The Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) is a major program funded by the Central Bank of Nigeria (CBN) designed to help sustain the growth of small-scale businesses in Nigeria. It is managed by the NiRSAL Microfinance Bank (NMFB); the program offers affordable loans to entrepreneurs operating in agriculture, as well as other industries that contribute to the Nigerian economy.
In 2017, the program was first introduced. AGSMEIS helps create jobs. It also improves food security and helps entrepreneurs with limited access to traditional credit. By 2025, the program remains among the most popular CBN intervention strategies. This guide covers AGSMEIS’s basics, eligibility, and loan amounts. It also provides an effortless step-by-step guide on how to apply for it successfully.
What is the AGSMEIS Loan Program
AGSMEIS is an acronym for the acronym Agric-Business/Small and Medium Enterprises Investment Scheme. It is a credit program of the CBN that was created to offer funding for micro-, small- and medium-sized businesses (MSMEs) within key industries of the economy.
The program allocates as much as 5 per cent of the annual profits from commercial banks to finance small-scale enterprises. Its main goal is to lower unemployment, boost entrepreneurship and encourage sustainability in economic growth.
The loan is managed by the NIRSAL Microfinance Bank and disbursed at a single-digit rate of interest. It is geared towards entrepreneurs working in manufacturing, agriculture and creative industries, and services, as well as information technology.
Information may vary based on the program phase; please verify details on the NMFB and CBN portals before submitting an application.
Funding & Coverage of AGSMEIS
The AGSMEIS loan offers affordable loans to entrepreneurs who are eligible and small-scale businesses in Nigeria.
Key funding details:
- Maximum Loan: Up to N10 million per applicant
- The interest rate is 9% per year.
- The Tenure Period: Up to 7 years (with up to an 18-month period of moratorium regarding principal payments)
- Collateral The collateral isn’t required in small-sized loans but may require the guarantors.
- Target Sectors:
- Agro-processing and Agriculture
- Services and manufacturing
- The creative and information technology industries as well as ICT
- Fashion, hospitality, as well as trade
Summary of AGSMEIS Loan Features
| Feature | Details |
| Loan Range | ₦500,000 – ₦10 million |
| Interest Rate | 9% per annum |
| Repayment Period | Up to 7 years |
| Moratorium | Up to 18 months |
| Managing Bank | NIRSAL Microfinance Bank |
| Beneficiaries | Entrepreneurs and MSMEs |
Eligibility for AGSMEIS Loan
To be considered to be eligible for the AGSMEIS program applicants must meet the following conditions:
- Be a Nigerian citizen or resident entrepreneur
- Have a registered company within the Corporate Affairs Commission (CAC)
- Have a Bank Verification Number (BVN)
- Create a viable company plan or offer
- Participate in the areas of focus which are supported by the scheme
- Complete an obligatory entrepreneurship course with an accredited CBN Enterprise Development Institute (EDI)
- Have no unpaid outstanding loans at any financial institution
The priority is placed on young entrepreneurs and women-owned businesses, as well as startups that have the potential to grow.
How to Apply for an AGSMEIS Loan
- Enrol in CBN-Accredited Entrepreneurship Training
Participate in a mandatory training course within the accredited CBN Enterprise Development Institute (EDI). The course includes the planning of business, record-keeping and the management of loans. - Obtain a Training Certificate
After completing the process, EDI issues a certificate that confirms your eligibility for AGSMEIS. - Prepare a Business Plan
With the help of EDI With the help of EDI, create an outline of your business plan that outlines your goals for the project as well as your financial requirements and the ability to repay. - Apply Through NIRSAL Microfinance Bank (NMFB)
Go to the official NMFB portal and choose the AGSMEIS loan application. Complete your business and personal information accurately. - Submit Required Documents
You can upload the details of your CAC membership, BVN, and ID card, as well as your business plan. - Verification and Appraisal
NMFB examines your documents. examines your documents, checks your personal information and conducts credit assessments. - Loan Approval and Disbursement
Successful applicants are informed via email or SMS, and the funds are transferred directly into the business account. - Monitoring and Repayment
NMFB monitors project implementation. The loan repayment process starts after the moratorium period in accordance with the terms agreed upon.
Required Documents for AGSMEIS Loan Application
- Certificate of EDI-related training
- Documents to register for business (CAC)
- Bank Verification Number (BVN)
- An acceptable method to prove identity (National ID, driver’s licence, and international passport)
- The feasibility plan, business or the report
- Utility invoice or evidence of address
- Passport photos
- Tax Identification Number (TIN) (for registered corporations)
Timelines
- Training and certification: 1-3 weeks depending on the institute
- Applications Processing Time: 4-6 weeks
- Approval and disbursement: 6-10 weeks depending on the verification process and availability of funds
- Repayment Time: Up to 7 years, with a moratorium of 6-18 months
Common Challenges or Warnings
- Beware of fake EDIs and agents that claim to speed-track applications in exchange for an amount.
- It is important to note that the CBN, along with the NMFB, doesn’t require any application fees.
- Be sure that the business strategy you choose to implement is achievable and is aligned with supported sectors.
- False or incomplete documentation could result in the disqualification.
Candidates should keep an eye on the official NMFB site for announcements..
FAQs on How to Apply for AGSMEIS
1. What does AGSMEIS mean?
It stands for Agric-Business/Small and Medium Enterprises Investment Scheme.
2. Who funds the AGSMEIS loan?
The scheme is funded by the Central Bank of Nigeria and managed by NIRSAL Microfinance Bank.
3. Is it a grant or a loan?
AGSMEIS is a low-interest loan program, not a grant.
4. What is the interest rate?
The interest rate is fixed at 9% per annum.
5. What is the maximum loan amount?
Up to ₦10 million depending on your business plan and capacity.
6. Do I need collateral?
Collateral may be flexible; smaller loans often require guarantors instead.
7. How long before approval?
Typically between 4 to 10 weeks after submission.
8. Must I attend EDI training?
Yes, CBN-approved EDI training is mandatory before application.
9. How do I know if my EDI is approved?
Check the list of accredited EDIs on the official CBN or NMFB website.
10. Can I apply online?
Yes. Applications are submitted online through the official NMFB portal.
11. What sectors are covered?
Agriculture, manufacturing, ICT, fashion, healthcare, and services.
12. Can startups apply?
Yes, startups with viable business plans and EDI certification can apply.
Related Guides
- CBN Grants for Small Businesses in Nigeria
- How to Apply for the CBN Targeted Credit Facility (TCF)
- How to Access MSME Development Funds in Nigeria
- NIRSAL Microfinance Bank Grants and Loans for Entrepreneurs
Conclusion
The AGSMEIS loan program remains one of the most reliable funding opportunities for Nigerian entrepreneurs in 2025. By completing CBN-accredited training, preparing a solid business plan, and applying through NIRSAL Microfinance Bank, small business owners can access affordable capital to grow their enterprises.
Always apply through verified channels and avoid any unofficial intermediaries or payment requests.
Disclaimer: FederalGrantsInfo.com provides verified information for educational purposes only. We do not distribute grants or charge any application fees. Always confirm current details through official portals.