Are you an entrepreneur with a solid business plan or an existing venture looking to scale up? Do you have a vision for growth that aligns with Nigeria's economic development, but lack the necessary funding to turn your ideas into reality? If so, this post is designed to guide you through various grant schemes, both public and private, that can support your business ambitions in Nigeria.
A grant is a non-refundable sum of money provided by an institution or government to support a specific project or initiative, such as business development, education, or healthcare. In essence, it's a form of assistance or award that can help kickstart or grow your business without the burden of repayment.
Many entrepreneurs face significant barriers in pursuing their business ideas due to limited access to capital. While loans are often considered the primary option, they can come with significant risks and repayment pressures. Grants, on the other hand, offer a more stable and sustainable solution for businesses looking to establish themselves or expand their operations.
This post aims to raise awareness about the availability of grants in Nigeria and provide guidance on how to access them. By exploring these opportunities, you can turn your business vision into a reality and contribute to Nigeria's economic growth.
11 Grants in Nigeria for Business
Below is a list of trustworthy grants in Nigeria for businesses:
1. SMEDAN Grant for Entrepreneurs
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) offers a $100,000 grant opportunity for Micro, Small, and Medium Enterprises (MSMEs) across Nigeria and Africa. To apply, visit https://smedan.gov.ng/ and submit your application.
2. Africa's Young Entrepreneur Empowerment Nigeria (AYEEN)
AYEEN is an annual grant scheme that empowers young Nigerian entrepreneurs. It provides financial support and mentorship programs to help entrepreneurs actualize their business ideas. Grants range from thousands to millions, depending on the business.
Requirements:
- Be a Nigerian resident
- Be 18 years or older
- Have a dynamic business idea or an established business
How to Apply:
- Visit the AYEEN official portal at https://ayeorganization.com/ to access the application form
- Fill and submit the form online
- Follow AYEEN's social media pages for updates
- Submit your business plan or fill the J19 form
- Wait for a screening invitation via email, including date and venue
- Attend the screening exercise and await your result.
3. GroFin Fund
GroFin Fund is a grant program in Nigeria that empowers small and medium enterprises (SMEs) with socially impactful business ideas. Over 700 businesses have benefited, with grants ranging from $100,000 to $1,500,000.
Requirements:
- Business idea must have a positive social impact
- Focus on recycling, energy, health, education, water, sanitation, or agriculture
- Applicant must be in a country where GroFin operates
How to Apply:
- Visit https://www.grofin.com/ to apply
4. YouWin Connect Nigeria
YouWin Connect Nigeria is a program that funds young Nigerian entrepreneurs, connecting them with experts to achieve business growth. Winners receive grants after a competition.
Requirements:
- Be a Nigerian between 18 and 40 years old
- Graduate from a recognized institution
- Based in Nigeria with a business located in Nigeria
- Not a government employee
How to Apply:
- Access the application form via https://youwinconnect.org.ng/
- Follow instructions and input required information
5. Shell LiveWire
Launched on March 27, 2003, Shell LiveWire is a grant program aimed at supporting young entrepreneurs from the Niger Delta region. The program has assisted 3,300 businesses with grants and trained 6,500 youths.
Requirements:
- Have an established business idea with profit potential
- Be between 18 and 30 years old
- Have attended entrepreneurial training
- Be from one of the Niger Delta states
How to Apply:
- Fill out the simple online form on the official webpage: https://tt.livewire.shell/apply.html
- Visit the portal for more information and further inquiries
6. Tony Elumelu Foundation Entrepreneurship Programme
Introduced in 2015 by Tony Elumelu, CEO of Heirs Holding, this grant scheme has supported 7,500 businesses with $25 million.
Requirements:
- Be eligible to reside and work in an African country
- Have a business located in the country
- Have a fresh business idea or an existing business not exceeding 3 years
How to Apply:
- Create an account on the official portal: https://www.tonyelumelufoundation.org/
- Fill out the follow-up form and submit to await feedback
7. Lagos State Entrepreneurs Trust Fund
The Lagos State Entrepreneurs Trust Fund is a grant scheme created by the Lagos State Government to support residents in starting or expanding their businesses. This program aims to reduce poverty and create job opportunities in the state.
Requirements:
- Be a resident of Lagos State
- Be between 18 and 35 years old
- Business idea must fall under entertainment, health, construction, manufacturing, or hospitality/tourism
How to Apply:
- Register via https://lsetf.ng/
8. Innovation Prize for Africa
The Innovation Prize for Africa is a grant platform open to Africans with beneficial business ideas.
Requirements:
- Be an African
- Possess an analytic mindset
- Be based in an African country
How to Apply:
- Register by visiting https://www.sareco.org/fund/innovation-prize-for-africa/
9. African Women Innovation & Entrepreneurship
This grant scheme supports female entrepreneurs across Africa, empowering women leaders with innovative business ideas.
Requirements:
- Be a female entrepreneur
- Have a registered business in an African country
- Show achievements and records
How to Apply:
- Fill out the registration form on the official portal: https://www.awieforum.org/
10. National Youth Entrepreneurship Empowerment Summit
The Nigerian government created this scheme to equip youths with essential skills for a unique workforce. It empowers youth entrepreneurs with training and skills to boost the country's economy.
Requirements:
- Reside in Nigeria with an established business
- Business plan/idea must align with the Federal Government's top nine areas
- Be between 18 and 35 years old
- Business must fall under entertainment, dance, art, fashion & design, ICT, theater, culture, architecture, or news/media
How to Apply:
I. Fill an application form online or obtain an application form from YEN office. Application is FREE.
II. Attach the following documents:
- Two (2) recent passport photographs of the applicant
- Photocopy of National Identity Card
- Photocopy of utility bill
- All original copies must be tendered for verification
III. For LOANS only (not applicable to GRANTS):
- Two (2) guarantors: fill guarantor form and attach two passport photographs of guarantors
IV. Submit a business summary or proposal of not more than three pages to YEN office or email to smescheme@youthempowermentnigeria.org
11. Bank of Industry (BOI)
The Bank of Industry (BOI) is a Federal Government initiative that supports SMEs across Nigeria. While not a grant, BOI offers soft loans to boost business growth.
Requirements:
- Registered business owner
- Between 18 and 35 years old
- Submit a well-drafted, profitable business idea
How to Apply:
- Visit any BOI branch near you to apply offline
Conclusion:
We've compiled a list of the top 10 grants and schemes for Nigerian entrepreneurs. These programs offer valuable support for business ideas and growth. If you're an entrepreneur struggling to secure funding, consider applying to these options. Share this post with friends and family who may find it helpful.