Business Grants in Nigeria

In the previous posts on this site, we’ve discussed the meaning of Business Grants. Here, we shall take a look at Business Grants in Nigeria.

Talking about Business Grants in Nigeria, it is referred to as some Government and Non-governmental organizations that ensure and enhance the survival of some Small and Medium Business Enterprises (SMEs) in Nigeria.

This is done through the provision and making available funding in form of grants to the qualified applicants. Business Grants in Nigeria is a good initiative aimed at diversifying the Nigerian Economy.

 

Lists of Business Grants in Nigeria & Loans Available for Small Businesses in Nigeria

• YouWIN Connect Nigeria

YouWIN Connect is a multimedia programme of theNigeria Federal Ministry of Finance. The programme is aimed to promote not only entrepreneurship, but also to ensure job creation and wealth through enterprise education for young Nigerians.

Nigerian entrepreneurs can improve their productivity through relevant SME development tools. These ventures are promoted by Young Nigerians in targeted sectors that align with the government’s objective of diversifying the economy and promoting a reliable Business Environment.

Criteria to be qualified are:

• Applicants must be a graduate from a higher institution.
• Applicants must be able to speak English fluently and also write in English lang.
• Applicants must be Nigerians and reside in Nigeria.
• Applicants must be between the ages of 18 and 40.
• Applicants businesses must be in Nigeria.
• Applicants must be willing to attend all training and mentoring exercises organised by the programme.
• Applicants must not be an employee of the Nigerian Civil Service.
• Previous YouWiN awardees are not eligible to apply.

 

• Tony Elumelu Entrepreneurship Programme (TEEP)

The Tony Elumelu Entrepreneurship Programme (TEEP) is a yearly programme propelled and funded by a Nigerian Businessman, Mr Tony Elumelu through his foundation Tony Elumelu Foundation (TEF).

The program was came to limelight in the year 2015 and aimed at making available up to 10,000USD seed funding for entrepreneurs across Africa.

Each year, the programme selects up to 1,000entrepreneurs across Africa from about 45,000 to 50,000applicants. Each application is carefully reviewed by business experts in the industry and winners are selected based on market feasibility, clear financial models and a capable team to run the business. Each programme cycle begins with an application from January 1st until March 1st.

Criteria to be qualified are:

• Business must be based in Africa
• Business must be profit oriented
• Business must be 0-3 years’ of operation
• Applicants must be at least 18yrs and a legal resident or citizen of an African country.

 

• Bank Of Industry (BOI).

The Bank Of Industry (BOI) has recently launched a youth empowerment program “The Youth Entrepreneurship Support” (YES) Programme, for young and talented entrepreneurs looking to venture into various sectors of the Nigeria economy.

The Youth Entrepreneurship Support (YES) Programme is BOI’s effort at attending to the worrisome issues on youths unemployment in Nigeria by building the capacity of the youths and funding their business ideas.

The YES programme is aimed at enhancing young people with the requisite skills and knowledge to be self-employed by starting and managing their own businesses.

Criteria to be qualified are:

• The applicant must be a Nigerian.
• Must have a viable business idea within the 40 identified clusters that is operated or will be operated in Nigeria.
• Must be within the age limits of 18 and 35.
• Proof of identity such as; International passport/Drivers License/National ID/Voters card required.
• Must possess a minimum educational qualification of Ordinary National Diploma (OND).
• Applicant must be able to carry out the application process online.

The YES Programmes include;

• Eight (8) weeks intensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
• Five (5) days in-class Entrepreneurship and Business Management training.
• Technical skills training in partnership with the various technical training and vocational institutes in the country.
• Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.

• GroFin Fund

GroFin is Focused on Small and Growing Businesses (SGBs) that are grossly underserved by other funds or financiers. Delivers a unique integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses at the SME base.

GroFin has fund size of about 100+ Million USD to funding Nigerian micro, small and medium business (MSMEs) across the country.

GroFin is a pioneering development financier specialised in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. GroFin combines patient capital and specialized business support to grow emerging market enterprises.

Criteria to be qualified are:

• Your business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.
• Your business is profit-oriented
• Your business has a turnover of less than 15million USD and assets less than 6million USD.
• You require financing between 100,000USD and 1.5 million USD.
• The business is owner-operated and the owner is substantially involved in running the business.

• Diamond Bank BET Programme

The Building Entrepreneurs Today (BET) is a programme designed to support budding entrepreneurs. Each year, 50entrepreneurs are selected from numerous applications received and these entrepreneurs undergo a six (6)months intensive business training.

At the end of the training period, the Top Five (5) Entrepreneurs are awarded financial grants as seed capital for taking their business to the next level.

The BET Program has witnessed 6editions with over 25 winners and over 150 business supports. The sixth-edition of the program awarded Three Million Naira (N3,000,000) grants to the top 5 finalists to take their businesses to the next level.

 

• AYEEN Financial Grants

Africa’s Young Entrepreneurs (A.Y.E.) is committed to empowering young entrepreneurs across Africa by creating platforms that facilitate intra-trade on the continent. We are dedicated to developing the next generation of outstanding African entrepreneurs, who will shape the economies and political landscapes of their home countries.

AYEEN is looking to finance small business in various sectors of the economy. Winners would be awarded their respective prizes without any stake for the organisers. Although, the business owners and businesses will be duly monitored for a period of one year. The only criteria for the program is that the applicant must be a Nigerian and the business must be located in any of the 36 states of the country.

• Lagos State Entrepreneurs Trust Fund (LSETF).

The Lagos State Entrepreneurs Trust Fund (LSETF), was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment.

The Lagos State Entrepreneurs Trust Fund (LSETF) serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State.

The Fund has the mandate to directly invest ₦25Billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.

From the intellect of Governor Akinwunmi Ambode, the LSETF is committed to financially support a target of 100,000 MSMEs by 2019, creating 300,000 direct and 600,000 indirect jobs as a result. The mission is well underway with a total of 705 beneficiaries who have received support to date.

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