One of the best ways to raise money for a business or idea in Nigeria is to obtain a grant. While a loan is a possibility, a grant can be a preferable substitute because it enables you to concentrate on expanding and growing your business or idea. We actively publish this guide to current grants in Nigeria for anyone looking for it.

Almost everyone who attempts to launch a new business requires funding to get off the ground. One of the simplest and least expensive ways to get capital for your business in Nigeria is through small business grants.

Incentives offered by the federal or provincial governments to small businesses in Nigeria are scarce, nonetheless.

Unlike business loans, gifts do not need a repayment. Therefore, there are no concerns about term length, interest rates, APR, or refinancing.

If you fulfill the requirements, “free money” will be yours immediately.

Grants are offered by numerous organizations in Nigeria, Africa, and other parts of the world. This article focuses primarily on grants in Nigeria.

What are Grants?

Grants are sums of money given to individuals or organizations to support their growth without requiring repayment.

Grants are given by large corporations, governments, non-governmental organizations, and affluent people for a variety of reasons.

Unlike a loan, you are not required to pay back the money.

Below are the Ongoing Grants in Nigeria, the Requirements, and How to apply

1. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)

To assist young individuals who aspire to launch their businesses, an empowerment program was established. It supports creative business ideas in Nigeria.

It also has a mentoring program where aspiring business owners can gain the abilities required to start and develop a firm. This empowerment program is held every year due to the large number of applications it receives from young entrepreneurs across the nation.

Depending on the business ideas provided, Nigerian business grants on this site might range from thousands of Naira to millions of naira.

• Requirements

-Must be at least 18 years

-Must run a business or have a great business idea.

-Must be a Nigerian citizen.

• How to Apply

-Check out the AYEEN website.

-Register.

-Fill out the required paperwork.

-Submit.

2. Tony Elumelu Foundation Entrepreneurship Programme

Tony Elumelu, the CEO of Heirs Holding, is funding an empowerment program to support young African businesses. Since its debut in 2015, it has become an annual commitment.

Since the program’s inception, over 7500 entrepreneurs have received awards totaling $25 million. After you are approved into the foundation, you will receive mentorship that will be extremely beneficial to your business.

• Requirements

-You must be able to work lawfully in the African nation from where you are applying.

-You must legally reside in one of the 54 African nations and have an office there for your business.

-Your company cannot be more than three years old.

-You must have a successful company concept.

• How to Apply

-Visit the website: https://tefconnect.com

-Create-Complete the necessary form 

-Submit

3. Shell LiveWire

This is a funding initiative for young people to launch businesses. It is open to young people from Nigeria’s Niger Delta who are interested in starting a business and who are at least 18 years old and at least 30 years old. Over 6500 youth have been successfully trained since it began operating on March 27, 2003, and more than 3300 participants have received grants to launch businesses.

• Requirements

-Age range: between 18 and 30.

-Must have a successful and innovative business concept.

-Must have received thorough training in entrepreneurship.

-Must be from the following states: Imo, Edo, Niger Delta, Abia, Bayelsa, Rivers, Akwa Ibom, and Delta.

• How to Apply

-Visit their website: https://www.shell.com.ng/ for more information and updates.

4. GroFin Fund

This empowerment program offers small and medium-sized enterprises in several important areas of the nation subsidies and business help.

Since its inception in 2004, it has supported over 89,000 employees and given financial help to over 700 Enterprises.

• Requirements

-Either education, agribusiness, healthcare, manufacturing, recycling, sanitation, water, energy, or waste management must be the focus of your company.

-Your company must be based in one of the nations they are in.

-Your company must have a positive social influence.

-Grants sought must range from $100,000 to $1,500,000.

• How to Apply

-Visit their website: http://www.grofin.com/ to apply.

5. Lagos State Entrepreneurs Trust Fund

The Lagos State Entrepreneurs Trust Fund was created to offer financial assistance to Lagosians who required funding to launch or grow their businesses. The government’s initiative to combat unemployment and provide wealth and jobs for the people of Lagos state is a wise one. Because the fund is dedicated to offering essential financial aid to support Lagosians with their small or medium-sized enterprises, those who are aiming to build their small-scale businesses or medium-scale businesses are welcome to apply.

Also, it gives participants a chance to develop the necessary skills to land decent jobs. Its main objective is to stimulate the thoughts of the innovative and creative people in the state to develop a skilled workforce. It targets the state’s underemployed and unemployed residents.

• Requirements

-Age range: between 18 and 35.

-A company must operate in one of the following industries: healthcare, entertainment, hospitality, tourism, manufacturing, apparel manufacture, or construction.

• How to Apply

-Visit: https://lsetf.ng/ to apply.

 6. Bank of Industry (BOI)

The federal government’s BOI program aims to grow both small and large business businesses through financial support. To assist interested business owners in expanding their enterprises, grants are made available to them in the form of loans. The program offers a variety of grants for different types of businesses.

• Requirements

-Your company must be registered and located in Nigeria.

-A viable business concept ought to be submitted.

-To apply, you must be of legal age.

• How to Apply

-Go to the nearest BOI offices nearest to you and apply.

7. YouWin Connect Nigeria

For young Nigerian entrepreneurs who lack the capital to launch a firm, this program offers funding. Young entrepreneurs can interact with industry professionals through YouWin! Connect to develop their ideas, which will help to increase job creation as well as ensure business success. When contestants win the YouWin competition, they receive subsidies for their businesses.

• Requirements

-Age range: between 18 and 40.

-Be a Nigerian citizen.

-The company must be based in Nigeria.

-You must be a higher education graduate.

-You cannot work for the government.

• How to Apply

-Visit their website: https://apply.youwin.org.ng/ to register

8. USADF Grant

The U.S. African Development Fund (USADF) is an autonomous American government organization dedicated to developing African nations by awarding grants to Nigerian and other African entrepreneurs to better their lives and means of subsistence.

• Requirements

-You must be over the age of 18.

-You need to be a citizen of the nation from which you are applying.

-A registered business must exist.

-Africa must be the location of your company

• How to Apply

To apply for a USADF grant, visit their website: https://www.usadf.gov/

9. KickStart

KickStart is a social investment program run by the IB PLC Foundation to lower unemployment by ensuring that aspiring innovators and business owners have the proper mentorship, business training, and development support. It makes sure that both the quality of life for southwest adolescents and the region’s economic development are significantly enhanced. 

Every year, it hosts a competition in which the winner is given money to start their own business.

• Requirements

-Age range: between 18 and 35.

-Must be a resident of the southwest and operate a business there.

-Must present a legal ID.

-Have a unique and successful company concept.

– Must possess literacy.

-Should be able to run the company full-time.

• How to Apply

To apply, visit their website: https://herokickstartnigeria.org/

10. African Women Innovation and Entrepreneurship

This initiative supports and honors innovative female business owners across Africa. Its main goal is to encourage the establishment of female-owned businesses to boost economic development. Also, it recognizes women who excel in non-profit and for-profit organizations so they can contribute monetarily to the development of Africa.

• Requirements

-Must have a business that is registered in one or more African nations.

-To be nominated, a candidate must have demonstrated success as a female entrepreneur.

-Be a female business owner

• How to Apply

Visit this website: https://awief.awardsplatform.com/ to apply.

11. Innovation Price for Africa

The purpose of this platform is to harness Africans’ innovative thinking to solve problems that affect African countries. Grants are awarded to those who are eager to tackle problems.

• Requirements

-Must live in or be a national of an African country.

-Must possess an analytical and creative mind.

• How to Apply

Visit their website: http://africaninnovation.org/

12. National Youth Entrepreneurship Empowerment Summit

The federal government is launching this empowerment program to provide young Nigerian entrepreneurs with the education and training they need to help the country’s economy grow.

• Requirements

-Age range: between 18 and 35.

Must reside in Nigeria and operate a business there.

-Must have a business concept that benefits one of the nine FG top regions in the nation.

-Must be in the information and communications technology (ICT), dance, art, theater, fashion and design, new media, handicraft, film and entertainment, and architecture and culture business sectors.

• How to Apply

-Create and post a one-minute video on social media showcasing your creative concept.

-Hashtags# NYEES and #NYEESCREATIVES 

-Tag @NYEEsummit and follow them.

13. Global Innovation Fund

This funding endeavor, which also involves Nigeria, intends to encourage the continent of Africa’s creative minds. If recipients have innovative company ideas, they may be given grants or loans

• Requirements.

-Must be at least 18 years old.

-You must be a citizen of the nation from which you are applying.

-Must possess brilliant business concepts.

• How to Apply

To apply for Global Innovative Fund, visit their website: https://www.globalinnovation.fund/

14. African Women Development Fund

A funding program to promote the rights of women and global female-owned businesses. It guarantees that grants are given to groups that address issues of health rights, participation, peace, and leadership, as well as economic security and justice for women.

• Requirements.

-A woman must own and run the organization.

-The organization must be officially recognized in an African nation.

Must be a three-year-old organization.

-Must have a reliable system for managing finances.

-Be able to provide comments on projects that are being worked on.

• How to Apply

Visit: https://awdf.org/ to apply.

15. Diamond Bank BET Programme

Diamond Bank created the BET (Building Entrepreneurs Today) program to assist Nigerian business owners in obtaining the business knowledge and training required to support the expansion of their enterprises. The top 50 applicants are awarded scholarships totaling 3,000,000 nairas to build their businesses after undergoing intensive training for six months from a pool of 50 candidates. Due to the program’s assistance of countless entrepreneurs, a lot of money has been created throughout the nation.

• Requirements.

-Must be a Nigerian national.

-Must have an original company concept with potential for social impact.

-Have conducted business in Nigeria.

Entrepreneurs from all spheres of society are eligible to apply.

• How to Apply

To apply, visit: http://diamondbankbet.com/

16. Unilever Young Entrepreneurs Award

The Unilever Young Entrepreneurs Award is open to young businesspeople who are passionate about bringing solutions to global issues. It offers young, inventive business owners financial support so they can grow their enterprises.

• Requirements.

-Age range: between 18 and 35.

-Must have creative business concepts to have an impact on society.

-Must have experience in the medical field.

-Must be able to enhance people’s health and well-being.

• How to Apply

To register and complete your profile, go to https://youngentrepreneursawards.unilever.com/.

17. Bank of Industry Youth Entrepreneurship Support Program

This funding initiative from the Bank of Industry aims to instill the habit of entrepreneurship in young people by sponsoring lucrative business concepts and giving them in-depth training. Candidates go through a rigorous 8-week online business and entrepreneurial training program.

• Requirements.

-Must have a workable business plan for a Nigerian location.

-Must be a citizen of Nigeria and be between the ages of 18 and 35.

-Must meet the OND minimum requirement.

• How to Apply

Visit: http://onlineregportal.com/YesProgramme/ to apply.

18. I-Startup SouthWest Programme

The federal government has launched a social investment project to support entrepreneurs with grants, training, and mentoring. This program is available to any tech-savvy entrepreneurs who want to offer answers to issues in manufacturing, agriculture, digital oil, and ICT.

• Requirements.

-A company must be based in the Southwest.

-Must have a successful company idea in the fields of agriculture, Technology, manufacturing, governance, or health.

-Must have a profitable business.

• How to Apply

To apply, visit: https://www.premierhub.com.ng/

19. Africa Netpreneur Price

The Jack Ma Foundation has launched this project to provide financial aid to businesspeople in Africa.

• Requirements.

-Must be a citizen of or reside in an African nation.

All ages of entrepreneurs are welcome to apply.

-The place of business must be in one of the African nations.

• How to Apply

To apply, visit: https://apply.netpreneur.africa/ to know when the application starts.

20. Leventis Foundation Agricultural Training Programme

This funding initiative aims to support farmers all around the nation economically, physically, and psychologically to advance the economy of the nation.

• Requirements.

-Age range: between 18 and 40.

-Must be in good physical shape.

– Must possess literacy.

-Must have a solid farming history.

• How to Apply

Applications must be sent to the 1 Leventis foundation in Osun State with the required supporting documentation.

Conclusion

Although there are many grants available in Nigeria, this article’s list includes the best awards accessible. Apply right away to receive the grant you need to launch or grow your company.

As a Nigerian, you can always pick one of the top grants accessible in Nigeria from the list of five alternatives above. Each of these choices has been thoroughly explained by me. Make a decision.