This page will provide a list of top business funding for Nigeria Entrepreneurs. The goal is to raise awareness of these organizations and their services among business owners and individuals interested in starting or expanding a business.
This list is not comprehensive, but it offers you an idea of which institutions to seek out when starting a firm.
Yet again, the purpose of this essay is not to provide specific information on these institutions or to persuade people to use their services, but to demonstrate that they exist if one digs hard enough.
List of 14 Top Business Funding For Nigeria Entrepreneurs
So looking for the list of top business funding for Nigeria Entrepreneurs we have provided you below with a guide that will help you know where to get funding for your business, although we have not placed any hierarchy on them. Check it out.
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The Federal Government organizes and runs a business proposal competition to support entrepreneurs. It is one of the government’s programs to assist small and medium-sized businesses in expanding and creating jobs. This benefit is received by 1,200 persons each year.
Such grant is only available through an application process on the organization’s website. A panel of judges will analyze the proposed business ideas and choose winners based on how sound their plans are.
2. Dangote-Boi N5-Billion Fund For Small Businesses
Dangote and Bank of Industries have teamed up on this project. The foundation’s mission is to help Nigerian entrepreneurs start businesses and grow.
And one of the most important objectives is to create at least a million direct jobs. The fund’s initial size was N5 billion, but it’s expected to rise to over N20 billion in the future. It directly affects at least 250,000 lives each year.
3. Bank Of Industry Funding Projects
The Bank of Industry is one of the few venues where entrepreneurs can get finance for their businesses. Its administration has been praised numerous times for its innovative approach to assisting Nigerian firms and entrepreneurs. They have many fund options for various types of people.
Their Graduate Entrepreneurship Fund is for National Youth Service Corps members. There is a selection process once interested individuals submit their company ideas. The sum given ranges from N500,000 to N2 million.
Other business funding programs aimed at boosting businesses and growth rates are also available. Cottage Agro Processing (CAP) Fund, Nolly Fund (for investors in the Nollywood industry), and other funds are available.
4) Shell Livewire
This is a social investment platform that assists young Nigerian entrepreneurs in realizing their ambition of launching their own company. They hope to persuade more young people to consider entrepreneurship as a viable career option.
Shell Livewire doesn’t only donate money; they also educate, mentor, and support their recipients. Between the ages of 18 and 35, the platform monitors and provides business mentoring to both existing and future entrepreneurs.
Only residents of the Niger Delta region are eligible to participate in the Shell Live Wire program. Its purpose includes deterring violence and militancy, as well as encouraging young people to start their own enterprises.
Shell Petroleum Development Company of Nigeria Limited is happy to support and fund this youth entrepreneurial development program (SPDC).
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This is really a development finance institution that helps and finances expanding enterprises in Africa and the Middle East. The organization, which was founded in 2015, now operates in nine African nations and is supported by investors such as the Shell Foundation, KFW, Dutch Good Growth, Norfund, and Grofin.
It has pledged $500 million to support small and medium-sized enterprises (MSMEs) in Nigeria. Aspire Small Business Fund, Growth Africa Fund, Aspire Growth Fund, Small Growing Business Fund, and Aspire Nigeria Fund are the five platforms through which Grofin operates.
Aspire Small Business Fund awards a minimum of $100,000 and a maximum of $1.5 million to various Nigerian firms. Aspire Growth Fund also provides funding to entrepreneurs ranging from $100,000 to $3 million to help them build their businesses. Often, they distribute monies for a six-year term.
6) TEF entrepreneurship Program
This foundation, which was founded in 2015, is Africa’s greatest philanthropic endeavor. It is committed to entrepreneurs from all around Africa. The organization has a 10-year $100 million commitment, according to its website, to uncover and support 10,000 African entrepreneurs. The organization intends to create a million jobs and $10 billion in revenue for Africa’s economy through this effort.
Each year, it funds 1000 African entrepreneurs, with the number increasing this year. The organization is dedicated to changing Africa’s economy by assisting and promoting entrepreneurs and leaders throughout the continent. “As a businessman too, I know how it feels to wish for a lifeline, to hope for a ‘big break,’ to look forward to some luck,” says Tony O. Elumelu, the company’s owner.
7. African Development Foundation
The United States African Development Foundation assists African entrepreneurs by giving them initial capital. Agriculture, energy, and youth-led businesses all benefit from the foundation’s technical assistance.
It not only distributes seeds and funding, but also trains, and evaluates businesses’ progress as well as their growth. They provide assistance at various stages of the project and provide mentorship opportunities for entrepreneurs.
8. The Next Titans Show
It is a program for business owners to raise funds for their businesses. It’s a scout for ambitious entrepreneurs with exceptional business ideas and entrepreneurial intelligence.
This program also assesses participants’ commercial acumen and business savvy before selecting a winner. The main reward is N5,0000,000, plus a brand-new automobile to help the intended business.
9. Lagos State Employment Trust Fund
The Lagos State Employment Trust Fund established the program in 2016. Its main goal is to help state inhabitants, increase job possibilities, and promote innovation and creativity.
This fund’s objective is to invest N25 billion in people’s companies to help them flourish. Some of the money will be used to teach youths in order to help them gain the skills they need to attain decent jobs. ReDahlia Workspaces is a partner hub for Lagos innovates, which is accomplishing a lot.
10. Loftyinc Capital Management
Idris Bello, a co-founder of the program, wrote on the organization’s website about how they intend to help business entrepreneurs. In their statement, here is what they have to say.
The Afropreneurs Fund II, a new $25 million fund for African-American businesses, has been launched. It will focus on early-stage African enterprises that use technology to have a positive social impact and tackle major issues.
The Afropreneur Funds’ main purpose is to use these investments to make a positive social effect. Sir Idris Bello also added by saying that, It contributes as much to social transformation and impact as it does to the bottom line. He also stated that, it will help to lift millions of people out of poverty, illiteracy, illness, and lack of jobs.
11. The Government Enterprise And Empowerment Programme (GEEP)
The federal government of Nigeria set and allocated N112.2 billion for enterprise empowerment in the 2017 budget, which was signed a few weeks ago. The scheme was created to offer business owners and craftspeople in the country interest-free loans. Recipients of the initiative will receive loans ranging from 10,000 to 100,000 naira with a one-time 5% administrative fee.
By 2016, the scheme helped around 200,000 Nigerians. The federal government, through GEEP and four other social investment schemes, wants to assist Nigerians in financing their enterprises.
12. Business Development Fund For Women (BUDFOW)
The Bank of Industries manages BUDFOW, which is a project of the Federal Ministry of Women Affairs and Social Development (FMWASD).
The foundation’s mission is to empower dynamic and ambitious women, as well as to encourage young women to be innovative enough to compete in the business world.
N165 million has been disbursed since its beginning. The fund is supported by the interest and returns from those who have been paid out. It isn’t just for startups; it also helps individuals who want to grow their companies. To take advantage of this perk, businesses, companies, and firms must be registered and licensed to be eligible.
13. African Women’s Development Fund
The main goal of this initiative is to empower women and promote equality throughout Africa. It provides women with financial assistance as well as other necessary resources. They currently have 1,160 women’s organizations in their network from 42 countries.
They provide unique funding to the organizations in their network in addition to individual opportunities. This program aims to empower women through training, supporting, and amplifying their voices, as well as making them financially self-sufficient.
14. Get Funding from Conventional Banks
Banks offer services that support entrepreneurs getting funding. Look at their websites to see what kinds of programs they offer to businessmen and women.
BET (Building Entrepreneurs Today) is a project run by Diamond Bank in partnership with the Lagos Business School’s Enterprise Development Center.
BET invests N3 million in five entrepreneurs each year. The application procedure is lengthy and begins in July of each year.
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