Top 10 Grants for Entrepreneurs in Nigeria to Help Finance Your Business Ideas

In case you don’t know the top and genuine Grants for entrepreneurs in Nigeria, I’ll open your eyes today to them.

There are many Grants or programs outside there that professes to be helping our dear entrepreneurs in Nigeria but they later turn out to be the real definition of “Scam”. I don’t know if you’ve had any experience with any of those programs but, either you have had an experience applying for grants in Nigeria or not, stay cool as I’ll unveiling these top and legit programs for you.

But what really is a “Grant”?

A “grant” according to TheSage dictionary is an act of providing a subsidy.

Grant is paid by either a government or a non-governmental organization to support business owners or enterprises by giving some amount of “Money” or “Capital” in order to finance their business, idea or startup.

How these Grants for Entrepreneurs in Nigeria are really helping:

Getting a business off the ground or owing a successful business could be challenging, most businesses and business ideas have been buried because of little to no funding opportunities.

If it seems you’re in this scenario, applying for any of these grants in Nigeria might help breathe life into your business.

Currently, there are over 20 funding programs for entrepreneurs and startups in Nigeria, so if you’re smart enough, there shouldn’t be any funding problems as these programs are tested and trusted by thousands of lucky entrepreneurs in Nigeria.

So, here we go;

Top 10 Funding Programs or Grants for Entrepreneurs in Nigeria

1.     Tony Elumelu Foundation (TEF) Scheme

The Tony Elumelu foundation was founded by the popular billionaire Tony Elumelu, this scheme is geared toward supporting entrepreneur in the country in getting the best out of any field they choose to venture into.

Tony Elumelu is the founder of United Bank of Africa (UBA Plc) – which is one of the most successful and top banks in Nigeria.

The best way Tony Elumelu gives back to the community is through this Grant or funding program for entrepreneurs in Nigeria.

He is also very passionate about the growth of the African continent, with a goal to empower over 10,000 entrepreneurs in its first decade. So far, the organization has helped over 8,000 beneficiaries and also creating lots of job opportunities in the process.

How Do I Apply for Tony Elumelu Foundation Grants in Nigeria?

To apply, visit this link http://www.tonyelumelufoundation.org/about-tef/application-process and follow the simple form.

Note that before you will be eligible to apply for TEF scheme in Nigeria, your business should at least three years old, you have to be above the age of 18 and business must be located in Nigeria.

2. Trader Moni

The Trader Moni is the latest grants for entrepreneurs in Nigeria introduced by the current administration (the Buahari-Osinbajo’s government). This scheme is for small petty traders in and around Nigeria, the program gives out N10,000 to N300,000 interest free loans.

In the last couple of years, the programs have successfully disbursed loans to several traders across the nation.

The program has seen lots of engagement in the last years with many beneficiaries benefiting in the local funding program.

How Do I Apply for Trader Moni Funding Scheme in Nigeria?

To be eligible, visit the nearest Trader Moni agent in your city to get your loan, you should own a small petty trade. To pay back, visit any of the commercial banks.

3. YouWin Program

This is another funding program, meant for startups or “upcoming” entrepreneurs in Nigeria with little to no source of funding. It’s a competition which participants could win and get the business sponsored.

How Do I Apply for YouWin Program in Nigeria?

It is carried out annually and you can apply by visiting https://apply.youwin.org.ng/registerp.php to register with your email. Once registered you’d be emailed when next the competition commences.

Applicants must have undergone formal education up to secondary level, also you must be above 18 and not older than 45. You would be required to show proof of citizenship and your business would be domiciled in the country.

4. GroFin Finance and Business Support

The GroFin support scheme focuses on improving small businesses with the capacity for growth. Lots of beneficiaries and benefited immensely from the Grofin scheme.

How Do I Apply for GroFin Support Scheme in Nigeria?

Interested applicants will be required to visit https://www.grofin.com/language/en/apply to complete the application process. Business must be focused on the following sectors; Water, Energy, Manufacturing, Healthcare, Agri-processing and Education.

Your business should be at least a year old with a maturity level of 3-6 years. With this you’d be eligible for GroFin’s low interest loan with durations last from 3-8 years.

5. Shell LiveWIRE

The SPDC livewire project was launched with the aim of empowering young Nigerians living in the Niger Delta region a chance to own a successful business through its grants for entrepreneurs in Nigeria. Since its launch in 2003, the funding program has successfully trained thousands of Nigerians, also helping them to grow their businesses in the process.

How Do I Apply for Shell LiveWIRE Program in Nigeria?

For persons age 18 to 35, you’re eligible to participate in Shell LiveWire scheme.

Here are other requirements; your intended business should have its location in any of these seven states; Abia, Rivers, Akwa Ibom, Bayelsa, Imo, Edo and Delta states. Your business should also have a good potential for future growth.

With these, you can apply online for SPDC Livewire grants in Nigeria by visiting https://www.shellnigeria.com/liveWIRE

6. USADF Grants

The USADF is an American agency which seeks to empower African communities by providing various grants for entrepreneurs in Nigeria and other several African cities. USADF offers state-wide grants and regional grants, but mostly state grant. Many Nigerian state and its citizens have benefited from the USADF program.

How Do I Apply for USADF Grants in Nigeria?

Eligibility for this program are as follows; each grant for a specific location has its own criteria that has to be, but basically, you have to have a proof a citizenship of whatever country or state in focus, and must be above the age of 18. Visit https://www.usadf.gov to apply

7. Global Innovation Fund

Global innovation fund is in the business of supporting innovative minds in developing nations which our great country, Nigeria is a part of.

GIF receives innovative ideas from individuals from these nations and support some of the best innovative business ideas. GIF support the beneficiaries of its program with all the necessary finances like loans and grants. The funding ranges from $50,000 to $15 million.

How Do I Apply for Global Innovation Fund in Nigeria?

To get started, visit https://www.globalinnovation.fund/apply/ to fill the application form, making sure you’re above 18 and a citizen your country of choice, your business ideas must be outstanding – one that impacts the lives of many.

8. Bank of Industry (BOI)

The bank of industry is the federal government initiative to help grow, small, medium and large business enterprises. Partnering with the FG, ministry of finance, Central bank and Dangote group, the scheme provide grants for entrepreneurs in Nigeria (and other big business owners), in form of loans with can be used to facilitate the growth of their business.

Eligibility: to qualify for BOI loan, your business must be registered and must be based in the country. Unlike most loan offerings, the specified amount is paid to the firms selling the products you need to purchase – strange right?

How Do I Apply for Bank of Industry (BOI) Funding Scheme?

To apply visit any of the BOI offices nearest to you.

9. Federal Government Special Intervention Fund

This is another one from the FG, with all the shenanigans witnessed by the government we’ve seen lots of good initiatives from them, and this is one of them.

The FG special intervention fund provides subsidized loans to all business in and around the country, an interest rate of 9% is charged.

How Do I Apply for Federal Government Special Intervention Fund?

To get this fund, visit any of the BOI offices close to you, but mind you, your business should be a registered limited liability company.

10. Africa Young Entrepreneurs Empowerment Program (AYEEP)

A South African based non-profit company with interest in developing young and upcoming businesses in its 19 countries of coverage.

African young entrepreneurs have since launched its empowerment program known as AYEEP. The program has funded over a thousand business ideas since its inception in 2014. In a 3-days conference held daily, the company receives business ideas and funds the most outstanding ideas – the funding program or grants is mainly for startups!

How Do I Apply for AYEEP’s Grants in Nigeria?

To benefit for this program, visit https://ayeonline.org, also you’d be required to provided a proof of citizenship, your business must also be located within the country.

Conclusion – Top Grants for Entrepreneurs in Nigeria

Here are the top grants for Nigerian entrepreneurs which are currently active for lots of business owners and startups in the country today.

Note that some of these grants are like “Loan” without collateral and, for a longer period of time unlike when you applied for loan in Nigeria’s banks.

Also, I’m not assuring you that you’ll any grant because I have no affiliation with any of them; you need to get your mind together, think a unique idea that will improves living or help others and, you’ll be lucky for these grants.

If you have a great business or innovative business idea, apply and let both share your testimony as one of those lucky guys who won one of the grants for entrepreneurs in Nigeria and I really hope this is so.

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