loan administered by the Central Bank of Nigeria with just a little training and enthusiasm. Over N95 billion has been disbursed and this is still ongoing, so you should check to see if this loan is right for you.

The Agri-business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is a government-led initiative to promote agricultural companies and small/medium enterprises (SMEs) as vehicles for long-term economic development and job creation in Nigeria.

This means that the zero collateral loans are primarily intended for micro, small, and medium-sized businesses (MSMEs) in order to boost employment and promote sustainable economic growth in the Nigerian economy.

What you should know about CBN AGSMEIS loans

The CBN AGSMEIS loan offers up to N10 million to applicants with 9% yearly interest, a 7-year term, and an 18-month moratorium.

Businesses involved in all facets of the agricultural value chain, including as input supply, production, storage, processing, logistics, and marketing, are eligible for the CBN AGSMEIS loan. MSMEs in the manufacturing, mining, and petrochemical sectors of the real economy can also apply for the loan.

MSMEs in the service sector, particularly those in the creative sector and information and communication technology (ICT) and other activities that the Bankers’ Committee may occasionally decide on.

Requirements for CBN Loan AGSMEIS Approval 

The requirements are necessary either during the application or before the final approval of the CBN loan application and final disbursement of funds to an applicant.

  • Registered business with CAC
  • Certification by an EDI
  • BVN
  • Applicant’s Passport photo and a guarantor.
  • Valid I.D card

How to apply 

Training is the first step; interested people are required to take a course with an Entrepreneurship Development Institute that has been certified by NIRSAL MFB (EDI). You would receive a certificate for completing the program by attending a one (1) week mandatory training at the Oko-Oba Agege/EDI Centre of the Lagos State Ministry of Agriculture.

  • Applicants can apply for a loan online through the NIRSAL MFB’s portal after receiving training from the Entrepreneur Development Institute (EDI) in Lagos State and upload the received certificate of completion.
  • Once you visit NIRSAL MFB webpage (  click on AGSMEIS loan, then select Ministry of Agriculture as Entrepreneur Development Institute (EDI) to apply.
  • The applications will subsequently be forwarded to CBN for review. Applicants will be contacted for an interview about their business.
  • Those that meet the criteria will be contacted and awarded the loan.
  • Once the loan is granted, the monies will be transferred to the beneficiaries’ accounts. Candidates who are not qualified are provided comments.
  • Please note that the loan amount will be deposited into your NMFB account. Also, the purchase of your equipment(s)/machinery will be handled by one of the NMFB’s certified Vendors, while the working capital will be available for withdrawal through your account upon meeting all terms and restrictions.

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