Business Loan Calculator Nigeria — SME Finance & BOI/NIRSAL Rates
Calculate SME business loan repayments for Nigerian lenders. Compare BOI (9%), NIRSAL (5%), and commercial bank (22-30%) rates side by side.
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Loan Type Comparison
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Choosing the Right Business Loan in Nigeria
The interest rate difference between government intervention funds (5–9%) and commercial banks (22–30%) is enormous. On a ₦10M loan over 36 months, BOI at 9% costs about ₦1.45M in interest versus ₦4.25M at 25% — a saving of nearly ₦2.8M.
Always explore government schemes before approaching commercial banks. Key considerations: BOI focuses on manufacturing; NIRSAL on agriculture; AGSMEIS on youth entrepreneurs. Many schemes require formal registration and a viable business plan.
Frequently Asked Questions
What is the BOI loan rate in Nigeria?
The Bank of Industry (BOI) offers concessional loans at 9% per annum for manufacturing, agro-processing, and other productive sectors. Tenures can extend to 10 years. BOI focuses on SMEs with proven business models and typically requires collateral or equity contribution. Apply at boi.ng.
What is NIRSAL and their loan rates?
NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) facilitates agricultural and agri-business loans. Their Agric Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) offers loans at 5% per annum for agricultural businesses. Non-agricultural SMEs can access funds at 9%.
What are commercial bank SME loan rates in Nigeria?
Commercial bank lending rates to SMEs typically range from 22–30% per annum in 2025, depending on the bank, collateral, business type, and the borrower's relationship with the bank. Rates have risen with the CBN's monetary policy tightening cycle.
What documents do I need for an SME loan in Nigeria?
Typically required: CAC registration documents, 6–24 months bank statements, audited financial statements (2–3 years), business plan, collateral documents (land title, property documents), tax clearance certificate, BVN, and proof of business address. Requirements vary by lender.
Are there government intervention funds for Nigerian businesses?
Yes. Available schemes include: BOI loans (9%), NIRSAL AGSMEIS (5%), CBN Anchor Borrowers Programme (9%), SMEDAN development loans, NEXIM export loans, and various state government funds. These are far cheaper than commercial bank rates — explore them first.