The Bank of Industry (BOI) has officially launched the Renewed Hope Rural Area Programme on Investment for Development (RAPID), a targeted initiative designed to provide financial and technical support to rural businesses, micro and small enterprises, and community groups across the country.
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The programme aligns with President Bola Tinubu’s Renewed Hope Agenda and aims to bridge the gap between urban and rural economies by fostering entrepreneurship, creating jobs, alleviating poverty, and reducing youth restiveness through sustainable enterprise development.
Who Can Apply?
The RAPID Programme is open to:
- Micro and small businesses operating in or seeking to expand into rural communities.
- Community groups and associations implementing development-focused projects.
- Nano, micro, and small-scale enterprises engaged in value-adding activities (excluding pure trading and farming).
Eligible participants can access loans of up to ₦10 million per project at a highly concessional interest rate of 5% per annum, with a maximum tenor of 3 years. Funds are intended primarily for acquiring plants, machinery, raw materials, and other operational needs to support business growth and community infrastructure.
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Key Objectives
According to BOI, the initiative seeks to help rural communities harness local resources for enterprise development. This is expected to generate employment, raise living standards, contribute to national economic growth, and address insecurity linked to youth unemployment.
The programme initially rolled out with ₦3.7 billion to support 10 projects per state and the FCT. Due to overwhelming demand, the fund was increased to ₦5 billion, demonstrating strong interest from rural entrepreneurs.
Application and Support
Interested applicants are encouraged to apply through the official RAPID portal. The programme also provides business development services, training, and advisory support to ensure beneficiaries can successfully implement and sustain their projects.
Official Application Portal: https://rapid.boi.ng/
Rural areas are defined by the Nigerian Bureau of Statistics as locations at least 20 kilometers from state capitals, typically characterized by lower population density, agrarian economies, and limited infrastructure.
