Sources to Apply for Small Business Grants in Nigeria 2024

Embarking on a new business venture necessitates financial backing, and in Nigeria, securing funds for your business is made more accessible and economical through the application for small business grants. Unlike traditional business loans, grants alleviate concerns about repayment, eliminating worries about term lengths, interest rates, APR, or refinancing. Here are notable sources of business grants tailored for startups in Nigeria:

1. Tony Elumelu Entrepreneurship Programme (TEEP):
   Launched annually by Nigerian business magnate Mr. Tony Elumelu through the Tony Elumelu Foundation (TEF), this program provides a seed funding of 10,000 USD for entrepreneurs across Africa. With over 50,000 applicants, the program carefully selects 1,000 entrepreneurs from various regions.
2. Bank Of Industry (BOI) – Youth Entrepreneurship Support (YES) Programme:
   BOI has initiated a youth empowerment program designed to support young and talented entrepreneurs entering diverse sectors of Nigeria’s economy. The YES Programme aims to combat youth unemployment by enhancing the capacity of young individuals and financially supporting their business ideas.
3. National Youth Entrepreneurship Empowerment Summit (NYEES):
   A Federal government-led initiative, NYEES focuses on equipping entrepreneurial youths with essential skills and mentorships to contribute to national development. The program includes entrepreneurship seminars, plenary sessions, lectures, open forums, skills acquisition training, and grants for pitching business ideas.
4. CBN Creative Industry Financing Initiative (CIFI):
   A collaboration between the Central Bank of Nigeria and the Banker’s committee, CIFI aims to enhance access to low-cost sustainable funding for entrepreneurs in the creative and IT sector.
5. African Women Development Funds:
   Dedicated to the development of African women in the business world, this initiative provides crucial financial support.
6. African Young Entrepreneur Empowerment Nigeria Financial Grants:
   Another valuable source of business grants targeting startups in Nigeria.
7. Diamond Bank BET Program:
   This program specifically caters to small businesses in Nigeria, offering grants to support their growth.
8. YouWin connect Nigeria:
   A joint effort of the Ministry of Finance, the Ministry of Communication Technology (CT), and the Ministry of Youth Development, YouWin connect Nigeria strives to create jobs by harnessing the innovative potential of Nigerian youths.

While these grants present excellent opportunities for entrepreneurs, it is imperative to recognize that each grant has its own eligibility criteria and application process. Thorough research and understanding of the requirements are essential before applying to maximize the chances of securing funding for your business endeavor.