N-Power NEXIT Update: This is as a good news to all N-Power NEXIT Beneficiaries that over 400,000 beneficiaries will get from Five Hundred Thousand Naira (N500,000) to Five Million Naira (N5,000,000) CBN Loan without collateral, see more details below.
The Federal Government of Nigeria through the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development and the Central Bank of Nigeria have commenced the Transitioning of N-Power volunteers into a robust and reliable economic affiliate programme
According to the Humanitarian Minister, Umar Sadiya Farouq, she said the NEXIT CBN loan portal has officially closed, those trying to register will be not get access, more than enough time were given to interested disengaged volunteers to show interest.
In a televised report on TVC news, the Minister said, “They needed time to process over 400,000 applications; the process is cumbersome and required carefulness”.
“We are processing loan request of over 400,000 persons, their various choices in ticking the questions asked in the application portal is sorted out based on the businesses they intend to do, surely more time is needed to ascertain and group the enrollees according to their chosen business choice”
She also stressed the need for more time as the government is seeking all means to fund the NEXIT CBN programme, as quoted: “The Government is seeking all means to fund the CBN loan affiliate programme. A supplementary budget will be passed this month, those waiting for the loan need to exercise some patient”.
The gesture is aimed at providing economic opportunities to volunteers, in line with the Federal Government Agenda to lift over 100M Nigerians from poverty and crime.
Currently, the NEXIT portal is massively receiving applications, all interested volunteers have been instructed to key-in their interested by registering for the loan
“The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various Economic, Empowerment and Entrepreneurship options provided by the CBN”
“The NEXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs and is dependent on meeting the criteria and conditions set by the CBN for the said programs”
“The Minister also emphasized that the NEXIT PORTAL will determine the suitability of the beneficiaries for the CBN affiliated programs”-Umar Sadiya Farouq-2020
Many questions have been asked by beneficiaries concerning the NEXIT Transition programme, some of these questions are:
- How much loan will been giving to volunteers as start-up capital?
- How will the loan be disbursed?
- Will the loan come with collateral?
- Pay-back period for the loan?
To be honest, we don’t have much information on these loan programme by the Central Bank of Nigeria, what we do know is that, the Central Bank has handled many loan schemes, such as:
- NMFB COVID-19 Loan
- MSME Survival Fund
- Nigeria Youth Investment Fund (NYIF)
- AGSMEIS Loan
- BOI/CBN Fund etc
All these loans are disbursed to the beneficiaries without collateral, the payment plan is flexible and spread across a period of time. Some may undergo business orientation and strict monitoring to ensure compliance and success.
These will be applicable to all N-Power NEXIT Beneficiaries that indicates interest in the CBN Loan Scheme.
Frequently Asked Questions & Answers
A lot of N-Exit applicants have been asking a lot of questions about N-Exit package. Here are some of these questions and their answers:
When Will Transition Start?
In response to the above question transition has already started in order to massively register applicants in order to provide the loans to the former N-power volunteers.
When Will N-Exit Portal Close?
The N-Exit portal will has no specific date for closure as the registration may span throughout 2021.
Why Is N-Exit Portal Not Accepting Yahoo mail?
This is a wrong notion as the N-Exit portal is accepting yahoo mail but is done in batches.
Will loan be given directly by CBN?
As for the loans they will be given by the CBN once registration and all the necessary process have been completed.
Will all former volunteers have access to these loans?
All former N-power volunteers have access to these loans as it has been made to capture all of them.
Is the N-exit all about loans?
No the N-exit program is not all about loans. It is also an affiliate program where applicants can create a business idea and have it sponsored by the CBN.
Can 14200 owed volunteers apply for N-Exit?
Yes all N-power volunteers will be able to apply for the N-exit program, meanwhile all former 14200 owed volunteers will soon be paid their five months stipend as promised by the minister.
How long will the N-Exit program last?
The N-Exit program has no sure date of expiry but it is stated that it will run until 2023.
Who will finance the N-Exit program?
The entire program will be anchored by the Central Bank of Nigeria.
What Kind of Business Ideas will Be Accepted?
The N-Exit program has its own categories of businesses that are accepted and would be funded.
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