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NEXIT LOAN is loan designed for past NPOWER Beneficiaries  in A and B batches  respectively.

 Before I venture into the main post , my name is Okpara Ijezie Kingsley and am an authority on federal government empowerments in Nigeria.

 Before you apply for NEXIT loan  , if you must secure this loan , there are twenty three things you must know  in other to make this make  loan your own . I will start with minor to major points

1. NEXIT loan is  only designed for NPOWER  batch And B beneficiaries who have been exited from the program, therefore it does not require any fresh  application . Once you belong to any of the aforementioned categories, you are qualified to enroll for the loan but that you are qualified for this loan does not in any mean you must secure the loan .

2. To be eligible for NEXIT  loan EDI – Entrepreneurial Development Institute physical training, you must have confirmed  your eligibility and availability for this training by dialing   *45665# on your phone . once shortlisted ,for the program, go back and dial the code again  *45665#  but this second time it will require you to confirm  your availability  .

Please note that everybody will not get  will not get ‘ shortlisted message ‘  I f after dialing the code and you  failed to get shortlisted message two reasons could be behind this :

          i . you will either be shortlisted for in another batch  or

        ii.  you  didn’t register to use your money for business .

3.  You will be getting a  mail from NPOWER focal person in your state denoting that you have been invited for One week Entrepreneurship training  at a stated location .

4. After this training, you will be given EDI  certificate which confirms you have been trained

5. You will be asked to submit a bankable business plan , fill business plan template or do both. The submission of the bankable business plan or template   is usually done through   a given website that will be provided by the NPOWER focal person in your state. In case you’re  wondering what a business is ,

A business plan is a written document that describes the goals of the business and a roadmap to achieve. This is a written description of the future of your business.

Now , in the template, you will be required to fill the following

Personal details (biodata ),

Business information such as ;business name , business address , state of business location, geo-political zone ,

Business email, phone number, bank name ,business account number, business account ,business sector, business subsector , business stage , years of operation ,

Vision and mission statement ,value prposisition , business objectives , description, objective, Equipment list , working , product and services , monthly production asset list competition analysis,management plan ,loan information and SWOT analysis, etc.

6 . NEXIT WILL NOT EVERY KIND OF BUSINESS . I need you to pay serious attention here. NEXIT loan does not fund every business  , by this I mean that NEXIT loan may not fund all businesses , therefore you  have to apply with the business that must be accepted and funded . For instance NEXIT LOAN SCHEME will not fund Education , pure buying and selling business or businesses that are probabilistic in nature such lotto, bet9a and the rest.

Let me open your eyes small, NEXIT LOAN had been in existence before now but it was not called NEXIT, it was called AGSMEIS .  What is AGSMEIS ?

The full meaning of AGSMEIS is

Agri-Business/Small and Medium Enterprise Investment Scheme. AGSMEIS  is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.


If you could observe the name AGSMEIS LOAN which NEXIT LOAN , you would discover from the name that this loan was originally designed for agro business such as poultry, fish farm, cassava processing, grass cutter farming, piggery , snail farming , rice milling, ginger  , plantain plantation , palm oil production , maize ,tomatoes  farming and many more agro/agric businesses . This is not to say the Scheme does not cover other sectors , it covers other business sectors but it pays more attention to agro businesses .

But Okpara , what if am not into agric business ?

If you are not into agro busines , I will still advise you to apply with  agro business . Remember , my advice is not final , you can apply with what you do .

7. The loan is meant for both startup and existing businesses .

As an existing business , you should make effort to register your business with Corporate Affairs Commission


8. Ordinarily , all the approved loan will not be given to you in cash , only 30 percent of any amount approved for you will be given while 70 percent will be used to purchase you equipemt.

9. The loan amount to apply for  shouldn’t be more than 3 million or less than 2.5 million .

The reason for  this is because the minimum amount you  could secure from this loan  scheme is 2.5 while maximum amount is 3 million Naira

9.  70 percent of the total request amount should  to apply should be for Equipment list while 30 percent should be for working capital .

I already said above that you will be given business plan template which you will fill in what you will use the money to do  but whatever you are going to use the money for must be divided into EQUIMENT  (70 percent )  Working capital ( 30)

That means if you applied for  3 million Naira  , your equipment amount would be 2.1 million while the working capital is 900,000 Naira. In the same manner , if you were to apply for 2.5 million Naira , your  Equipment amount should be ONE MILLION , SEVEN HUNDRED AND FIFTY THOUSAND NAIRA  while the working capital is SEVEN HUNDRED AND FIFTY THOUSAND NAIRA .

Now let’s be practical with , assuming the nature of your business is poultry and you want to apply with

With poultry for 3 million Naira , your Equipment list may  thus

                                                    EQUIMENT LIST

BATTERY CAGESnil5100,000 500,000
BROODING MACHINEnil2500,0001,000000
GENERATOR SETnil1200,000  200,000
BOREHOLE DRILLINGnil1400,000400,000

                              WORKING CAPITAL

Salaries/wage250,000 100,000
Poultry feed and supplements  60  10,000   600,000
Utility2010,000 200,000

10. moratorium : you have a period of 9 months of grace  to use the loan before you start repaying . It used to be 12 months but later reduced .

11. REPAYMENT PERIOD :you have 5 years which is 60 months to repay your loan . Now to have an idea about  how much you will pay back monthly you can you just divide 3,000000 Naira by 60 (Months ) which is about FIFTY THOUSAND NAIRA , but that won’t be all , you would have all to include interest which take us to the next step

 12. INTEREST RATE: interest rate is only 5 percent annually.

Where you’re given THREE MILLION NAIRA  interest  for one year  will be ONE HUNDRED AND FIFTY THOUSAND NAIRA (150,000)

This mean therefore , that for five years the total interest your loan will incur is 750, 000 (150000×5)=750000.

To have an  idea how much you would pay back monthly , just add up the loan amount to total interest to be paid in 5 years and divide by 60 months , in that case that would be 3,000,000+750,000 =3,750,000.

3750000/60=62, 500

From the above the expectation of what to pay back monthly should be   about 62,500 Naira  for the period of five years

13. To access this loan , you have to open a current or corporate account with Nirsal microfinance bank. To create account with Nirsal Microfinance Bank , kindly go with Recent Utility bill, two passport ,Valid ID card such PVC, international passport , Driver‘s license and NIN ,etc.

14. NIRSAL MICROFINANCE BANK : full meaning of NIRSAL is Nigeria Incentive-Based Risk Sharing system for Agricultural lending .Nirsal Microfinance Bank is the bank assigned  the responsibility  of disbursing  AGSMEIS , COVID 19 HOUSEHOLD ,COVID 19 SME , AGSMEIS , NEXIT LOAN and other loans . This loan schemes are not funded by  Nirsal , they are funded by CBN, Commercial banks contributions  but the disbursement , record and monitoring is done through Nirsal microfinance bank .

If you are looking where to find Nirsal microfinance Bank in your state , just walk into POST OFFICE near you , there is  Nirsal microfinance bank  .


 15. APPROVAL MESSAGE :As soon as your loan is approved , you will receive approval  text message asking you to  accept or reject the loan , once you accept the loan , print out offer letter and walk down to Nirsal microfinance b

16. GUARANTORS :you might be required to provide two guarantors. In this case you will be asked to submit the following information of your two guarantors  i . NAMES ii . BVN  iii. Phone numbers , email addresses or both.

17. COLLATERAL : you don’t need any security or collateral for this loan but the document for the   purchased equipment will not given to you but will serve as security or collateral and will be handed over to you when you have paid back you loan in full,

17. VENDOR: Simply put it ,  a vendor is the Nirsal approved Agent who will supply you the equipment you mentioned in the  equipment list .

I said earlier  only 30 percent of the total approved loan which is your working capital will b e given to you but 70 percent will be chanelled to getting you equipment necessary for that business you applied .


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