A grant is defined as money or capital given to an individual or a business for a specific reason. While a business grant is equally an amount of money given to a business for the purpose of expanding and augmenting the enterprise.
Grants are normally given by the government or organizations and may be either refundable or not depending on the type.
With this, it will be valuable to know the full list of available business grants in Nigeria, as we will explain the eligibility and criteria on how to apply for it.
There are various kinds of business grants which are offered depending on their nature. There is the:
- Repayable grant
- Soft loan
- Equity awards; which are awarded on different conditions.
Top Available Grants in Nigeria
Below, we have listed all available grants in Nigeria for entrepreneurs to take advantage of and also the application form.
1. Tony Elumelu Entrepreneurship Programme (TEEP)
The Tony Elumelu Entrepreneurship Programme (TEEP) is a yearly program launched by one of Nigeria's business tycoon Mr. Tony Elumelu via the Tony Elumelu Foundation (TEF).
The program launched in 2015 is aimed at providing 10,000 USD seed funding for entrepreneurs across Africa. Every year, the program selects 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants.
Every year, the program selects 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants. Each application is carefully reviewed by business experts in the industry and winners are selected based on market feasibility, clear financial models.
However, a capable team to run the business. Each program cycle begins with an application process opened from January 1st until March 1st.
To be eligible:- Business must be based in Africa
- Business must be for-profit
- Also, Business must be 0-3 years old
- Applicants must be at least 18 and a legal resident or citizen of an African country.
2. YouWIN Connect Nigeria
YouWiN! Connect is a multimedia program of the Federal Ministry of Finance. The program aims to promote entrepreneurship, job creation, and wealth via enterprise education for young Nigerians.
Nigerian entrepreneurs will enhance their productivity through relevant SME development tools.
These ventures are promoted by young Nigerians in target sectors that align with the government's objective of diversifying the economy and promoting competition and transparency
The first edition, tagged YouWin!1, was initiated to sensitize aspiring entrepreneurial Youth on job creation by funding their business plans.
The second edition (YouWin!2) was a Mono-gender version, with Women below the age of 45 years as the target participants. It rewarded over 1200 youths.
The third edition (YouWin!3) was Poly-gender, with a record number of awardees (over 2500 Youth).
To be eligible:- Applicants must be a graduate from a higher institution.
- Applicants must be between the ages of 18 and 40.
- Also, Applicants must be Nigerians and residents in Nigeria.
- Applicants' businesses must be resident in Nigeria.
- Applicants must be able to communicate effectively - speaking and writing - in English.
- Also, Applicants must be willing to attend all training and mentoring exercises organized by the program.
- Applicants must not be an employee of the Nigerian Civil Service.
- Previous YouWiN awardees are not eligible to apply.
3. Bank Of Industry (BOI)
The Bank of Industry (BOI) recently launched a youth empowerment program for young and talented entrepreneurs looking to venture into various sectors of Nigeria's economy.
The Youth Entrepreneurship Support (YES) Programme is BOI's effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas.
The YES program is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their own businesses. The YES Programme comprises of;
- Eight (8) weeks of intensive online Entrepreneurship and Business Management training which has the ability to test participants' understanding and track their progress.
- Five (5) days of 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.
- The applicant must be a Nigerian.
- Must have a viable business idea within the 40 identified clusters that is operated, or will operate in Nigeria.
- Must be within the age limits of 18 and 35. (proof of identity: International passport/Driver's License/National ID/Voters card required).'
- Must possess a minimum educational qualification of Ordinary National Diploma (OND).
- Applicants must be able to carry out the application process online.
4. GroFin Fund
Top Grants in Nigeria: GroFin is a pioneering development financier specializing in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East.
However, GroFin combines patient capital and specialized business support to grow emerging market enterprises.
GroFin Focus 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 a fund size of US $100+ Million to funding Nigerian micro, small and medium businesses (MSMEs) across the country.
To be eligible:- Your business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.
- Your business is for profit.
- Also, your business has a turnover of less than US$ 15 million and assets less than US$ 6 million.
- You require financing between US$ 100,000 and US$ 1.5 million.
- The business is owner-operated and/or the owner is substantially involved in running the business.
5. Diamond Bank BET Programme
The Building Entrepreneurs Today (BET) is a program designed to support budding entrepreneurs. Every year, 50 entrepreneurs are selected from the pool of the numerous applications received and these entrepreneurs undergo six (6) months of intensive entrepreneurial/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 6 editions 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.
6. 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 businesses in various sectors of the economy. Winners would be awarded their respective prizes without any stake for the organizers.
Although, the business owners and businesses will be duly monitored for a period of one year. The only criteria for the program are that the applicant must be a Nigerian and the business must be located in any of the 36 states of the country.
7. Lagos State Entrepreneurs Trust Fund (LSETF).
The Lagos State Employment Trust Fund (LSETF), was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for jobs, wealth creation and to tackle unemployment.
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.
As the brainchild 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.
8. Shell LiveWire Funding
Shell Petroleum Development Company offers this Grant for young entrepreneurs. This funding is meant to empower, train, and give subsidizing aids to youths so they can begin a business.
However, a training program will be conducted for successful candidates so as to guide them in utilizing the grants in their business.
Qualification CriteriaThe program is available for your business people whose age falls in the range of 18-30.
In line with the company's plan to develop Nigeria's oil and gas hub.
All applicants must be from the Niger-Delta region or even the oil-producing states in the country - Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta states, to be considered.
9. African Women Development Fund
This is an empowerment initiative 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.
CBN Creative Industry Financing InitiativeThe Central Bank of Nigeria in partnership with the Banker's committee recently launched Creative Industry Financing Initiative (CIFI) aimed at improving access to low-cost sustainable funding for entrepreneurs in the creative/IT sector.
The program, though not a grant, offers one of the lowest interest rates in the country at 9%. And it is open to youths with business ideas in Fashion, IT, Movies, and Music.
Target Market- Designers - seed funds of N4.0 billion
- Information Technology - N5.5 billion
- Student Software development - N1.0 billion
- Movie Production - N3.0 billion
- Movie Distribution - N4.0 billion
- Must b a Nigerian with business domiciled in the country.
- Must have an existing business in the creative industry.
- Or a tech company engaged in the creative industry
- Or a student of higher learning engaged in Software development.
- The business must be in any of the verticals: Fashion, IT, Movie production and distribution, and Music.
In summary, with the above list of top available grants in Nigeria, we believe getting a grant for your business won't be difficult for you. Why not subscribe for other information about financial supports.
Also, you can as well share with your friends by clicking the share button on this website.