Securing grants and funding can differentiate business success and failure, especially for small and medium enterprises (SMEs) and startups in Nigeria. Thankfully, numerous grants and funding opportunities are available to Nigerian entrepreneurs in 2024 to foster innovation, encourage growth, and support business development. These grants can be a lifeline, providing essential capital without the repayment burden.
In this article, we will give you 10 of the most prominent grants and funding opportunities available in Nigeria for 2024, outlining their details, eligibility criteria, and how to apply.
1. Tony Elumelu Foundation Entrepreneurship Programme (TEEP)
- Overview: The Tony Elumelu Foundation (TEF) is one of the largest private-sector-led entrepreneurship programs in Africa. TEEP supports entrepreneurs across Africa with a focus on job creation and poverty alleviation.
- Funding Amount: $5,000 seed capital (non-refundable).
- Eligibility: Open to entrepreneurs from all sectors and industries across Africa, with a business idea or a business that is less than three years old.
- How to Apply: Applications are made online through the TEF Connect portal.
- Application Period: Applications usually open in January and close by March.
2. Lagos State Employment Trust Fund (LSETF)
- Overview: This funding programe was established by the Lagos State Government, LSETF aims to support entrepreneurs in Lagos by providing funding, mentorship, and capacity-building initiatives.
- Funding Amount: Up to N5 million depending on the business stage and industry.
- Eligibility: Entrepreneurs and SMEs based in Lagos State. Applicants must be registered businesses and must have the intention to create jobs within Lagos.
- How to Apply: You can submit applications via the LSETF portal.
- Application Period: Continuous throughout the year.
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3. Bank of Industry (BOI) Youth Entrepreneurship Support (YES) Programme
- Overview: BOI’s YES program is designed to address youth unemployment by equipping young Nigerians with skills and funding opportunities to start their businesses.
- Funding Amount: Up to N10 million with flexible loan terms and low interest rates.
- Eligibility: Nigerian youths aged 18-35 with a viable business idea or an already existing business.
- How to Apply: Applications are done via the BOI website.
- Application Period: Open year-round.
4. African Women Innovation & Entrepreneurship Forum (AWIEF) Growth Accelerator
- Overview: AWIEF offers a growth accelerator program for female entrepreneurs in Nigeria. This program provides funding, business development training, and networking opportunities.
- Funding Amount: Varies, typically grants range from $10,000 to $25,000.
- Eligibility: Female entrepreneurs in Nigeria with businesses that are at least three years old and have significant growth potential.
- How to Apply: Applications are open on the AWIEF website.
- Application Period: Typically open in the second half of the year.
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5. GroFin Fund
- Overview: GroFin is a development financier that provides funding to small and growing businesses (SGBs) across Africa. GroFin focuses on supporting entrepreneurs that drive economic development and job creation.
- Funding Amount: $100,000 to $1.5 million.
- Eligibility: Businesses must be in the growth phase and be creating employment in sectors like manufacturing, healthcare, and education.
- How to Apply: Applications are submitted via the GroFin website.
- Application Period: Open year-round.
6. Federal Government Youth Investment Fund (YIF)
- Overview: The Nigerian government launched YIF to provide financial support to Nigerian youth with viable business ideas. The fund aims to curb unemployment and promote entrepreneurship.
- Funding Amount: Up to N3 million.
- Eligibility: Nigerian youth aged 18-35, with business ideas or existing businesses in need of funding.
- How to Apply: Applications are available on the Nigeria Youth Investment Fund portal.
- Application Period: Year-round.
7. She Leads Africa Accelerator (Grants and funding opportunities)
- Overview: The She Leads Africa Accelerator program is designed for African female entrepreneurs seeking to grow their businesses. It provides access to grants, training, and networks.
- Funding Amount: Grants up to $10,000, along with mentorship.
- Eligibility: Female-led businesses in Nigeria with high growth potential.
- How to Apply: Applications are open on the She Leads Africa website.
- Application Period: Annually, typically opening in the middle of the year.
8. Shell LiveWIRE Nigeria
- Overview: Shell’s LiveWIRE program aims to empower young Nigerians with entrepreneurship training and startup funding. The program has helped many entrepreneurs launch sustainable businesses.
- Funding Amount: Up to N10 million.
- Eligibility: Nigerians aged 18-35 with business ideas in the energy, agriculture, and technology sectors.
- How to Apply: Apply online through the Shell LiveWIRE portal.
- Application Period: Applications typically open in June.
9. USAID-Nigeria Power Africa Off-Grid Energy Challenge
- Overview: This challenge is focused on empowering entrepreneurs working in off-grid energy solutions, aiming to provide renewable energy access to rural communities.
- Funding Amount: Grants of up to $100,000.
- Eligibility: Nigerian entrepreneurs in the energy sector providing off-grid solutions.
- How to Apply: Applications are done through the USAID website.
- Application Period: Typically opens in the first quarter of the year.
10. Anzisha Prize for Young African Entrepreneurs
- Overview: The Anzisha Prize is a pan-African initiative that supports young entrepreneurs driving innovation and positive change. It provides mentorship, funding, and networking opportunities.
- Funding Amount: Up to $25,000.
- Eligibility: African entrepreneurs aged 15-22 with business ventures that are improving communities.
- How to Apply: Applications are submitted on the Anzisha Prize website.
- Application Period: Usually opens early in the year.
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Conclusion
Securing funding is a critical part of growing a successful business, and for Nigerian entrepreneurs, these grants and funding opportunities offer valuable support. Whether you’re just starting or looking to scale, 2024 presents various opportunities to access the capital you need to move forward. Be sure to regularly check the application deadlines, eligibility criteria, and submission processes for each grant, as they can differ and change over time.
With careful planning and the right financial backing, you can take your business to the next level in 2024!