The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has officially launched an online application portal for its $150 million offshore financing facility, designed to support long-term business expansion across Nigeria. This initiative, developed in partnership with the German banking group ODDO BHF SE, offers loans starting at $10 million with single-digit interest rates and repayment periods of at least 7.5 years.
Eligibility Criteria for the $150 Million Fund
To qualify for this funding, businesses must be legally registered in Nigeria and provide at least three years of audited financial statements. Additionally, applicants must comply with Environmental, Social and Governance (ESG) standards and maintain verified membership in a recognised organised private sector association. Accepted associations include NACCIMA itself, the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small Scale Industrialists (NASSI), or any chamber of commerce affiliated with NACCIMA.
The facility covers 17 sectors: manufacturing, agriculture and agro-processing, energy and power, oil and gas, ICT and technology, logistics and transportation, infrastructure, mining and quarrying, healthcare, pharmaceuticals, real estate, telecommunications, tourism, consumer products, financial services, entertainment, and retail and trade. Notably, 20 per cent of the total facility has been earmarked specifically for digital economy projects.
Application Process: Step-by-Step Guide
Applicants must create an account on NACCIMA's financing portal and complete a multi-stage registration process. This involves submitting company details such as the CAC registration number, Tax Identification Number, date of incorporation, and registered addresses, along with contact information and chamber membership credentials. Businesses are also required to disclose their workforce size, gender composition, annual turnover, and staff age distribution.
For the financing request, applicants must name the project, state its purpose, and specify the total amount sought, which cannot be less than $10 million. A key condition is that between 35 per cent and 50 per cent of the loan must be used to purchase approved machinery, equipment, technology, or services sourced from Europe. Applicants must identify the specific European goods or services they intend to procure and the country of origin.
Required Documents for Submission
Required documents include a signed letter of intent, a project summary, a CAC certificate of incorporation, three years of audited financial statements, proof of chamber membership, tax clearance certificates covering three years, an ownership and management profile, and identification documents for directors and shareholders. Before submitting, applicants must declare that the funds will not be directed towards defence, military purposes, or speculative trading, and that all information provided is accurate.
Impact and Related Initiatives
NACCIMA said the initiative is designed to improve Nigerian businesses' access to international capital, strengthen industrial capacity, and boost the competitiveness of local companies in both regional and global markets, according to multiple reports, including the Punch and TheCable. The portal went live ahead of the announcement being widely circulated on Tuesday.
In a related development, Legit.ng earlier reported that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has opened applications for its Conditional Grant Scheme (CGS), offering eligible nano and micro businesses a non-repayable grant of N50,000 to support business growth and job creation. According to SMEDAN, the programme is part of the federal government's efforts to improve access to funding for small businesses that often struggle to secure loans from financial institutions.
