NEXIT Loan

Last Updated on Mar 23rd, 2024

Were you once a participant of the Npower scheme and you want to apply for its exit benefits? Then, you must have heard about the NEXIT loan. The Npower/CBN Empowerment scheme, also called NEXIT aims to empower Npower exited beneficiaries by giving them loans to start up a business. This guide will help you understand what the scheme is all about and how to register and qualify for the loan.

NEXIT Loan
NEXIT Loan

An Overview Of NEXIT Loan

NEXIT loan is a type of loan that the Federal Government Of Nigeria provides for exited participants of the N-Power programme. The government created the NEXIT registration portal solely for all N-power beneficiaries.

The Federal Ministry of Humanitarian Affairs along with the Central Bank of Nigeria collaborated with the Federal Government to create this platform. With this portal, all N-power beneficiaries can access a variety of CBN empowerment options.

Also, they can apply for the numerous entrepreneurship, economic, and empowerment programmes the Central Bank of Nigeria has to offer.

How Can I Register And Apply For A NEXIT Loan?

To register and apply for the NEXIT loan, just follow the procedures below:

1. First, visit the N-power NEXIT web portal via https://nexit-fmhds.cbn.gov.ng/auth/signup

2. Input the E-mail Address you registered with as an N-Power Beneficiary

3. Next, input your password and confirm it. Remember to always keep your password private.

4. Thereafter, enter your basic details like your first name, surname, and BVN.

Lastly, cross-check the details to ensure that they are correct then click on submit. Yep platform will redirect you to an E-mail activation page. When you get to this stage, do this:

1. Re-enter your email address then click on ‘Resend Activation Mail‘

2. Wait for a verification mail that the portal will send to you.

3. Next, activate your account by clicking on the link in the verification mail that you received.

Lastly, re-login into the NEXIT portal and enter all your necessary information. Once you do this, your registration is successful.

What Requirements Do I Need To Apply For NEXIT Loan?

Candidates who want to apply for this loan benefit must fulfil the following conditions:

1. You Must Be Nigerian by Birth

2. Not currently employed in any government establishment (either State or Federal Government)

3. You must be either N-Power Batch A and B beneficiary.

4. Your NIN Number is also compulsory.

5. Educational Qualification Credentials

6. Your NPVN number

7. Bank Verification Number (BVN)

8. Your deployment letter from your PPA (place of primary assignment)

9. You need a valid means of identification like a voter’s card, National Identity Card, Driver’s Licence, NIN Number, or International Passport.

How much is the loan for NEXIT?

Candidates whose applications are successful will get up to 5 Million Naira loan without needing any collateral. This makes the offer a very attractive one.

How Can I Qualify For A NEXIT Loan?

The NEXIT Loan Business Plan is divided into 10 Parts, namely:

1. Personal Details (Biodata)

2. Business Information

3. Loan Information

4. Equipment List

5. Working Capital List

6. Product And Services

7. Assets List

8. Competitive Analysis

9. Management Plan

10. Swot Analysis

However, the major points the programme uses to disqualify candidates depend on the information in Numbers 4,5,6, and 7. Also, the judges will screen your managerial Plan and Competitive Analysis.

If you want to qualify for this loan, you should have a professional perspective on how to effectively use the loan capital. This is especially important for the numbers the judges are most concerned about. You have to draft a professional but detailed summary of your proposed business plan.

Do I need a CAC Certificate To Access The NEXIT Loan?

Basically, if your business has a CAC (Corporate Affairs Commission) certificate, it can increase your chances of securing higher loan amounts. With this certificate, you may be able to secure a loan within the range of a N1million to N3million. However, if you do not have this certificate, this means that you may receive lower loan amounts for your business.

Bottom Line

NEXIT loan is a special type of loan the Federal Government of Nigeria offers to individuals who have completed the N-power programme successfully. Basically, this loan serves as a source of financial empowerment to enable these individuals to start a business. If you need a guide on how it works, follow the tips above.

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