The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has launched an application portal for a $150 million financing facility designed to support businesses across key sectors of the Nigerian economy.
The facility, developed in partnership with German banking group ODDO BHF SE, offers loans starting from $10 million at single-digit interest rates, with repayment periods of at least 7.5 years.
NACCIMA announced the opening of applications through its website, with the portal becoming available ahead of the wider public announcement on Tuesday.
To qualify for the funding, businesses must be legally registered in Nigeria, have at least three years of audited financial statements, comply with Environmental, Social and Governance (ESG) standards, and maintain verified membership of a recognised private sector association.
Eligible organisations include NACCIMA, the Manufacturers Association of Nigeria (MAN), Nigerian Association of Small and Medium Enterprises (NASME), Nigerian Association of Small Scale Industrialists (NASSI), or any chamber of commerce affiliated with NACCIMA.
The financing facility covers 17 sectors, including 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.
NACCIMA said 20 per cent of the total facility has been reserved for digital economy projects.
Applicants are required to create an account on the NACCIMA financing portal and complete a multi-stage registration process. Businesses must provide details such as their Corporate Affairs Commission (CAC) registration number, Tax Identification Number, incorporation date, registered address, chamber membership information, workforce size, gender composition, annual turnover, and staff age distribution.
For the financing request, applicants must provide details of the proposed project, its purpose, and the amount required, which must not be below $10 million.
A major requirement of the facility is that between 35 per cent and 50 per cent of the loan must be used to purchase approved machinery, equipment, technology or services from Europe. Applicants must identify the specific European goods or services they intend to acquire and their country of origin.
Required documents for submission include a signed letter of intent, project summary, CAC certificate of incorporation, three years of audited financial statements, proof of chamber membership, three years of tax clearance certificates, ownership and management profile, and identification documents for directors and shareholders.
The initiative is expected to provide long-term financing support for Nigerian businesses seeking to expand operations, improve productivity and invest in modern technology and equipment.