Top 7 business grants available in Nigeria 2022
Being an entrepreneur in Nigeria isn’t as easy as it once was. With the recent increase in materials and tools needed to start or upscale your business, having just an idea or a business plan isn’t enough.
Keep in mind that a grant isn’t the same thing as a loan. A grant can also be referred to as ‘free money’, whereas a loan needs to be repaid, sometimes with interest. Grants can come in so many forms, but in this blog post, we will focus on grants for businesses. We have put together the top seven list of grants available for Nigerians in 2022.
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1. Tony Elumelu Foundation (TEF) Entrepreneurship Programme
This is an annual initiative founded by Mr. Tony Elumelu, a Nigerian business magnate, through his Tony Elumelu Foundation (TEF). The program, which began in 2015, aims to provide 10,000 USD in seed capital to African businesses. Every year, the program chooses 1,000 entrepreneurs from a pool of over 50,000 applications from all around Africa.
Requirements
- You must be able to work and live in any African country from which you apply.
- The location of your company must be in Africa. Either you have a new company idea or you have an established firm that hasn't been around for more than three years.
Applicant Instructions
- Create a user account at https://tefconnect.com/ , the scheme's official website.
- Fill out the follow-up form and submit it to get your response.
2. Government Enterprise and Empowerment Program (GEEP)
- The Government Enterprise and Empowerment Programme (GEEP) is a deliberate effort by Nigeria's Federal Government, through the Bank of Industry, to break a multi-decade curse of economic progress without shared wealth. It is a Nigerian government program to give financial inclusion and microcredit access to Nigerians at the bottom of the economic pyramid.
How to Enroll in GEEP 2.0 via USSD
1. Dial the number *4255*21#.
2. Create a six-digit withdrawal pin.
3. Type in your company name, such as Muhammed and Sons Enterprise.
4. Specify the type of business or trade, such as rice, maize, or cassava processing, tailoring, and so on.
5. Complete all of the USSD code questions and submit your answers.
When the registration is completed successfully, a pop-up notice will appear.
Please be aware that error messages may appear at random intervals owing to network difficulties caused by a high number of Nigerians attempting to use the USSD code. Applicants are encouraged to keep trying until they succeed.
You can also apply via website.
3. SMEDAN Grant For Entrepreneurs
SMEDAN, Nigeria's Small and Medium Enterprise Development Agency, has announced a $100,000 grant opportunity for Micro, Small, and Medium Enterprises (MSMEs) across the country. To apply for a SMEDAN grant, go to https://wp.me/paRLd6-5ll and fill out the form.
4. GroFin Fund
GroFin is an impact-driven, specialty financier. They assist entrepreneurs in becoming successful by giving expert advice, ongoing mentoring, and funding to help them expand their enterprises. GroFin also helps emerging market businesses thrive by combining patient finance and specialist business advice.
GroFin focuses on Small and Growing Businesses (SGBs) that are underserved by other funds and lenders. Delivers a one-of-a-kind integrated solution for patient risk capital and end-to-end business assistance to SMEs. According to statistics, the GroFin Fund has aided over 700 enterprises, with grants ranging from $100,000 to $1,500,000.
Requirements
- The business idea should have a societal impact.
- Grants are given to businesses that fall into the following categories: waste recycling, energy, health, education, water, sanitation, and agriculture.
- The applicant must reside in one of the GroFin Fund's operating countries.
Kindly visit http://www.grofin.com/ to apply.
5. Lagos State MSME Recovery Fund 2.0
The Lagos State MSME Recovery Fund (LSETF) 2.0 is a financial program that is completely funded by the Lagos State Employment Trust Fund and is aimed to assist MSMEs in Lagos recover from the consequences of the Covid-19 pandemic (LSETF). It promotes entrepreneurship through improving access to financing, building MSMEs' institutional capacity, and developing policies to improve Lagos State's business climate. It will also include training and job placement initiatives for unemployed Lagos residents, as well as programs to stimulate innovation in the Lagos ecosystem.
For more information on how to apply, click here
6. AYEEN Financial Grants
Africa's Young Entrepreneurs (A.Y.E.) is dedicated to empowering young entrepreneurs across the continent by developing platforms that facilitate intra-African trade. It was created with the intention of assisting young entrepreneurs with a creative company idea in realizing their dreams by providing financial assistance.
However, the business owners and their companies will be closely monitored for a year. The only requirements for the program are that the applicant be a Nigerian and that the firm be based in one of the country's 36 states.
How to Apply
- To view the application form, go to https://ayeonline.org/join/ on the AYEEN website.
- Fill out the form online and submit it.
- To gain firsthand information, look for their social media profiles and follow them.
- Fill out the J19 form or submit your business plan through the portal itself.
- After you've completed the form, make sure to submit it.
You will receive an email regarding the screening process. Included are the date and location.
Make sure you don't miss the screening, after which you'll have to wait for your results.
7. Shell LiveWire Funding
This grant is offered by Shell Petroleum Development Company to young entrepreneurs. This money will be used to empower, train, and provide financial assistance to young people who want to start a business. However, successful candidates will be guided through a training program to help them use the funding in their businesses.
Requirements
- You must have a viable company idea that is already established.
- Should be between the ages of 18 and 30.
- You must have completed an entrepreneur training program.
- Must be a native of one of the Niger Delta's states.
How to Apply
All applicants are required to complete a short online form at https://www.shell.com.ng/
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