By Adeola Kunle
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has commenced applications for a $150 million offshore financing programme aimed at supporting the growth of qualified Nigerian businesses through affordable long-term funding.
The financing initiative, introduced in collaboration with German banking group ODDO BHF SE, provides eligible companies with access to loans starting from $10 million at single-digit interest rates, with repayment periods of no less than seven and a half years.
According to information published by NACCIMA, applications are now being received through the association's online application portal.
Eligibility Requirements
To qualify for the facility, applicants must:
- Be a legally registered business in Nigeria.
- Possess at least three years of audited financial statements.
- Comply with Environmental, Social and Governance (ESG) standards.
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Be a verified financial member of a recognised organised private sector association, including:
- Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)
- Manufacturers Association of Nigeria (MAN)
- Nigerian Association of Small and Medium Enterprises (NASME)
- Nigerian Association of Small Scale Industrialists (NASSI)
- Any recognised chamber of commerce affiliated with NACCIMA.
Sectors Eligible for Funding
The financing scheme is open to businesses operating in key sectors of the economy, including:
- Manufacturing
- Agriculture and agro-processing
- Energy and power
- Oil and gas
- Information and Communication Technology
- Logistics and transportation
- Infrastructure
- Mining and quarrying
- Healthcare
- Pharmaceuticals
- Real estate
- Telecommunications
- Tourism
- Consumer products
- Financial services
- Entertainment
- Retail and trade
NACCIMA also disclosed that 20 per cent of the total fund has been reserved specifically for projects within Nigeria's digital economy.
Application Process
Interested companies are required to register on the official NACCIMA application portal before completing the application process.
Applicants will be asked to provide detailed information under several categories.
Company Information
Required details include:
- Name of the Chief Executive Officer or Managing Director
- Registered company name
- Corporate Affairs Commission registration number
- Date of incorporation
- Tax Identification Number
- Registered and operational business addresses
Contact Details
Applicants must provide:
- Primary contact person
- Official designation
- Corporate email address
- Telephone number
Chamber Membership
Businesses are expected to submit:
- Chamber affiliation
- Membership registration ID
- Trustmark ID where applicable
Business Profile
Applicants will also provide information on:
- Primary business sector
- Number of employees
- Annual turnover
- Gender distribution of employees
- Workforce age profile
Financing Request
Each applicant must clearly state:
- Project title
- Purpose of the loan
- Brief description of the project
- Amount requested, with a minimum of $10 million
- Percentage of funding to be used for European procurement
- Target market
- Details of machinery, technology or services to be sourced from Europe
- Proposed European country of origin
Under the terms of the programme, between 35 and 50 per cent of the loan must be used to procure approved machinery, equipment, technology or services from Europe.
Financial Information Required
Applicants must also provide:
- Paid-up capital
- Turnover for the last three years
- Current debt obligations
- Classified debt profile
- EBITDA reports covering the previous three years
Supporting Documents
The required documents include:
- Signed Letter of Intent
- Project summary
- Certificate of Incorporation issued by the Corporate Affairs Commission
- Audited financial statements for the past three years
- Evidence of chamber membership
- Tax Clearance Certificates for the previous three years
- Ownership and management profile
- Identification documents of directors and shareholders
- ESG sustainability policy, where available
Final Declaration
Before submitting an application, companies must confirm that:
- The funds will not be used for defence, military activities or speculative trading.
- At least 35 per cent of the financing will be spent on approved European procurement.
- All information supplied is accurate.
- The company complies with ESG standards.
- It consents to the processing of its data in line with the Nigeria Data Protection Act.
Dip Connect Online News reports that NACCIMA said the financing programme is designed to improve Nigerian businesses' access to long-term international funding, strengthen industrial development and enhance the competitiveness of local enterprises in regional and global markets.
Businesses seeking to apply can access the application portal through NACCIMA's official financing platform.
APPLY HERE: https://investment.naccima.ng/application/financing.php
Adeola Kunle
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