7 Grants Available For Nigerian Businesses In 2024

Establishing a business can be expensive when the capital available is not enough to cater to the business, almost everyone starting a new business venture is in search of capital to start the business. One of the easiest and cheapest ways to get funds for any business is by applying for grants. But unfortunately, there aren’t actually that many Nigerian federal or provincial government grants to businesses. Unlike business loans, grants don’t need to be repaid, so there’s no worry over term length, interest rates, APR, or refinancing. You just need to qualify, and get the funds to start the business.

This article contains different grants available for Nigerian businesses organized by government agencies and private individuals.

1. Tony Elumelu Foundation Entrepreneurship Programme:

The Tony Elumelu Foundation (TEF) is an African non-profit organization founded in 2010 by Tony O. Elumelu, headquartered in Lagos, Nigeria. The grant is a 10-year US$100 million commitment to identify, train, mentor, and fund 10,000 young African entrepreneurs across 54 African countries. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on www.tefconnect.com, making it the largest philanthropic institution on the continent.

However for anyone applying for a grant from this foundation, one needs to know that Once you’re accepted as a TEF entrepreneur, you can take advantage of the premium network of mentors, resources, and support you need to take your business from an idea to reality, to scale up and grow quickly.

Eligibility

• You must have the legal rights to work in the African country you’re applying from.
• You must create an account on tefconnect, and complete an online entry form to apply for the program.
• The Business must reside in Africa, and you must be a legal resident of any of the 54 African countries.
• Your business idea must be for profit, focused on one business line, and be the original work of those applying.

2. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN):

The AYEEN Financial Grant is a program by Africa’s Young Entrepreneurs Empowerment Nigeria that provides financial assistance to young entrepreneurs in Nigeria. The grant is designed to help young entrepreneurs start or grow their businesses. The AYEEN program annually attracts over 25,000 applications from young Nigerian entrepreneurs across 36 states. This is the second grant available for businesses in Nigeria.

However, its unique model means you can get funding for your business idea or be accepted into the mentorship program where you network, learn, and master key business skills essential to starting, running, and expanding your business. the amount available in this foundation ranges from a couple of hundred thousand nairas to tens of millions and grants can be applied from the AYEEN Website.

Eligibility

• Must reside in Nigeria.
• Open to all Nigerian entrepreneurs aged 18 and above.
• must have a running business and a great idea for business.

3. African Entrepreneurship Award:

The African Entrepreneurship Award [AEA] is the largest, private sector award in Africa. It focuses on providing a platform for mentorship, a network of ready-to-investor Angel investors, and to start business ideas to help that use technology across the African continent. It is fully funded by BMCE Bank of Africa, the second largest bank in Morocco, North Africa.

However, applications can be sent in two categories – Innovation & Sports Entrepreneurship and Sports. and a cash prize of $ 1 million is to be shared among finalists.

Eligibility

• You must be a citizen of an African country and at least 18 years old.
• Your business idea must apply to the African setting and include a technological component.
• Your business idea must be for a profit with a social impact.

4. Innovation Prize for Africa:

Innovation Prize for Africa is a platform with a mission to galvanize the innovative spirit of the African people to proffer solutions to their everyday challenges. that focuses on providing a platform for mentorship to help grow business. The Award is aimed at encouraging innovation-driven solutions to the myriad of challenges in Africa by Africans. So, give this prize a shot if you have an idea or solution that can solve Africa’s problems. This is another grant available.

Eligibility

• You must be a citizen of one of Africa’s 54 countries.
• The innovation is fully developed and not just an idea.
• All mandatory fields are completed.

5. African Women Innovation and Entrepreneurship Forum:

The African Women Innovation and Enterpreneurship[AWIEF] is an African platform that advocates women’s equality and empowerment to enhance development and strives to foster economic participation for women to fast-track Africa’s transformation and inclusive sustainable growth.AWIF is the number one female entrepreneurship platform that grants to brave, innovative female entrepreneurs across the African continent.

However, the program recognizes women in private and non-profit organizations every year by exploiting them across industries for their economic contribution to African growth and social impact.

Eligibility

•  The business must be duly registered in an African country.
• . The business Must have been in existence for at least 3 years.
•  Must have the needed organizational structures for effective implementation of the project.

6. Youth Empowerment Nigeria (YEN)

The Youth Empowerment Nigeria [YEN]is a sub-directorate established to provide low-cost funding and financial advice to the economy. is a non-profit organization established to empower youths in numerous areas of life, such as capacity building, skills acquisition, loans, entrepreneurship, and management skills.

The YEN initiative aims to tackle job scarcity, leadership, and social work issues, through skill acquisition, loans, and especially grant opportunities which Nigerian youth can benefit from for free.

Eligibility

• Participants must be Nigerian citizen
• Must be between the ages of 16 and 21
• You must submit a business proposal to the YEN office or send it via email to@youthempowermentnigeria.
• Two recent passports, a photocopy of a utility bill, and a photocopy of your National Identity card.

7.YouWIN Connect Nigeria:

YouWin! is an acronym that stands for Youth Enterprise With Innovation in Nigeria. The program is a joint product of four government ministries: the Federal Ministry of Finance, the Ministry of Communication and Technology, the Ministry of Education and Youth Development, and the Ministry of Women’s Affairs. w

The program is a private and public initiative that finances outstanding business plans for young entrepreneurs in Nigeria intending to create 3600 young entrepreneurs in the country. The application process involves filling out an application form which includes several sections such as personal and company information.

Eligibility

•  The participants must be Nigerian by birth.
• Must be between ages 18 and 45.
• Your business must be located in Nigeria.

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