Starting a business in Nigeria can be challenging due to the lack of funding and resources available, however, there are still plenty of options available for entrepreneurs who are looking to finance their business.
In this article, we will explore 20 business funding opportunities in Nigeria that can help you get your business off the ground.
From grants and angel investors to crowdfunding and micro-loans, all shall be covered here on all bases to ensure you have a good chance of getting the money you need to make your business a success, so read on to find out more about the different funding sources available in Nigeria.
What grants are available in Nigeria?
If you are looking for business funding opportunities in Nigeria, there are many options available to entrepreneurs some of them fall under the section of the Bank of Industry, the Nigerian Export-Import Bank, the Africa Development Bank, the International Finance Corporation, the Islamic Development Bank, and the World Bank are all large institutions that provide various forms of funding and below are a list of the currently available
1. The Federal Ministry of Industry, Trade and Investment, and the Nigerian Investment Promotion Commission
Both of these cooperation offer support to small and medium-sized enterprises (SMEs) in the form of grants while the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) provides assistance in the areas of training, promotion, and access to capital for SMEs.
2. Industrial Training Fund (ITF)
The Industrial Training Fund (ITF) is a government agency that provides resources for capacity building and skills development for businesses.
It also offers various forms of technical assistance and funding to business owners alike as the Raw Materials Research and Development Council (RMRDC) which is another government body that provides support for research into new technology and processes.
3. NOTAP and EPS
The National Office for Technology Acquisition and Promotion (NOTAP), the Enterprise Promotion Services (EPS), and the Bank of Agriculture are other sources of business funding in Nigeria.
4. Technical Aid Corps Scheme (TACS)
The Technical Aid Corps Scheme (TACS) is a national program that supports the deployment of technical personnel to rural communities.
The National Youth Service Corps (NYSC) offers grants and loans to young entrepreneurs.
6. The Development Bank of Nigeria (DBN)
The Development Bank of Nigeria (DBN) is a government-owned financial institution that provides funds to support micro, small, and medium enterprises.
7. The Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) also provides funding to businesses, while the National Directorate of Employment (NDE) offers employment opportunities and entrepreneurship training.
Overall, there are many business funding opportunities in Nigeria, ranging from government grants to private investments. With careful research, entrepreneurs can access these funds to start or expand their businesses.
List of Business Funding Opportunities in Nigeria
1. Tony Elumelu Entrepreneurship Programme
This is a 10-year, $100 million commitment by the Tony Elumelu Foundation to empower African entrepreneurs. The program offers seed capital, mentorship, and training to up to 10,000 African entrepreneurs every year.
2. Bank of Industry (BOI)
BOI provides credit facilities, equipment financing, and project finance to small businesses and entrepreneurs. They also offer special funding programs for smallholder farmers, women-owned businesses, and start-ups.
3. Accelerated Agricultural Development Scheme (AADS)
AADS provides funding and technical support to small-scale and subsistence farmers, allowing them to develop their farms and increase agricultural productivity.
4. GroFin Fund
GroFin provides loan and equity financing for small and medium-sized businesses across Africa.
5. Buhari Young Farmers Network (BYFN)
BYFN supports young Nigerians in the agriculture sector through access to business opportunities, expert advice, networking, capacity building, financial resources, and other services.
6. Nigerian Export-Import Bank (NEXIM)
NEXIM provides access to working capital and other financial services to Nigerian companies exporting goods or services outside of Nigeria.
7. Nigerian Women Trust Fund (NWTF)
NWTF supports Nigerian women entrepreneurs with access to financial resources such as grants and loans, as well as business skills development opportunities.
8. Federal Ministry of Agriculture and Rural Development
The Ministry provides grants, soft loans, and other incentives to farmers and agribusinesses to promote the growth of agriculture in Nigeria.
9. Zenith Bank SME Market Hub
Zenith Bank’s SME Market Hub connects aspiring entrepreneurs with potential investors and mentors, providing resources to help launch successful startups.
10. Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
NIRSAL provides risk-sharing guarantees on bank loans made to agricultural value chain actors in Nigeria.
11. Nigerian Content Development and Monitoring Board (NCDMB)
The NCDMB offers various grants, loans, and incentives designed to increase local content and technology transfer in the country’s oil and gas industry.
12. Central Bank of Nigeria’s Growth and Employment Project (GEMS4)
GEMS4 is a five-year World Bank-funded program that provides low-interest credits to Micro Small & Medium Enterprises (MSMEs) operating in select states throughout Nigeria.
13. GEEP (Growth and Employment in States Program)
GEEP is an initiative funded by the World Bank that helps to create jobs, expand small businesses, and boost incomes in vulnerable communities throughout Nigeria.
N-Power is the Nigerian government’s flagship youth employment program that provides job creation, empowerment, and investment opportunities for unemployed youth in Nigeria.
15. Raw Materials Research and Development Council (RMRDC)
RMRDC provides funds, human resources, and research infrastructure to encourage and facilitate research into locally available raw materials used in industrial production.
16. Bank of Industry (BOI) Creative Industry Financing Initiative
The BOI Creative Industry Financing Initiative provides financial resources and business advisory services to creative businesses in Nigeria.
17. Bank of Agriculture (BOA)
BOA provides credit facilities, asset leasing, and farm input supply to individuals and organizations engaged in commercial agriculture in Nigeria.
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With all the listed and so many other different types of business funding opportunities in Nigeria, it is important to do your research before applying for any of these sources of capital.