Grants for Entrepreneurship :Are you aware that, as a business owner, there are grants available for entrepreneurship? You can apply for any of Nigeria’s Top Entrepreneurship Grants if you have the necessary information.
Before learning about the best grants for entrepreneurship in Nigeria, let’s first define “what a grant is.”
A grant is described as a sum of money or capital provided to a person or a company for a particular purpose. A business grant, on the other hand, is a sum of money provided to a company in order to help it grow.
Grants for Entrepreneurship are typically issued by the government or organizations, and depending on the type, they may or may not be refundable.
Knowing the complete list of business grants available in Nigeria will be helpful in the future when we discuss the requirements and application process.
Types of Grants
Depending on their nature, many sorts of company grants are available. It includes the following:
- Direct grant
- Repayable grant
- Soft loan
- Equity awards; which are awarded on different conditions.
Top 10 Entrepreneurship Grants in Nigeria 2022
Some of the best grants for entrepreneurship in Nigeria that are currently open are mentioned below, let’s take a look at it.
1. Tony Elumelu Entrepreneurship Programme (TEEP)
The Tony Elumelu Entrepreneurship Program (TEEP) is an annual initiative started by Mr. Tony Elumelu, a business mogul in Nigeria, through the Tony Elumelu Foundation (TEF).
The initiative, which was introduced in 2015, aims to give African entrepreneurs 10,000 USD in initial money. From a pool of more than 50,000 candidates, the program chooses 1,000 entrepreneurs from all around Africa each year.
Grants for entrepreneurship application period is open from January 1 until March 1 of each program cycle.
To be Eligible:
- Business must be based in Africa
- Business must be for-profit
- Also, Business must be 0-3 years old
- Candidates must be at least 18 years old and legal residents of or citizens of African nations.
2. Bank of Industry (BOI)
Young and skilled entrepreneurs wishing to enter different sectors of Nigeria’s economy can now take advantage of a program for youth empowerment that was just introduced by the Bank of Industry (BOI).
By enhancing young capacity and supporting their business ideas, BOI’s Youth Entrepreneurship Support (YES) Programme seeks to solve the alarming situation of youth unemployment in Nigeria.
The YES program aims to give young people the necessary knowledge and skills to become self-employed by launching and running their own enterprises.
To be Eligible:
- The candidate must be a Nigerian to qualify for grants for entrepreneurship.
- Must have a workable business plan in one of the 40 clusters that have been selected and that operates or will operate in Nigeria.
- Should fall between the ages of 18 and 35. (Identity documentation required; international passport, driver’s license, national ID, or voter card).
- Must have an Ordinary National Diploma as their minimal educational requirement (OND)
- The application process must be completed online by applicants.
3. Diamond Bank BET Programme
A program called Building Entrepreneurs Today (BET) is intended to help aspiring business owners.
Each year, 50 entrepreneurs are chosen from among the many applications that are submitted, and they then go through six (6) months of intensive business and entrepreneurship training.
The Top Five (5) Entrepreneurs get money grants at the conclusion of the training term to serve as seed capital for expanding their businesses.
The top 5 finalists in the sixth iteration of the program received awards totaling Three Million Naira (N3,000,000) to help them expand their businesses.
4. Lagos State Entrepreneurs Trust Fund (LSETF).
The Lagos State Employment Trust Fund Law of 2016 established the LSETF to give people of Lagos State financial assistance for jobs, wealth growth, and to address unemployment.
The LSETF is a tool that encourages all Lagos people to be creative and innovative while lowering unemployment rates throughout the State.
The Fund’s mandate is to invest directly (up to 25 billion) in Lagos residents’ efforts to expand and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire the skills they need to find better employment.
5. GroFin Fund
An innovative development lender, GroFin focuses on funding and assisting small and growing companies (SGBs) with grants for entrepreneurship in Africa and the Middle East.
Additionally, to help emerging market businesses flourish, GroFin combines patient capital with specialist business support.
Small and Growing Businesses (SGBs) that are blatantly underserved by other funds or lenders are the focus of GroFin.
Provides start-up and expanding enterprises at the SME base with an innovative integrated solution for patient risk financing and comprehensive business assistance.
To be Eligible:
- One of the aforementioned nations—Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda—is where your company is located.
- You’re in business to make money.
- Additionally, your company’s assets and revenue together total less than $15 million USD.
- You need finance in the range of $100,000 and $1,500,000.
- The company is run by its owner, who may also have a significant role in day-to-day operations.
6. YouWIN Connect Nigeria
A multimedia initiative of the Federal Ministry of Finance is called YouWiN! Connect. Through enterprise education for young Nigerians, the program seeks to encourage entrepreneurship, the creation of jobs, and wealth.
The use of appropriate SME development tools will increase the productivity of Nigerian business people.
In targeted industries that support the government’s goals of diversifying the economy and fostering competition and transparency, young Nigerians pushed these initiatives.
The goal of the first round, dubbed YouWin!1, was to educate ambitious young entrepreneurs about how their business proposals may help create jobs.
To be Eligible:
- Candidates need to be university graduates.
- The age range for applicants is 18 to 40.
- Applicants must also be Nigerian citizens or residents of Nigeria.
- The applicant’s companies must be based in Nigeria.
7. Shell LiveWire Funding
This Grants for Entrepreneurship is provided by Shell Petroleum Development Company for budding enterprises. This financing is intended to empower, educate, and provide kids with financial assistance so they can launch a business.
But for those who are qualified for the grants for entrepreneurship, a training program will be held to help them use the grants for their businesses.
To be Eligible:
- Businesspeople between the ages of 18 and 30 are eligible for the program.
- In keeping with the company’s strategy to create an oil and gas hub in Nigeria.
- To be considered, candidates must come from the Niger-Delta region or even one of the nine oil-producing states in the nation: Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta.
8. African Women Development Fund
This is an empowerment initiative, the grants for entrepreneurship aimed at developing African women in businesses.
It is a female-only grant that runs through the continent in empowering women.
The African Women Development Fund gives grants to associations handling the issues of body and health rights, ladies’ monetary security, equity, leadership, investment business that concerns women.
9. CBN Creative Industry Financing Initiative
The Creative Industry Financing Initiative (CIFI), recently introduced by the Central Bank of Nigeria in collaboration with the Banker’s Committee.
However, it aims for grants for entrepreneurship is to increase access to affordable sustainable capital for business owners in the creative/IT sector.
Despite not being a grant, the program has one of the lowest interest rates in the nation at 9%. Youths with business ideas in fashion, IT, movies, and music are also welcome.
To be Eligible:
- Must be a Nigerian citizen with a place of business in the nation.
- Must already operate a company in the creative sector.
- Or a tech business involved in the creative sector
- Or a college student working on software development.
- The company must operate in one of the following industries: fashion, technology, film production and distribution, or music.
10. AYEEN Financial Grants
Africa’s Young Entrepreneurs (A.Y.E.) is dedicated to developing young business people throughout the continent by building platforms that promote intra-trade and provide grants for entrepreneurship.
We are committed to fostering the next generation of exceptional African business leaders who will reshape the political and economic systems of their own nations.
AYEEN seeks to provide small-business financing across the economy. With no risk to the organizers, winners would receive their specific prizes.
With the top entrepreneurship grants in Nigeria listed above, we think it won’t be difficult for you to obtain funding for your company.
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