What is the definition of a grant?
A grant is a sum of money or capital provided to a person or a company for a specific purpose.
A business grant, on the other hand, is a sum of money provided to a company for the aim of expanding and enhancing its operations.
Grants are usually issued by the government or organizations, and depending on the type, they may or may not be refundable.
With this, knowing the whole list of available business grants in Nigeria will be beneficial, as we will explain the eligibility and requirements for applying for them.
Nigeria’s Most Valuable Grants
We’ve compiled a list of all available grants in Nigeria for entrepreneurs, as well as the application form.
The top 13 grants in Nigeria are as follows:
1) Empowering Africa’s Young Entrepreneurs Nigeria (AYEEN)
An effort aimed at assisting young aspiring entrepreneurs in realizing their business goals.
It grants cash to Nigerian entrepreneurs with exceptional business ideas.
It also offers a mentorship program for young entrepreneurs, in which they are taught business skills that are necessary for launching and growing a company.
This empowerment program is held once a year since it receives a large number of applications from young entrepreneurs all throughout the country.
Depending on the business ideas provided, grants on this platform might range from thousands to millions of naira.
To be eligible, you must:
- -Must be at least 18 years old.
- -Must have an excellent business idea or be in charge of a company.
- -Must be a Nigerian citizen.
How to Make an Application
-Go to the AYEEN website for further information.
-Register.
-Fill out all of the essential forms.
-Submit.
The Most Important Factors to Consider When Applying for Small Business Grants
Check out the top grants in Nigeria for 2021 and learn more about the requirements and how to apply.
2) Entrepreneurship Program of the Tony Elumelu Foundation
Tony Elumelu, the CEO of Heirs Holding, is sponsoring this empowerment program for young African entrepreneurs.
It began in 2015 and has remained a yearly commitment since since.
Since its inception, over 7500 businesses have benefited from the $25 million in grants.
Once approved into the foundation, you will be provided with mentorship that will tremendously assist you in your entrepreneurial endeavors.
To be eligible, you must:
- -You must be legally permitted to work in the African country from where you are applying.
- -You must be a legal resident of one of the 54 African countries and have a business in one of them.
- -Your company must be less than three years old.
- You must have a lucrative business concept.
How to Make an Application
-Go to https://tefconnect.com/ to learn more.
-Open a new account.
-Fill out and submit the required form.
3) Shell LiveWire is a third-party application.
This is a grant program for young people who want to establish a business.
It is accessible to youths in Nigeria’s Niger Delta region who are interested in launching a business and are between the ages of 18 and 30.
It began operations on March 27, 2003, and has already trained over 6500 teenagers, with over 3300 receiving grants to establish their own businesses.
To be eligible, you must:
- -Age group: 18-30 years old.
- -Must have a lucrative and innovative business concept.
- -Must have completed extensive entrepreneurial training.
- -Must be a resident of Imo, Edo, Niger Delta, Abia, Bayelsa, Rivers, Akwa Ibom, or Delta.
How to Make an Application
-For additional information and updates, go to their website at https://www.shell.com.ng/.
4) GroFin Investment Fund
This is an empowerment effort dedicated to helping small and medium-sized enterprises in different vital areas of the country with business support and grants.
Since its inception in 2004, it has provided financial assistance to over 700 SMEs, sustaining over 89,000 jobs.
To be eligible, you must:
Either education, agribusiness, healthcare, manufacturing, recycling, sanitation, water, energy, or waste must be the focus of your company.
- -Your company must be based in one of the nations that they operate in.
- -Your company must have a positive societal impact.
- -Grants must range from $100,000 to $1,500,000.
How to Make an Application
-To apply, go to their website at http://www.grofin.com/.
5) Lagos State Entrepreneurs Trust Fund (Lagos State Entrepreneurs Trust Fund)
The Lagos State Entrepreneurs Trust Fund was formed to help Lagosians who needed money to start or expand their businesses.
It is a well-thought-out government project to address unemployment while also creating wealth and jobs for the people of Lagos.
Those who want to grow their small or medium-sized enterprises can apply since the fund is dedicated to giving essential financial assistance to Lagosians with their small and medium-sized businesses.
It also gives individuals the opportunity to learn the necessary skills to land decent jobs.
Its main goal is to encourage innovative and creative thinking in order to develop a skilled workforce throughout the state.
It is aimed at the state’s unemployed and underemployed.
To be eligible, you must:
-Age group: 18-35 years old.
The company must be in one of the following industries: health care, entertainment, hospitality and tourism, manufacturing and garment manufacture, or construction.
How to Make an Application
-To apply, go to https://lsetf.ng/.
6) Industrial Bank (BOI)
BOI is a federal government effort that aims to financially support and assist small and large businesses in growing.
Grants in the form of loans are made available to interested business owners to aid in the expansion of their companies.
The program offers a variety of grants to different types of businesses.
To be eligible, you must:
-Your company must be based in Nigeria and be registered.
-An idea for a profitable business should be submitted.
-To apply, you must be of legal age.
How to Make an Application
-Apply at the BOI office that is closest to you.
7) Nigeria YouWin Connect
This program provides money to young Nigerian entrepreneurs who are looking to establish a business but don’t have the necessary funds.
YouWin! Connect also provides a platform for young entrepreneurs to network with industry experts in order to nurture their ideas, resulting in increased job creation and business growth.
When participants win the YouWin competition, they are awarded grants for their businesses.
To be eligible, you must:
-Age range is 18 to 40.
-Must be a Nigerian national.
-The company must be based in Nigeria.
-You must be a graduate of a four-year college or university.
-You must not be a government employee.
How to Make an Application
-To register, go to their website at https://apply.youwin.org.ng/.
8) Grant from the US Armed Forces
The United States African Development Foundation (USADF) is a non-profit organization dedicated to boosting African countries through grants to Nigerian entrepreneurs.
In addition, entrepreneurs in a number of other African countries have received funding to help them improve their lives and livelihoods.
To be eligible, you must:
-You must be at least 18 years old.
-You must be a citizen of the nation from where you are submitting your application.
-You must have a business license.
-Your company must be based in Africa.
How to Make an Application
Visit the USADF website at https://www.usadf.gov/ to apply for a grant.
9) Get the ball rolling
The IB PLC Foundation’s KickStart program is a social investment initiative aiming at eliminating unemployment by ensuring that young innovators and entrepreneurs receive the necessary training, business skills, mentorship, and development support.
It focuses on the southwest’s youth, guaranteeing that their lives are considerably enhanced as well as the region’s economic development.
It holds an annual competition in which the winner is awarded a grant to help them kickstart their firm.
To be eligible, you must:
-Age group: 18-35 years old.
-Must be from the Southwest and own a business in the area.
-A valid photo ID is required.
-Must have a successful and original company idea.
-Must have a working knowledge of the English language.
-Must be able to run a full-time business.
How to Make an Application
Visit their website at https://herokickstartnigeria.org/ to apply.
10) African Women’s Entrepreneurship and Innovation
This initiative offers assistance and grants to innovative female entrepreneurs from all throughout Africa.
Its main goal is to boost the number of women-led businesses in order to boost economic growth.
It also honors women who excel in non-profit and private organizations, allowing them to contribute their fair share to Africa’s economic development.
To be eligible, you must:
-Must have a business registered in at least one African country.
-To be nominated, you must have demonstrated success as a successful female entrepreneur.
-Must be a female business owner.
How to Make an Application
To apply, go to https://awief.awardsplatform.com/awief.awardsplatform.com/awief.awardsplatform.com/awief.awards
11) Africa’s Innovation Prize
This platform aims to tap into the creative minds of Africans in order to solve challenges that plague their countries.
Participants who are eager to solve challenges are given grants.
To be eligible, you must:
-Must reside in or be a citizen of an African country.
-Must be able to think creatively and analytically.
How to Make an Application
Visit http://africaninnovation.org/ for more information.
12th Annual National Youth Entrepreneurship Summit
This is a federal government empowerment initiative aimed at providing young Nigerian entrepreneurs with the essential skills and training to help the country’s economy grow.
To be eligible, you must:
-Age group: 18-35 years old.
-Must reside in Nigeria and operate a business there.
-Must have a business proposal that benefits one of the country’s nine FG priority areas.
-Must be in the ICT, Dance, Art, Theater, Fashion and Design, New Media, Handicraft, Film and Entertainment, Architecture and Culture industries.
How to Make an Application
-Create and post a one-minute video on social media displaying your unique idea.
#NYEES #NYEESCREATIVES #NYEESCREATIVES #NYEESCREATIVES #NYEESCREATIVES #NYEESCREATIVES #
-Use the hashtag #NYEEsummit and follow @NYEEsummit on Twitter.
13) Fund for Global Innovation
This is a financial scheme targeted at assisting Africa’s innovative minds, and Nigeria is not excluded.
Grants or loans are provided to those who have unique company ideas
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