NPower Nexit: The Nigerian Government through the National Social Investment Programme (NSIP) has launched the N-Power NEXIT loan programme to provide financial support to N-Power beneficiaries who have completed their tenure in the programme.
The NEXIT loan programme aims to empower beneficiaries with capital to start or expand their businesses, thereby creating more job opportunities and reducing unemployment in the country. This article provides a guide on how to access the NEXIT loan.
Step 1: Registration on the NEXIT Portal
To access the NEXIT loan, beneficiaries must first register on the NEXIT portal. The portal was created to provide a platform for the transition of N-Power beneficiaries into other economic opportunities.
To register, beneficiaries are required to provide their N-Power programme details, such as their N-Power ID, email address, and phone number. They are also required to provide their bank account details for loan disbursement.
Step 2: Update Your Profile
After registration, beneficiaries are required to update their profile on the NEXIT portal. This includes providing additional information such as personal details, educational qualifications, and employment history.
Beneficiaries are also required to upload a clear passport photograph and a valid identification card, such as a National ID card, Permanent Voter’s Card (PVC), or International Passport.
Step 3: Complete the Training
To access the NEXIT loan, beneficiaries must complete an online training programme designed to equip them with entrepreneurship skills and financial management knowledge.
The training programme covers topics such as business plan development, market analysis, financial projections, record-keeping, and marketing strategies. The training is aimed at ensuring that beneficiaries have the requisite skills to manage the loan effectively and run successful businesses.
Step 4: Submit Loan Application
After completing the training, beneficiaries are required to submit their loan applications through the NEXIT portal. The loan application form requires beneficiaries to provide details of their proposed business, including the nature of the business, the amount of loan required, and the expected revenue.
Beneficiaries are also required to submit a comprehensive business plan that details the proposed business operations, target market, revenue projections, and repayment plan.
Step 5: Loan Disbursement
After approval of the loan application, the loan amount will be disbursed into the beneficiaries’ bank accounts. Beneficiaries are required to sign a loan agreement with the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development.
The loan is expected to be repaid over a period of two years, with a six-month moratorium period. The loan is interest-free, and beneficiaries are expected to repay the principal loan amount in installments.
The N-Power NEXIT loan programme is a great opportunity for N-Power beneficiaries to access affordable financing to start or expand their businesses. By following the steps outlined above, beneficiaries can access the loan and take advantage of the opportunity to create more job opportunities and contribute to the economic development of the country.