Available Federal Government Business Grants in Nigeria 2021
Gathering Available Federal Government Business Grants in Nigeria 2021, GoldenNewsNg have been able to provide a list of federal government grants and how to apply.
What is a Grant?
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, its beneficial to know the full list of Available Federal Government Business Grants in Nigeria 2021 as we will explain the eligibility and criteria on how to apply for it.
Types of Grants
There are various kinds of business grants which are offered depending on their nature. There is the:
- Direct grant
- Repayable grant
- Soft loan
- Equity awards; which are awarded on different conditions.
1. Government Enterprise and Empowerment Program (GEEP)
This is created to provide micro-credit facilities for men and women with the aim of reducing poverty among rural areas and provide skill development, training, and business support, thus rebuilding the economy of the rural areas.
How to Apply
1. Visit the online platform to fill and submit the application form.
These are for artisans and owners of SMS businesses across the nation. Business owners can only access a maximum of N100,000 per year.
How to Apply
1. You must be a member of a business organization.
2. Visit the online platform to fill and submit your application.
2. African Women Development Fund
The African Women’s Development Fund is the first pan-African foundation to support the work of women’s rights organizations in Africa
GoldenNewsNg understands that the African Women Development Fund empowerment initiative is aimed at developing African women in businesses. It is a female-only grant that runs through the continent in empowering women.
It gives grants to associations handling the issues of body and health rights, ladies’ monetary security, equity, leadership, investment business that concerns women.
Apply Here
3.CBN Creative Industry Financing Initiative
According to report gathered, The CBN is in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed
a Creative Industry Financing Initiative (CIFI).
More so, The Central Bank of Nigeria is in partnership with the Banker’s committee which 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
- Fashion – seed funds of N4.0 billion
- Information Technology – N5.5 billion
- Student Software development – N1.0 billion
- Movie – N3.0 billion
- Music – N4.0 billion
Eligibility
- 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.
Apply Here
4. National Institutes of Health Grant
This institution provides opportunities for business owners running a small scale business and companies that are into research and industrialized innovative technologies.
How to Apply
1. Your company or organization must be into research.
2. It must also be commercially innovative.
3. Visit the online portal to fill and submit your application.
Apply
5. 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.
According to report gathered the Lagos State Employment Trust 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.
6. GroFin Fund
GroFin is a specialist, impact-driven financier who helps entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses.
GoldenNewsNg understands that 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.
Apply Here
7. National Institute of Food and Agriculture (NIFA) Grants.
NIFA is a federal-owned agency under the umbrella of USDA (United States Department of Agriculture). This grants, however, focuses on nonprofit organizations, larger businesses, and leadership that tries to advance agriculture.
Furthermore, the agency disburses federal funds to tackle agriculture-related issues affecting the nation. Also, NIFA spins throughout the year, offering different grants to foster healthy competition in the agricultural sector.
Apply
8. Bank Of Industry (BOI)
Bank of Industry Limited is the oldest and largest Development Finance Institution currently operating in Nigeria. It is owned by the Ministry of Finance Incorporated Nigeria, the Central Bank of Nigeria and private shareholders.
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.
Eligibility
- 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.
Apply Here
After reading through the Available Federal Government Business Grants in Nigeria 2021, Don’t be in a hurry to leave this page without reading How to apply for the grants.
Now to easily apply for any grant, either federal government grant or Private industries grant, ensure you prepare :
1. Prepare A Business Plan
You must have a robust business plan (what some people called a bankable business plan) in place. Without a proper business plan, there is no way you would be able to convince anybody about your business idea let alone the government. Your business plan represents your preparedness towards the business; the more robust your plan is, the more serious investors and grantors will take you.
2. Belong To A Co-operative
Most times, those funds are being disbursed through various cooperatives. If you don’t belong to any, you may find yourselves outside the scheme of things. There are various cooperative societies for Farmers, Traders, Manufactures, etc. Find the one that is most suited to your need and join. Make sure to be an active member and always be in the know.
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