The Federal Government of Nigeria, through the Bank of Industry (BOI), has introduced the Rural Area Programme on Investment for Development (RAPID) as part of the Renewed Hope Agenda. This initiative aims to empower micro and small businesses in rural and economically disadvantaged areas by offering access to affordable loans, business advisory support, and enterprise training programs.
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What is BOI RAPID?
The RAPID initiative is designed to stimulate inclusive economic growth in underserved communities by:
- Providing Access to Capital: Offers low-interest loans to micro and small-scale enterprises.
- Job Creation: Focuses on empowering youth and women to build sustainable businesses.
- Economic Diversification: Supports businesses beyond traditional farming, including value-added processing and manufacturing.
The program helps rural entrepreneurs build viable enterprises that create employment, improve living standards, and contribute to national development.
Key Features of the RAPID Loan Program
- Loan Tenure: Maximum of 3 years
- Interest Rate: 5% per annum
- Grace Period: 6 months moratorium
- Target: 10 beneficiaries per state and the FCT, totaling 370 beneficiaries
Who Can Apply?
The program is open to:
- Micro and Small Enterprises (MSEs)
- Community-based groups located in rural or low-income areas
- Youth and women-led ventures
- Value-adding businesses (excluding pure trading and primary farming)
Eligibility Requirements
To qualify for the BOI RAPID loan, applicants must:
- Operate a business in a rural or economically disadvantaged area
- Complete the official application form
- Submit a detailed business plan
- Provide a valid means of identification
- Have a Bank Verification Number (BVN)
- Have a National Identification Number (NIN)
- Provide proof of residential address
- Submit completed guarantor forms
Note: The date of birth on your BVN must match the one on your NIN for the application to be validated successfully.
How to Apply
- Visit the official RAPID portal: https://rapid.boi.ng/register
- Enter your BVN for automatic validation
- Provide your NIN to verify your identity
- Complete the application form with your personal and business details
- Upload the required documents and submit your application
Contact Information
- Email: customercare@boi.ng
- Phone: 0700-CALL-BOI | 0700 225 5264
- Switchboard: (+234)-02-012715070-71
For more details, visit the official site: https://rapid.boi.ng
Frequently Asked Questions (FAQs)
Q1: Who is eligible for the BOI RAPID loan?
Micro and small business owners in rural or underserved areas, including youth and women entrepreneurs, are eligible.
Q2: What types of businesses are supported?
The program supports businesses involved in value-added production, light manufacturing, agro-processing, and similar activities. It does not support pure trading or farming.
Q3: Can I apply if the date of birth on my BVN and NIN are different?
No. Your application will not be validated if your BVN and NIN dates of birth do not match.
Q4: Is training provided to beneficiaries?
Yes. Selected applicants will have access to training and business advisory services to enhance sustainability and growth.
Q5: How many people will benefit from this program?
The program targets 10 beneficiaries per state and the FCT, with a total of 370 beneficiaries across the country.
Take advantage of the BOI RAPID program to transform your small business and contribute to sustainable economic growth in your community. Apply today via https://rapid.boi.ng/register.
