Salary structure of National Economic Reconstruction Fund (NERFUND)
The National Economic Reconstruction Fund, popularly known as NERFUND, is a government-owned institution responsible for providing financial assistance to Small and Medium Enterprises (SMEs) in Nigeria.
Established in 1989, it has played a vital role in the development of the Nigerian economy by providing funding for businesses to help them grow and thrive.
One of the crucial aspects of any institution is the salary structure, and NERFUND is no exception.
The organization employs various staff members, and their salaries depend on their rank and level, as well as the standard of living in the area where the office is located.
Listed below is the salary structure of NERFUND, according to levels and ranks:
Level 1: This comprises the lowest cadre of staff, and their salary range from N40,000 to N60,000 per month, depending on their position and experience.
Level 2: This includes officers who have spent a minimum of three years in the organization, and their salary range from N70,000 to N100,000 monthly.
Level 3: This includes Assistant Managers who have spent a minimum of six years in the organization. Their salary ranges from N150,000 to N200,000 monthly.
Level 4: This includes Managers who have spent a minimum of nine years in the organization. Their salary ranges from N220,000 to N300,000 monthly.
Level 5: This comprises General Managers who have spent a minimum of 12 years in the organization. Their salary ranges from N350,000 to N500,000 monthly.
Level 6: This includes Executive Directors who have spent a minimum of 15 years in the organization. Their salary ranges from N600,000 to N800,000 monthly.
To be part of NERFUND, you must be a Nigerian citizen with a minimum of a Bachelor’s degree in any field from a recognized institution.
You must also have at least two years of experience in a related field before applying for a job at NERFUND.
FAQs
Does NERFUND provide loans to individuals, or is it only for businesses?
NERFUND provides loans exclusively to Small and Medium Enterprises (SMEs) in Nigeria.
How can one access NERFUND loans?
To access NERFUND loans, interested SMEs must meet the set criteria, including having a viable business plan, being registered with the Corporate Affairs Commission (CAC), and having a good credit history.
Is NERFUND only for startups, or can already-established businesses apply for funding?
Already-established businesses can also apply for funding from NERFUND, provided they meet the set criteria and have a demonstrable track record of success.
