There aren’t many business grants in Nigeria for entrepreneurs, thereby discouraging prospective business tycoons from realizing their business capital.
In Nigeria, the hostile business environment and government policies tend to frustrate entrepreneurs to a great extent.
However, some organizations and individuals have stepped out with mouthwatering grants that changed the game once and for all.
If you’re an aspiring entrepreneur looking for startup funds, these grants might be your ticket to bliss. Unlike bank loans, business grants don’t need to be repaid.
You don’t need to worry about collateral, interest, term length, or any of these crazy banking terms.
The only thing you might need to worry about is convincing the organization or individual that you have a feasible and impactful business idea.
If you can prove your business idea better than most applicants, getting a business grant becomes possible.
After intensive research, I came up with these top 10 business grants that will change your dream.
Table of Contents
- 1. Tony Elumelu Entrepreneurship Programme (TEEP)
- 2. YouWIN Connect Nigeria
- 3. African Young Entrepreneur Empowerment Nigeria (AYEEN)
- 4. Bank Of Industry (BOI)
- 5. Shell LiveWire Funding
- 6. GroFin Fund
- 7. Diamond Bank BET Programme
- 8. African Women Innovation And Entrepreneurship (AWIE)
- 9. Unilever Young Entrepreneurs Award
- 10. African Women Development Fund
- Over To You
1. Tony Elumelu Entrepreneurship Programme (TEEP)
This establishment became operation in 2015 and aims to provide over $10,000 seed funds to entrepreneurs in Nigeria and Africa.
What the program does it to select 1,000 entrepreneurs all across Africa, with a pool of over 50,000 applicants.
This program could be the most prominent business grant in Africa, judging by the applications and impact since its inception.
If you’re a Nigerian business person looking for business grants in Nigeria, you might need to consider applying for it.
Although this program didn’t kick off this year, 2020, as a result of the ongoing coronavirus pandemic, thus deciding to postpone the program to 2021 for safety purposes.
That means you have time to prepare your business plans and proposals before it kicks off. If possible, starting now to practice how to defend your business idea will be an edge.
If you’re able to wow the panelists, you might end up walking home with a $5000 in your account.
- Your business must be based in Africa
- The business must be for-profit
- The business has to be 0-3 years’ old
- Applicants must be 18 years old and legal citizens of any African country
You must apply by creating an account on TEFCONNECT by completing the registration form.
2. YouWIN Connect Nigeria
I first heard about this program at a youth concert that I attended four years ago. It is a program by the Federal Ministry of Finance to help with business grants in Nigeria.
This gesture aims to promote entrepreneurship, wealth, and job creation in the country. Every edition of this program is different and impactful.
The first edition focused on helping young entrepreneurs in the country get access to business funds. In the second edition, the target was women below the age of 45 years.
However, people have asked if the program still exists since the last time we got information was 2017.
With the release of more empowerment programs like N-Power, Sure-P, P-Yes, etc., it could be that our fears are real.
However, these are observations that could be misleading.
To ensure you stay updated to news regarding YouWIN, do not hesitate to subscribe to the blog.
- Applicants must be university graduates
- Applicants must be 18 years old and not more than 40.
- Applicants must be resident in Nigeria
- Applicants must be ready to attend all training and mentoring exercises organized by the organization.
- Applicants must not be a civil servant
- Former YouWIN winners are not eligible to apply
3. African Young Entrepreneur Empowerment Nigeria (AYEEN)
AYEEN is one of the reputable organizations that offer business grants in Nigeria, and they do it with pride.
They even create platforms that tend to facilitate intra-trade in the continent, which is something commendable.
If you run a small business and you’re looking for ways to fund your business, this business grant opportunity might serve in your interest.
This program attracts over 25,000 applicants from aspiring entrepreneurs all over Nigeria. But to be eligible, you need to have a unique business model.
In case you fail to get in, perhaps you will be lucky to get into their mentorship program that grooms you to be a better entrepreneur.
Through this provision, you can network, learn, and master some of the vital entrepreneurial lessons that ensure success.
The amount given is decided by the panelists and often ranges from a couple of thousand to millions.
Due to COVID19, there is no news yet regarding when this program will start.
But it is good to recognize that such an organization exists, thereby making it easy to seek information regarding business grants in Nigeria.
Must be running or perhaps, have a business idea
Only applicants from 18 years’ old and above are eligible
The applicants must reside in Nigeria
4. Bank Of Industry (BOI)
You’ve probably heard so much about this organization. But what you don’t know is that they have a program to help young and talented entrepreneurs in Nigeria.
The Youth Entrepreneurship Support (YES) is a program established by BOI to address the country’s growing unemployment.
The reason many Nigerian youths are yet to start their business is often lack of business capital.
But with this provision, getting an entrepreneurial grant is now possible. With this program, young Nigerian youths can equip themselves with skills and an entrepreneurial mindset.
Here is more of what the program entails;
1. An eight (8) weeks intensive online training on entrepreneurship and business management. This training helps to analyze the ability and skill of participants.
2. An entrepreneurial and Business management training class that lasts for five (5) days.
3. Practical training in conjunction with various technical or vocational institutes in Nigeria.
Applicants must have a feasible business idea within the 40 clusters that operate in Nigeria.
The applicant must be Nigerian
The applicant must be within the age range of 18 – 35 years’.
Applicants must possess a minimum education qualification, at least Ordinary National Diploma (OND).
The applicant must be able to process the application online
5. Shell LiveWire Funding
Here is another incredible source for business grants in Nigeria, and the program is focused on training, encouraging, and providing startup funds to aspiring entrepreneurs.
This program is currently open to youth between the ages of 18 and 30 from the Niger Delta region of Nigeria only.
If you’re in Niger Delta, then you’re at luck. The program was launched on March 27, 2003, and has trained over 6580 youths ever since.
Although the award grant is unspecified, it is more than enough to help any aspiring entrepreneur start any business of choice.
In March 2019, about 120 youth entrepreneurs from seven states of the Niger Delta were given training and #48 million business fund.
Around February 2020, Shell disbursed over #65 million grants to support Young Entrepreneurs in Nigeria.
The youths were selected from eight (8) states in Nigeria, including Abia, Akwa Ibom, Imo, Bayelsa, Cross River, Edo, Delta, and the Rivers States.
- Applicants must be within the age range of 18 – 30 years.
- Applicant must have a viable business idea
- Applicant must have undergone an intensive entrepreneurship course
- Applicants must be from Delta, Abia, Imo, Rivers State, Bayelsa, and Akwa Ibom.
If you want to stay updated with news regarding Shell’s business grants in Nigeria, announcements are often made in newspapers.
You can visit here and check for updates!
6. GroFin Fund
This organization focuses specifically on small and growing businesses (SGBs), which is a welcomed development.
The reason for my support is because small businesses in Nigeria need all the help to grow. They are the worse hit whenever there is an economic downturn.
If you’re an entrepreneur with great potentials, then you might need to consider applying for this grant.
Since its inception in 2004, this incredible organization has supported over 700 SMEs, while sustaining over 89,740 jobs.
If you’re to pull out your spy goggles, you will discover that they are present in over 14 countries in the sub-Saharan and MENA regions.
The prize money can be up to $1.5 million US dollars and a minimum of $100k.
- Your business must be within these sectors: Education, manufacturing, agribusiness, healthcare, or other areas like energy, water, recycling, and sanitation.
- Your business must be located in an African country where their office is.
- Applicants must require finance between 100k to 1.5 US Dollars.
- Your business must be making social impacts, creating jobs, and empowering.
7. Diamond Bank BET Programme
The Building Entrepreneurs Today (BET) is a wondrous program that has touched innumerable souls in entrepreneurship.
Every year, fifty (50) entrepreneurs are selected from a pool of applicants, with the chance to receive six (6) months of intensive training.
Through this provision, they hone their skills and knowledge in their respective industries.
At the end of the training, only five (5) entrepreneurs are awarded a financial grant, a total of Three Million Naira.
- Applicants must have an operational business of at least, three (3) months old
- The proposed business idea must have a high growth potential
- Applicants must not have attended any entrepreneurial training at EDC.
If you’re able to defend your business and guide on how it can become the next big thing, you will grasp this business grant without hassles.
8. African Women Innovation And Entrepreneurship (AWIE)
Time has gone when women belong to the kitchen. Today, women are coming out, doing business much better than their male counterparts.
If you’re a female entrepreneur looking for business grants in Nigeria, perhaps you should consider applying to AWIE.
AWIE is the number one female entrepreneurship platform that helps support and empowers women by offering business grants.
Every year, this program recognizes women from all organizations and industries, pushing innovation through their ingenuity.
If there could be more grant opportunities for women entrepreneurs, there could be a massive turn-around in Nigeria.
- Applicants must have a registered business
- Nominees can be nominated or self-nominated
- Nominations are to be made relating to achievements made by the female entrepreneur
- An applicant can be nominated for more than one category.
- You will be required to support or verify the evidence as part of the nominations you make.
Five (5) nominees will emerge from each category, to be invited to the AWIEF Award ceremony.
Apply by visiting their portal.
9. Unilever Young Entrepreneurs Award
If you’re a young entrepreneur with an extraordinary passion for our planet’s sustainability or challenges, then this could be the grant you’re looking for.
This program is the opportunity of a lifetime; to help you bring to reality your dreams and aspirations.
However, you need to be a young budding entrepreneur seeking to provide solutions to the world’s challenges.
Since the launch of this program, the program has reached over 3700 young entrepreneurs.
If 50,000 Euros can make significant changes in your business, this grant might be for you.
- Applicants who are tackling the world’s problem and challenges, like improving people’s health and well-being.
- Applicants must be improving the health of the planet
- Applicants need to contribute to a fairer and more socially inclusive world.
When applying, you will need to complete your profile and describe your project.
To apply, you can use this portal.
10. African Women Development Fund
This organization tackles issues facing women, and its primary goal is to support women’s rights and women-led organizations in Africa.
This organization offers business grants in Nigeria, as long as these grants help tackle issues of body and health rights, women’s economic security, leadership, justice, and peace.
Although the amount awarded is unknown, but the organization has given out $41.8 US dollars since its inception.
- Must be led by a woman, and the majority of staff and board must be women
- Business must be registered in an African country
- The business must be at least, three (3) years
- Businesses must have a considerable financial management system for effective fund accounting.
- The business must be able to report back on the outcomes of the project.
- Applicants must complete the necessary forms for proper processing into the program.
Over To You
There are more business grants in Nigeria that help finance your business and make your dream a reality.
If you can defend your business, getting the needed fund for your startup is almost assured.
Due to the overwhelming applications, I often advise applying to numerous grants.
That way, you have more chances nabbing that grant compared to an individual that depends only on one grant.
With lots of preparation, you might be one of the lucky applicants who get awarded.
Well, that is all on the list of available business grants in Nigeria. Is there any other grant which I failed to mention?
Use the comment box; let’s interact!