Oftentimes, a lot of people have viable business ideas but, do not have the needed fund to launch it. In like manner, many are not aware of the business funding opportunities available to aspiring entrepreneurs in Nigeria. As a result, many business ideas have gone down the drain.
In this article, we have compiled 10 different programs and business funding opportunities you can apply to.
Business Funding Opportunities In Nigeria
1. YouWin! Funding Opportunity
YouWin stands for Youth Entrepreneurs with Innovation in Nigeria. Since the regime of Goodluck Jonathan, the program finances good business plans from young aspiring entrepreneurs. Furthermore, applicants must have registered their business with corporate affairs commission.
Usually, the fund is disbursed through any of the participating commercial banks in Nigeria. To apply, you must be between 18-40 years, a Nigerian and your business must be Nigerian based. Not only that, you must have graduated from a higher institution and must not be a civil servant or a former Youwin beneficiary.
2. Anzisha Prize
Anzisha Prize is awarded to young business owners between age 15 and 22. This program gives 15 finalists across Africa the opportunity to scale their way into entrepreneurship success. First and foremost, they will win an all expense paid trip to South Africa to partake in a 10 day entrepreneurship workshop and conference at the African Leadership Academy Campus, Johannesburg.
Thereafter, the grand prize winners from the finalists will share prizes worth $100,000 USD. In addition to that, participants will be exposed to mentorship and counseling opportunities with successful business owners
Please note that you must be an existing business owner to be a partaker of Anzisha prize.
To apply, visit www.anzishaprize.org
3. Tony Elumelu Entrepreneurship Programme (TEEP)
Tony Elumelu Foundation has earmarked $100m for 10,000 African entrepreneur; gender notwithstanding. Currently, the foundation has empowered over 7,000 entrepreneurs and applicants are accepted every year. Each beneficiary is empowered with $5,000 or more.
To be eligible, you must meet up with the following criteria:
- Your business must be for profit
- Business must be based in Africa
- Applicants must be at least 18 and a legal resident or citizen of an African country
- Business must be 0-3 years old
4. The Africa Enterprise Challenge Fund (AECF)
The AECF provide business funding opportunities to sectors like agribusiness, renewable energy, resilience and rural financial services in specific countries in Africa.
AECF funding ranges between USD $100,000 and USD $1.5m. However, the amount vary overtime depending on the competition. Meanwhile, participants must meet specific eligibility criteria before they can be considered.
5. The Entrepreneurs’ Organization’s Global Student Entrepreneur Awards (GSEA)
EO GSEA is a global competition for student entrepreneur who are actively running a business. The award is opened to students pursuing a bachelor’s degree and also running a business by the side. However, the business must
have been in operation for at least six months prior to application and must have generated US $500 or received $1000 in investment. Also note that the age limit is 30 years.
At the global finals, students compete for a prize package of US $20,000 in cash and a total value of over US $40,000. Apart from that, the participants are also entitled to an all expense paid trip to compete in GSEA finals in Toronto, Canada. The second place goes home with US$10,000 while the third place receive US $5,000.
To apply, fill out the online application form. Thereafter, if you are selected, someone from GSEA will contact you for further direction.
6. African Young Entrepreneurs Empowerment Nigeria (AYEEN)
AYEEN assist start ups and existing entrepreneurs with funding, training and mentorship. One good thing about the program is that, there will be no ultimate winner but, rather hundred of people receive business funding
annually. However, applicants must be a Nigerian and the business must be located in any of the 36 states of the country.
In addition, AYEEN monitors the beneficiaries of the program for a period of one year.
See Also: Side hustle business ideas you can start
7. Grofin Funding Opportunity
Grofin believe in the power of entrepreneurship and therefore support business owners with needed support and business funding opportunities. The programme started in 2004 and today have local offices in 15 countries across Africa. Also, Grofin has funded over 700 businesses and created over 90,900 jobs across Africa.
In addition, Grofin has the support of 34 international development and financial institutions with committed funding of nearly $500m USD. The initiative has earmarked more than $100m USD to fund micro, medium and small businesses in Nigeria.
To apply, you must meet the criteria below:
- Your business must be for profit making
- You must operate in one of the following countries: Nigeria, Ghana, Ghana, Egypt, South Africa, Kenya, Tanzania, Rwanda and Uganda
- Your business must have a turnover of less than $15m USD and assets less than $6m USD
- The business owner must be involved in the business.
- The business must require financing between US $100,000 and $1.5m USD
8. Lagos State Employment Trust Fund
LSETF was established by the Lagos State Employment Trust Fund Law in 2016, to tackle the issue of unemployment in Nigeria. Practically, the fund focuses on promoting entrepreneurship by giving MSME’s access to finance.
The fund operates with an initial capital of N25billion contributed over 4 years by the Lagos State Government. This scheme is an initiative of Governor Akinwunmi Ambode and is committed to financing 100,000 MSMEs by 2019, create 300,000 direct and 600,000 indirect jobs as a result.
Aside that, the initiative also organise programs to train and give jobs to unemployed Lagos residents.
9. Bank Of Industry Business Funding Opportunity
Bank of Industry launched Youth Entrepreneurship Support Programme (YES). YES programme addresses youth unemployment in Nigeria by providing them with business funding opportunities. The YES program equips young adults on how to stand on their own and manage successful businesses.
The program involves:
- 8 weeks online business management training
- 5 days in class entrepreneurship training covering 5 modules: business models, sales and marketing, business idea, running a successful business and financial planning.
- Technical skill training
- Financing of the business
- Applicants must be a Nigerian
- You must have a viable business idea
- The applicant must apply online
- You must be between the age of 18-35 years with a minimum qualification of Ordinary National Diploma
10. The Next Titans Show
This is a TV reality show where business owners compete for a certain amount to start or grow their business. This year, N7million has been set aside for the winner of the 6th edition.
The show is open to all Nigerians between the age of 21 and 40. Meanwhile, the judges of the show are top Nigerian business leaders who also mentor the contestants.