What you don’t know about accessing Bank of Industry Loan

Every business need funds to grow but most often, the funds are not easily accessible, Why? You need the right help.

With the Bank of Industry (BoI), a federal government agency designed to support businesses like yours to attain its peak, you are sure to access between 1Million to 1Billion Naira to support your business for startups, SMEs, and large enterprises.

But how can I process the documentation to meet acceptable standard? Not to worry, leave the documentations to PCI

PCI – Peculiar Consult and Investment limited is an accredited National Business Development Service Provider (BDSP) of the Bank of Industry (BoI) licenced to help businesses in Nigeria to carryout documentation as well as offer advisory services and trainings.

PCI will help you through facilitation of the entire loan process, right from pre-loan application, disbursement and post-disbursement.

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How to Apply FG N75Bn MSME Survival Fund for Self Employed, Transporters, Artisans etc.

The Federal Government of Nigeria is set to commence nationwide implementation of two MSMEs initiatives namely, the MSME Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15 Billion Naira) to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.

– Payroll Support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months
– Formalisation Support: provide free CAC Business Name registration for 250,000 new businesses
– General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each
– Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss
– Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood

The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard Jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3million jobs across the country and specifically impact on over 35,000 individuals per state.

Duration: The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.
Target Beneficiaries: The scheme targets two categories of beneficiaries namely; employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.

A. Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian

Self-employed Individuals in the following categories
A. Service providers in the transportation sector, le. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics
B. Artisans, Electricians Plumbers etc.
This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as provision of grants.
The main objective of this particular scheme is to boost production capabilities of small businesses with the view to ensuring that they remain in business

Duration: The duration of implementation will be same as the payroll support Target Beneficiaries: Micro and Small businesses registered in Nigeria.

Registration for Payroll Support Begins on 21st September 2020
visit for registration details


How to access new CBN’s Agric fund

The Central Bank of Nigeria (CBN) has unveiled guidelines for a Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprises Development Fund (MSMEDF).

This was disclosed by the apex bank via its website on Tuesday. The guidelines also included the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.

  • The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.
  • Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.
  • Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.

The Central Bank of Nigeria (CBN) has unveiled guidelines for a Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprises Development Fund (MSMEDF).

This was disclosed by the apex bank via its website on Tuesday. The guidelines also included the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.

How the AGSMEIS works

  • The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.
  • Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.
  • Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.

GTBank 728 x 90

  • Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.
  • Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals and the creative industry as well as other activities as the CBN may determine from time to time.
    How to access fund
    The application of the Fund shall be categorised into three broad components. They are debt, equity and developmental components.

• The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.

*Asset purchased shall be registered with the National Collateral Registry (NCR).

  • Financing limit: N10,000,000
  • Mark-up: 5% per annum
  • Tenor: Up to 7 years (depending on the nature/gestation period of the
  • Moratorium: Maximum of 18 months for principal and 6 months on mark-up.

Documentation Requirements

  • Duly completed application form.
  • Bank Verification Number (BVN).
  • Certificate of Training from recognised Entrepreneurship Development Institution (EDI) or evidence of membership of organised private sector association.
  • Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only).
  • Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).

Back story
Last month, the CBN announced that it has unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic.

In a statement, the apex bank said the integration will focus mainly on its Anchor Borrowers’ Programme (ABP) as well as the Targeted Credit Facility (TCF).

Why it matters: The Scheme will be for start-ups, business expansion or revival of ailing companies and shall be in compliance with provisions of BOFIA (1991) as amended and the principles underpinning operations of NIFIs.

“The MSMEDF for NIFIs guidelines are aimed to channel low return funds to the MSME sub-sector of the Nigerian economy through participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services.

“Similarly, the non-interest guidelines for the AADS are aimed at engaging a minimum of 370,000 youths in agricultural production across the country between now and 2023, in order to reduce unemployment among the youth in the country,” it added.

While the specific objectives of the MSMEDF for NIFIs are to increase the productivity and output of microenterprises, job creation and engender inclusive growth, those of the AADS are to increase agricultural production towards food security, job creation and economic diversification.


  • It is targeted at Nigerian youth between 18 and 35 years, seek to promote interaction among state governments, the CBN and other stakeholders in the agricultural value chain in each state.
  • To enhance job creation in the agricultural sector, with focus on two crops where States have comparative advantage.
  • Others were the Real Sector Support Facility (RSSF) revised guidelines (V3); the Real Sector Support Facility (RSSF) among others.

Download Guidelines here

Contact PCI for Consultancy


FG opens banks, offices for full operation, airlines to open from 21st June

The Federal government on Monday addressed concerns raised by the organized private sector with relaxation of restrictions on banking operations and worship places, even as it declares that domestic airline operators can now open from the June 21 for businesses.

Federal government explained that religious worship centers can now open, but based on regulations and guidelines to be put in place by state governments.

This is part of the guidelines released by the government for the next phase ease of lockdown expected to last for four weeks spanning June 2nd – 29, 2020.

On the reopening of schools, government said schools however remained closed for now, while preparations are on for reopening them.

Secretary to the Government of the Federation and chairman of the Presidential Task Force on Corona Virus (COVID-19), Boss Mustapha, stated this at the daily briefing on Monday.

He disclosed that “the PTF submitted its recommendations to President Muhammadu Buhari which he approved for implementation over the next four weeks spanning June 2nd – 29, 2020, but subject to review.

Mustapha said. under the next phase, there will be application of science and data to guide the targeting of areas of on-going high transmission of COVID-19 in the country, as well as “mobilization of all resources at state and local government levels to create public awareness on COVID 19 and improve compliance with non-pharmaceutical interventions within communities.

Sani Aliyu, the National Coordinator of the Presidential Task Force, while giving further insights into the goal of phase 2 partial lockdown easing over the next few weeks, declared that the goal was to balance public safety with protecting livelihoods.

Government said it will continue to rely on security outfits for support for the full implementation of the next stage, and urged them to work with the public as the phase is geared towards ensuring that goods have swift passage, and enquiring that the economy starts moving again.

Federal government insists that nationwide curfew will remain in place, but the time of this will be reduced from 10pm to 4am, to limit social interactions and, therefore, reduce the risk of the transmissions of the virus.

“This would be with the exemption of those on special duties, and also those on essential travels with the movement of goods and services.

“For clarity, all restrictions on the movement of goods and services is now removed in this phase.

“There would be full reopening of the financial sectors, with banks allowed to operate at normal working hours of five days a week.

“The mass gathering of more than 20 people, outside of workplaces or places of worship remains prohibited.

Federal government also insists on controlled access to markets, and locations of economic activities, but added that “local authorities would continue to provide guidance on opening times.”

Federal government also caved in to the agitations of religious leaders in opening up of worship centres, but said this will be based on the state government protocols and guidelines on physical distancing and other non-pharmaceutical interventions.

“For clarity, this will apply to regular church and Mosque services only.

The PTF noted that there would be mandatory supervision of persons arriving into the country for fourteen days, until new policy comes into force, even as it announced that “there would be no further evacuation of Nigerians until the new policy that is currently being developed with the private sector comes into place.”

On the specific protocols for the containment of Covid 19, PTF announced that all the measures will need to include compliance of non-pharmaceutical interventions, such as the one provision of hand-washing facilities, the mandatory wearing of masks, the maintenance of physical distancing and the avoidance of mass gatherings.

“In terms of general movements, persons may go out for work, buy necessary foods and exercise, provided they abide by curfew hours and directives.

Movement between local government areas is strongly discouraged, unless with critical reasons such as healthcare and work.

“The relaxation of some of the rules does not mean it is safer to go out, if there is no reason to go out, stay indoors, the pandemic is not over yet.

“Hawking and street trading is prohibited and we shall be looking into this in greater details with state authorities.

Under the new policy, the aviation industry is expected to start developing protocols to allow for domestic flights to resume anytime from June 21 onwards.


Dangote wins World Travel Market award with CNN commercial

Barely a week after emerging the most admired brand in Africa, Dangote Industries Limited (DIL) has won another award through its television commercial on the Cable Network News (CNN) detailing its business processes.

The company said in a statement on Sunday in Lagos that Dangote Industries won “Most Compelling Agency Story” award by the World Travel Market (WTM) with its ‘Farm to Table’ commercial. The commercial, which is part of the ‘Touching Lives’ documentary aired weekly on CNN, detailed the process of food metamorphosis from the farm as raw material to final process as food on the tables at home. According to CNN International Commercial Account Executive, Varshmi Arasalingam, the award recognises powerful storytelling capabilities.

He affirmed that the Touching Lives Farm To Table campaign holds a prominent socio-economic impact for which Dangote Industries continues to empower and improve the lives of people in Africa. “We are extremely pleased to announce that Dangote Industries and CNN International Commercial are the winners of the WTM Africa Awards for the ‘Most Compelling Agency Story.

“Dangote Industries is one the most diversified business conglomerates in Africa, with multiple entities impacting the daily lives of most of the continent’s population. READ ALSO: Apapa-Oshodi road will last for 40 years when completed ― Dangote.

“The company provides the population with employment opportunities that are also self-sustaining through basic needs, such as food, cement, construction, agriculture, and technology. “Through a branded content production, CNN International Commercial (CNNIC) wanted to showcase Dangote Industries empowering Africans through employment and self-sufficient opportunities.

“Filmed and produced by CNNIC’s award-winning branded content studio Create, the campaign promotes Nigeria and the wider continent through the stories of real people, and focuses on the connections people have with each other, be it in their work and daily lives.

“The character-driven story helps to change perceptions and encourage global audiences to visit Nigeria (and the African continent more generally) so they can experience and understand its culture and hospitality. “It also shows that we should not look at the travel and tourism as a narrow sector, but instead view it as part of a larger socio-economic project.

“In this way, travel and tourism can empower and improve the lives of people in Africa – and all over the world – a goal Dangote is dedicated to realizing,” he said.

In his comment on the award, DIL Group Chief Branding and Corporate Communications Officer, Anthony Chiejina, said the management was delighted at the award and it only showed that the company was living up to its billing as the most diversified conglomerate in Africa.

He said the Commercial shot by the CNN which has won the award depicted the businesses of the company and gave vent to how we arrive at our mission statement of meeting the expectation of the people by providing for their basic needs. “It simply demonstrates how it starts from the farm through which our people are engaged in every process before it gets to table at home.” he said.


Lessons for Nigerian landlords on rents in time of Coronavirus crisis

For Nigerian landlords, there are lessons to learn from other jurisdictions on how to relate with their tenants in terms of rents payment at a time like this when coronavirus has brought all economic activities to a standstill around the globe.

Though Kunle Awobodu, president of Nigerian Institute of Building (NIOB), says the time the world is in calls for understanding on the part of landlords, analysts say Nigerian landlords could go beyond that by adopting what obtains a place like Saudi Arabia where each tenant is viewed as a partner that needs full support during this pandemic.

Both residential and commercial property landlords are increasingly concerned about the economic impact of the coronavirus pandemic on their tenants and property portfolio.

For reasons of the lockdown and social distancing rules, most commercial properties, especially office space, were shut down and the occupiers compelled to work from home. Residential property landlords are also impacted because their tenants who have either lost their jobs or taken pay cuts can no longer afford their rents.

But “commercial landlords need rent money to keep their own businesses afloat. So, we’ve recommended that, while landlords should accommodate rent reductions, they should continue to demand rent in the usual way, while refraining from waiving their right to collect unpaid rent at a future date,” a new report quotes a commercial property solicitor, Paul Hinchliffe, as saying.

This, according to Awobodu, is the position of most Nigerian landlords, explaining that the landlords are also impacted by the deadly diseases. But it is different story in Saudi Arabia where landlords have shown their support by exempting tenants from paying rent to mitigate the impact of Covid-19.

Before the pandemic, as part of incentives to attract tenants, both retail and office space suppliers in Nigeria only supported their tenants during their fit out period. None of these landlords has so far announced a rent-free period for tenants as a result of the Covid-19 crisis.

Unlike their Nigerian counterparts, most Saudi landlords have given few months free for tenants. The landlords explained that the rent-free period for their tenants was a response to the crisis and aimed to mitigate the impact of the pandemic and protect as well as help the tenants.

The rent-free period, however, depend on the level of impact of the crisis on the tenant. Wafi Energy, for instance, is one of the subsidiaries of Al-Tas’heelat Holding Group. It is a fuel station company that rents, operates, invests in and runs fuel stations through long-term investment contracts.

Wafi Energy sublets the facilities of the fuel station to different business activities including grocery stores, oil change shops, cafés, restaurants and ATMs. Ismail Darwish, CEO of the Group, explained that the revenues of a fuel station and the facilities on the premises depended on the flow of vehicle movement which has slowed as a result of the crisis.

So if a crisis, let alone a pandemic, occurs, the business will be definitely impacted, explained Aldarwish, who has been working for 15 years in that sector.

“One of the solutions available to us as investors and tenants of the land is to get discount on the rent from the property owner in order to mitigate the impact of the crisis and provide the owners of other activities with more flexible solutions and exemptions,” he pointed out.

“We assessed the impact on each business activity based on the geographic location of the business. For example, the tenants at a fuel station that is located on the outskirts of the city have sustained more impact than their counterparts within the city. Also, the extent of the impact on an oil change shop is not similar to the one on a grocery store.

“We worked hard to mitigate the impact on the tenants and the lessors. No doubt that the government has borne the brunt of the impact of this crisis and has given more than it has taken, setting a great example to others in terms of unity in the face of pandemics,” Darwish stressed.


Ideas for a new Nigeria: The question to rule all industrial policy questions

If you had to pick one factor which is correlated with almost all periods of significant growth around the modern world, it would be productivity growth. From the industrial revolution in Western Europe to the rise in incomes in North America to the slow but steady growth in the Nordic countries to the rapid rise of Japan, the Asian tigers, and more recently China, to the advancements in Chile. Almost every case of sustained economic growth is associated with productivity growth. In fact, you would struggle to find any country that has witnessed sustained economic growth without productivity growth. With the exception of the few who find enough of something in the ground.

But what is productivity growth? What is productivity? First, it does not mean producing more. This is something that many of our current policy makers seem to misunderstand. You can actually produce more and have reduced productivity. Productivity is the amount produced given a certain set of inputs. It is all about how well you are able to combine some inputs to produce some output. For instance, if a farmer used to produce 10 tons of tomatoes on one hectare of land and that farmer gets access to an extra hectare but only produces 18 tons, that farmer has produced more but productivity has actually declined. If that farmer managed to produce 12 tons on that one hectare then productivity has gone up. All other things remaining equal. If a pattern cutter used to cut fabric for ten shirts everyday but then changes techniques and now cuts fabric for 12 shirts a day, then that is productivity growth.

Economists have learned a lot about what kinds of things positively influence productivity growth. The first of these is innovation. This goes without saying. If you invest time and effort into figuring out how to do things better, that typically helps you do things better. The second is market efficiency and competition. How easy is it for new business to join an industry and compete? How easy is it for old firms who cannot compete to die and have their resource reallocated to other productive areas? How easy is it for capital to be reallocated? How easy is it for labour to shift away from less productive ventures to more productive ventures? Needless to say, market disruptions such as bans on competitors or absence in export markets or the presence of monopolies focused on domestic markets all tend to reduce productivity growth. The third factor is infrastructure and that should be self-explanatory. The fourth is the institutional arrangement. The governance of businesses and the economy serves as one the key pillars of productivity growth and encompasses things from the monetary policy framework to the justice system. The final key factor is education but that deserves a whole column on its own so stay tuned.

What factors do not actually aid productivity growth? Many things don’t matter but two are worth mentioning here. The first is import restrictions or bans. They typically do not increase productivity. There are specific instances when they are clearly temporary with sunset clauses and when there is robust internal competition where import restrictions can be useful. In general, they tend to do nothing for productivity growth. The second factor which tends to not impact productivity is government grants such as tax credits and direct loans. Again, there are instances such as when they are directed at specific productivity enhancing activities such as research and development, or when they are targeted towards export firms. In general, though, they make no difference when it comes to productivity.

I mentioned these two factors which do not positively influence productivity growth because they have been the corner stone of our industrial policy in the last decade or so. If you could summarize our industrial policy into a simple phrase it would be “restrict imports and funnel money to preferred firms”. Given the evidence from experiences around the world, it is no surprise that we continue to stumble along without any kind of sustained growth.

If we really want to promote sustainable growth then every single industrial or agriculture policy has to pass this simple litmus test: does this policy increase productivity growth. If it doesn’t then there is no need really. And of course, the answer to the litmus test should not depend on who is proposing the policy but, on the evidence, to support it. Evidence based on credible published research or on a credible theory of change. Every policy comes with its risks of failure for sure. But in theory at least it needs to pass the litmus test.

Dr. Obikili is chief economist at BusinessDay