Are you a rural-based entrepreneur in Nigeria looking for business funding and government support to grow? The Rural Area Programme on Investment for Development (RAPID) is a golden opportunity for individuals like you.
Whether you’re into farming, craftsmanship, small-scale manufacturing, or rural trade, RAPID is a government-backed initiative that can give your business the boost it needs.
In this blog post, you’ll find everything you need to know: eligibility, selection criteria, benefits, and how to apply online for the Rural Area Programme on Investment for Development RAPID.
Table of Contents
About RAPID
The objective of the programme is to provide financial support to enterprises located in rural and economically disadvantaged areas of our economy. This will ensure that resources flow to these communities from entrepreneurial activities that will provide employment, improve standard of living, contribute to gross domestic product (GDP), promote capacity and skill development, tame insecurity arising from youth restiveness and unemployment. The Bank hopes to achieve the foregoing through the Rural Area Programme on Investment for Development (RAPID) initiative.
Objectives of RAPID
Here are the key objectives of the program:
Empowerment: Provide resources, skills, and opportunities to buisnesses local in rural areas , particularly MSMEs, with focus on Youth and Women entrepreneurs .
Job Creation: Stimulate job creation, particularly for youth and women, through the growth and expansion of rural enterprises
Economic Diversification: Promote the development of diverse economic activities beyond traditional agriculture in rural areas.
Benefits of the RAPID Programme
Here’s what successful applicants can gain from the Rural Area Programme on Investment For Development RAPID:
- Access to funding (grants or soft loans) to start or expand rural-based businesses
- Free capacity-building workshops and training on business management, financial literacy, and agricultural innovation
- Mentorship and advisory support from seasoned entrepreneurs and development experts
- Provision of tools and small equipment (depending on the nature of the business)
- Infrastructure support such as market access, processing centers, and transport links (location dependent)
- Increased visibility and government support through integration into national economic programs
Target Market
- Micro and Small Businesses
- Community Groups in Rural Areas
Features
- Tenor: maximum of 3 years
- Interest Rate: 5% per annum
Eligibility Criteria
Before applying for the Rural Area Programme on Investment For Development RAPID, you need to ensure you meet the eligibility requirements:
- Completed Application Form
- Business Plan
- Acceptable Means of Identification
- BVN and NIN
- Proof of Residential Address
- Completed Guarantor Forms
- Other Terms and Conditions Apply
How to Apply for the RAPID Programme
Applying for the Rural Area Programme on Investment For Development RAPID is straightforward:
Step 1: Visit the Application Portal
Step 2: Register Your Details
Fill in your bio-data, business information, and upload any required documents (like business registration, community identification, proposal, etc.).
Step 3: Upload Your Business Plan or Proposal
Ensure your business idea is clearly written, includes expected outcomes, estimated cost, and community impact.
Step 4: Submit and Await Feedback
After submitting, keep an eye on your email and phone for updates. You may be invited for screening, interviews, or community engagement meetings.
REGISTER HERE
Help Spread the Word!
If you know someone in a rural area with great potential but lacking resources, share this post. Let’s build a more inclusive Nigeria, one rural entrepreneur at a time.
