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Almost everyone starting a new business venture needs money to commence. In Nigeria, one of the coolest and cheapest ways to get capital for your business is to apply for small business grants.
But regrettably, there aren’t really that many Nigerian federal or provincial government grants available for small businesses.
Unlike business loans, grants don’t have to be refunded, so there’s no worry over term length, interest rates, APR, or refinancing. You just have to qualify, and boom—free money.
Top 8 Business Funding for Business Owners in Nigeria
- Buhari Young Farmers Network (BYFN)
- Tony Elumelu Entrepreneurship Programme
- Bank of Industry (BOI)
- GroFin Fund
- AYEEN Financial Grants
- Lagos State Entrepreneurs Trust Fund (LSETF)
- YouWIN Connect Nigeria (defunct)
In this post we shared recommendations about the best small business grants in Nigeria prepared by both government agencies and private individuals.
Buhari Young Farmers Network Initiative
The Buhari Young Farmers Network is one of the agricultural empowerment programmes under the National Agricultural Land Development Authority (NALDA Nigeria). The aim of the programme is to support Nigerians who want to embrace farming as a means of livelihood.
In no time, BYFN is going to another great funding for business owners in Nigeria (farmers).
The government plans to make available for the funds and farm input for them to be an employer of labour and wealth generators.
It aimed at reducing the rate of unemployment among millions of unemployed Nigerians.
According to the recent update by the government, BYFN be taking off with 100 young Nigerians from each local government with a target of 2000 young Nigerians per Local Government.
Bank of Industry (BOI)
The Bank of Industry (BOI) only just launched a youth empowerment program for young and gifted entrepreneurs looking to venture into different sectors of Nigeria’s economy.
Operated by the government, BOI has been funding business owners in Nigeria since its inception, but under a strict guidelines.
The Youth Entrepreneurship Support (YES) Programme is BOI’s determination at addressing the worrying occurrence of youth unemployment in Nigeria by structuring the ability of the youths and financing their business ideas.
The YES programme is designed to equip young people with the essential skills and knowledge to be their own boss by opening and running their own business organization. The YES Programme comprises of:
Eight (8) weeks intensive online Entrepreneurship and Business Management training which has the capacity to test members’ understanding and track their progress.
Five (5) days in-class Entrepreneurship and Business Management training.
Technical skills training in partnership with the numerous technical training and vocational institutes in the country.
To be eligible:
- The applicant must be Nigerian.
- Must have a workable business idea within the 40 recognized clusters that is operated, or will operate in Nigeria.
- Must be within the age limits of 18 and 35. (proof of identity: International passport/Drivers License/National ID/Voters card required).
- Must possess a minimum of Ordinary National Diploma (OND).
- Applicant must be able to transmit the application process online.
GroFin is a revolutionary development financier that specializes in funding and supporting small and growing businesses (SGBs) across Africa and the Middle East. GroFin combines patient capital and specific business support to develop emerging market initiatives.
GroFin focuses on Small and Growing Businesses (SGBs) that are obviously underserved by other capitals or financiers. It delivers a distinctive combined solution for patient risk capital and end-to-end business support to start-up and developing businesses at the SME base.
GroFin has a fund size of US $100+ Million to finance Nigerian micro, small and medium business (MSMEs) all through the country.
To be eligible:
- Ensure your business operates in one of the following countries: Nigeria, Uganda, Ghana, South Africa, Zambia, Egypt, Tanzania, Kenya, or Rwanda.
- Your business is solely for profit making.
- Your business has a gross revenue of less than US$ 15 million and assets less than US$ 6 million.
- You need funding between US$ 100,000 and US$ 1.5 million.
- The business is owner-operated and the owner is substantially involved in running the business.
Tony Elumelu Entrepreneurship Programme (TEEP)
The Tony Elumelu Entrepreneurship Programme (TEEP) is a yearly programme financed by Nigeria’s banker and billionaire Mr. Tony Elumelu.
The program was formally launched in 2015 and is aimed at providing 10,000 USD seed funding for businesspersons across Africa.
TEEP without gainsaying, is the biggest funding for business owners in Nigeria and across other African countries.
Every year, the programme selects 1,000 entrepreneurs through Africa from a pull of over 50,000 applicants.
Every year, the program selects 1,000 entrepreneurs throughout Africa from a pull of over 50,000 applicants.
Each application is cautiously studied by business experts in the industry and winners are carefully chosen based on market feasibility, clear financial models and a skilled group to run the business.
TEEP begins with an application process opened from January 1st until March 1st every year.
- Business must be based in Africa
- Business must be 0-3 years’ old
- Business must be for profit
Applicants must be at least 18 and a legal resident or citizen of an African country.
AYEEN Financial Grants
Africa’s Young Entrepreneurs is giving young entrepreneurs across Africa the opportunity to build and develop themselves into employer of labour.
It is committed to raising the next generation of outstanding African entrepreneurs, who will form the economies and political landscapes of their home countries.
AYEEN is considering financing small businesses in a number of sectors of the economy. Winners would be presented with their individual prizes without any stake for the organizers.
Though the entrepreneurs and businesses will be properly supervised for one year. The only condition for the program is that the candidate must be a Nigerian and the business must be situated in any of the 36 states in Nigeria.
Lagos State Entrepreneurs Trust Fund (LSETF)
The Lagos State Entrepreneurs Trust Fund (LSETF), came into being through the Lagos State Employment Trust Fund Law 2016.
It is aimed at delivering monetary support to Lagos residents for job and wealth creation in order to reduce unemployment.
LSETF functions as a tool for inspiring the imaginative and inventive drives of all residents of Lagos state and lessen unemployment rate across the State.
The Fund has the directive to rightly put in ₦25Billion in aiding Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or gain skills to get better jobs.
This innovative idea of Governor Akinwunmi Ambode, (the LSETF) is committed to financially supporting a target of 100,000 MSMEs by 2019, thereby creating 300,000 direct and 600,000 indirect jobs.
The task is well in progress with a total of 705 recipients who have received support to date.
YouWIN Connect Nigeria
Established under the administration of former President Goodluck Jonathan, YouWiN! Connect is a multimedia program of the Federal Ministry of Finance.
The programme aims at promoting entrepreneurship, job creation and wealth via enterprise education for young Nigerians and funding for business owners across the country.
Nigerian entrepreneurs will improve their efficiency via appropriate SME development tools.
These ventures are endorsed by young Nigerians in specific sectors that make straight with the government’s objective of expanding the economy and supporting competition and clearness.
The first edition, labelled YouWin!1, was introduced to inform aspiring entrepreneurial Youth on job creation by funding their business plans.
The second edition (YouWin!2) was a Mono-gender version, having Women under the age of 45 years as the target partakers.
It compensated over 1200 youths. The third edition (YouWin!3) was Poly-gender, with a record number of awardees (over 2500 Youth).
To be eligible:
- Applicant must be a graduate from any higher institution.
- Applicant must be within the ages of 18 and 40.
- Applicant must be Nigerian and reside in Nigeria.
- Applicant businesses must be resident in Nigeria.
- Applicant must be able to converse effectively – speaking and writing – in English
- Applicant must be prepared to show up for all training and mentoring exercises planned by the program.
- Applicant must not be an employee of the Nigerian Civil Service.
- Former YouWiN awardees are not qualified to apply.
YouWin is now defunct!
We hope you find the above eight funding for business owners in Nigeria useful. As you continue to generate income for your business, you can also provide services and make extra money.