There are numerous opportunities to receive grants in Nigeria. If you are in need of funding, please review this list. You will also learn about the requirements and the application process.
There are several new and exciting grants in Nigeria that Nigerians can apply for. What, then, is a grant? A grant is essentially a subsidy granted to an organization or an individual, typically in the form of money or assistance that cannot be repaid.
There are many young entrepreneurs out there with fantastic company ideas, but they lack the real funds to set up the firm. Many firms have had to close due to a lack of funds to operate.
When we talk about grants, we mean a wonderful program launched by the government, private groups, or investors to help young entrepreneurs realize their company aspirations.
Grants are preferable to loans since they do not need repayment. Getting grants in Nigeria is not difficult; as long as you match the standards, you may apply, and perhaps you will be one of the candidates/applicants picked to get the awards.
If you want to apply for a grant but don’t know how to start or which one is best for you, don’t worry because this post will show you the top 20 grants in Nigeria, their conditions, and how to apply.
Four different bodies offer grants in Nigeria:
Nigeria Grant Program and Ways Nigerians Can Apply Online
1. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
An empowerment effort was created to assist young aspiring entrepreneurs in achieving their business goals. It provides finance for excellent company ideas in Nigeria.
It also offers a mentorship program for young entrepreneurs, in which they are taught business skills necessary for beginning and growing a firm. This empowerment program is held once a year and attracts a large number of applications from young entrepreneurs across the country.
Grants on this site might vary from hundreds and millions of naira, depending on the business ideas offered.
2. Tony Elumelu Foundation Entrepreneurship program
Tony O. Elumelu founded this African nonprofit organization in 2010. Its headquarters are in Lagos, Nigeria. The foundation is also recognized as a pioneer member of the Global Impact Investment Rating System.
However, the entrepreneurship program is a ten-year project that aims to provide African entrepreneurs with the necessary financial assistance and tools to grow their firms. Over a decade, the initiative will mentor, train for 12 weeks, and provide startup cash to 10,000 African entrepreneurs.
The initiative program aims to support entrepreneurs in all fifty-four (54) African countries, with an emphasis on those with scalable company ideas. Successful applicants received $5,000 to help launch or grow their businesses.
The initiative connects the entrepreneur with a network of business startups and potential investors.
This is a program that provides funding for young people to start their businesses. It is accessible to youths from Nigeria’s Niger Delta area who are between the ages of 18 and 30 and who want to establish their own business. It began operations on March 27, 2003, and has successfully taught over 6500 teenagers, with over 3300 participants receiving grants to establish a company.
4. Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
SMEDAN is a Nigerian initiative that helps small companies flourish. They occasionally give grants through specific initiatives, ranging from fifteen thousand naira (15,000) to two hundred and fifty thousand naira (250,000).
The grant aims to provide opportunities for financial empowerment and skill development, which will help to boost economic growth by creating new jobs.
However, SMEDAN provides a conditional funding mechanism for microenterprises. Nano enterprises sometimes obtain a grant of 50,000 naira (50,000 naira) with the requirement to hire someone.
How to apply for SMEDAN grants?
This is an empowerment effort that aims to provide business help and grants to small and medium-sized firms in a variety of vital areas around the country.
Since its inception in 2004, it has given financial assistance to over 700 SMEs, supporting over 89,000 jobs.
6. Presidential conditional grant scheme (PCGS)
This is a Nigerian federal government program that provides financial grants to nano businesses across the country.
The presidential grant plan offers a non-repayable award of 50,000 naira (naira) to qualified small enterprises in several industries. The grant’s reach includes 70% women and youth, 10% individuals with impairments, and 5% older residents.
This scheme aims to empower businesses at the grassroots level. However, the complete process of receiving cash for a presidential award takes between nine (9) and twelve (12) months.
7. Lagos State Entrepreneurs Trust Fund
The Lagos State Entrepreneurs Trust Fund was formed to help Lagosians start or develop their businesses. The administration has taken a conscious endeavor to address unemployment while also creating wealth and jobs for the people of Lagos state. Those seeking to expand their small- or medium-sized enterprises are encouraged to apply since the fund is dedicated to giving the essential financial assistance to Lagosians in need.
It also gives an opportunity for participants to get the necessary skills in order to land decent employment. Its primary goal is to encourage imaginative and creative minds to develop a skilled workforce throughout the state. It primarily targets the state’s unemployed and underemployed.
8. African Women Development Fund
This is a feminist non-governmental organization that works across Africa. The grant organization was established to promote gender equality by providing vocational skills training and business opportunities to empower women.
Business groups must start their applications by presenting a concept statement summarizing their initiative, intended beneficiaries, objectives, and results.
If the concept note is accepted, the business organization will be requested to submit a complete proposal. The proposal focuses on providing detailed information about the project.
The company must provide its business registration and signed financial statement documentation.
All candidates are strongly encouraged to submit their applications through the African Women Development Fund’s official website or email.
The Nigerian Federal Government Grant and Loan Portal (fedgrantandloan.gov.ng) offers excellent financial alternatives to both people and enterprises.
You can apply for grants to fund your startup and business. By applying these procedures in this post, you may get financial aid and move your business to another level.
