Section 2: Eligibility

(1) Manufacturing and agro-related projects, mining, quarrying, industrial support services, equipment leasing and such other enterprises or projects ancillary thereto shall be eligible for loans under this Act if-
(a) the enterprise or project is wholly owned by Nigerians;
(b) the enterprise or project is small or medium-scale and its fixed assets, other than land, including the cost or the investment project, does not exceed N to million; and
(c) in the case of a manufacturing enterprise or project, at least 40% of its raw materials and other production inputs is at present locally derived or at least 60% shall, by 30 September 1990, be so derived.
(2) In granting loans under this Act, preference shall be given to enterprises or projects located in the rural areas.