Financial Criteria

All loan conditions must meet the partner bank's standard lending criteria. These must be checked with Access Bank and UBA in terms of credit worthiness, and compliance with national legislation.

  • Eligible Loan Size: a maximum equivalent of USD 10,000,000 per project.

  • Minimum IRR of 10% calculated for period of 15 years.

  • Currency of Loans: USD / NGN

  • Minimum maturity of the loans: Five (5) years

  • Final beneficiaries can benefit from a grant of 5% up to 20% of the loan amounupon completion of their project. (to be negotiated with the Banks). 

  • Interest rates vary based on the individual situation of each borrower; however these rates are capped and cannot exceed:


- CBN prime lending rate (as published monthly) minus 3% - On Naira denominated loans. - The subsidized interest rate paid by the banks to AFD plus 4% - On USD denominated loans.


*Both rates will be subject to negotiation with the partner banks.

The eligible costs covered by a project loan may only include the following items (CAPEX costs):


  1. equipment and hardware costs;

  2. the cost of engineering design;

  3. hedging cost;

  4. legal fees;

  5. development cost;

  6. transaction and bid costs;

  7. installation services and works;

  8. insurance costs;

  9. metering and monitoring costs;

  10. the cost of an initial set of spare parts;

  11. commissioning costs.