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After conceiving a great business idea, the next in line is execution and that requires money, as the saying ” money is the oil of business”. While funding will not be a worry to entrepreneur who have rich background it is for those who are from humble background, who have no money to rely on except their savings.
Apart from funding other word that sound good in the ear of entrepreneur is grant, it is a safe haven for those who are looking to God for their business growth. The only problem is that is there grant or fund available for Nigeria entrepreneur.
Well, there is both grant and fund for already establish business and new business idea in Nigeria, though it might be hard to get, there is hope, you never know you and your business might get lucky.
Below are the grant and fund available in Nigeria
Anzinsha is a grant worth $100,000 dollar share by 15 entrepreneur across Africa. this is how it operate; entrepreneur will first pitch their business idea in their respective country and if selected they will join other entrepreneurs in south Africa. All the travel expense cost will be on the organizer.
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2) Tony Elumelu Entrepreneur Programme (TEEP)
According to the foundation they have set aside $100 million for 10,000 entrepreneur in Africa be it female or male. This is a trustworthy programme as their investment could be seen in 5,000 business across Africa.
This is how it goes; you pitch your business idea, show how you will make money from it and if they think it has potential they will invest $5,000 with no equity not only that you will be assign mentor who we guide you for some time.
Before you can apply to TEEP you must meet the following criteria
Your business must not be more than 3 years old
You and your business must be in Africa
You must be above 18 years old
Your business should be profit oriented
3) The Africa Enterprise Challenge Fund (AECF)
AECF provide grant to entrepreneur who are tacking problem in agriculture, renewable energy and financial services. They also have criteria that must be meet before they can make their investment available. They invest between $100,000 to $1.5 million.
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4) African Development Foundation
This is grant from U.S Africa foundation their aim is to provide seed capital to entrepreneur who are into agriculture and energy, in addition to that they also provide mentorship and training to entrepreneur.
5) YouWin fund
Youwin fund is a programme that started during the regime of former president Good luck Jonathan, it purpose of existence is to invest in new business idea and already establish business of Nigerians who are between 18 to 40 in age.
Their criteria is not hard, if you are Nigerian there is high chance you will meet their criteria which are
The applicant must be a Nigeria and based in Nigeria
You must have register your business with Corporate Affairs Commission
You must not be civil servant
You must be a graduate from any of the higher institution in Nigeria
Applicant must be able to communicate effectively in English
Applicant must be able and willing to attend all the training.
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6) Diamond Bank Bet Programme
This is a yearly programme where 50 applicant out of all the registered applicant are made to undergo 6 month training. After the training another pruning will be done which leave top 5 entrepreneur to the seed capital provided by Diamond bank.
7) Bank of Industry Business funding
Bank of industry through its programme, YES (Youth Entrepreneurship Support programme) commit herself to tackle unemployment problem in Nigeria by providing funding opportunities and business training to youth in Nigeria.
YES is not like other programme, here you will have to go through their business training before they can provide you with funding opportunity.
Below is their training program
8 weeks online training on business management
5 days physical training (in class)
Criteria you must meet
You must be a Nigerian and based in Nigeria
You must be between 18 years to 35 years
Your business idea must be viable.
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8) The Next Titan show
The Next Titan show is a reality T.V show that allow entrepreneur to from different state in Nigeria to pitch their business idea to audience in other to capital of about #7 million.
The judge who are usually business mogul will announce the best three winner after all contestant have pitched.
9) Grofin Funding opportunity
Grofin is an organization who have their tentacles across 15 country in Africa. Their aim is to fund business that need between $100,000 to $1.5 million in Africa, not only that they also provide business training for entrepreneur. Like other funding programme or organization they also have their own criteria
You must be African and based in Africa
Your business must be for profit
You must involve in the business if you are the owner
Your business funding need must be between $100,000 to $1.5 million.
10) African Young Entrepreneur Empowerment Nigeria (AYEEN)
AYEEN aim is to provide funding opportunity, business training and mentorship to Nigerian entrepreneur. like other funding organization AYEEN require you to compete with other entrepreneur by pitching but there will be no winner instead they select best 100 entrepreneur.
Criteria you must meet before applying to AYEEN
You must be a Nigerian
Your business must be located in Nigeria.
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11) Entrepreneur Organization Global Atudent Entrepreneur Awards (GSEA)
GSEA concern itself with student entrepreneur, they provide grant for student who are running business along schooling. This business must have made nothing less down $500 in revenue.
It is a global programme where student from all over the world compete by pitching their business to audience and judges. The first runner up go home with $20,000, second runner up go with $10,000 while third runner up go with $5,000.
12) The Government Enterprise and Empowerment Programme
This is from federal government and it is not a grant instead it is a loan with no interest. The aim of the programme is to assist SME and artisan with #10,000 to #100,000 loan.
13) Business Development Fund for Women (BUDFOW)
In a bid to encourage women to partake in entrepreneurship, federal ministry of woman affairs and social development create a programme called BUDFOW in conjunction with Bank of industries, to provide fund, training and mentorship to women in Nigeria.
14) Dangote and BOI fund
This is a partnership between Dangote and bank of industries with the aim to provide job for Nigerian by equipping entrepreneur with fund and training.
Though the initial fund is N5 billion, it is in plan to grow it to N20 billion.