Entrepreneurs in Nigeria face various challenges, including access to capital. Fortunately, several grants and funding opportunities are available in 2024 that aim to support innovative business ideas, startups, and small and medium-sized enterprises (SMEs). These grants encourage business growth, innovation, and social impact.

Grants are financial lifelines and provide resources like mentorship and business development support. With increasing governmental and international focus on entrepreneurship in Nigeria, there is no better time than 2024 to explore these opportunities.

In this article, we will give you 10 of the most prominent and major grant opportunities available to Nigerian entrepreneurs in 2024, including funding amounts, eligibility criteria, how to apply, and application deadlines.

Top 10 Grants and Funding Opportunities for Nigerian Entrepreneurs in 2024

1. Tony Elumelu Foundation Entrepreneurship Programme

The Tony Elumelu Foundation Entrepreneurship Programme is one of the most renowned initiatives for African entrepreneurs. Established to empower young entrepreneurs across the continent, it offers $5,000 in seed funding, training, and mentorship to selected participants.

• Eligibility criteria: Open to all African countries, including Nigeria. Applicants must have a viable business idea or a business under three years old.
• Funding Amount: Up to $5,000 in seed funding.

• How to apply: The application is done online through the foundation’s portal. CLICK HERE TO APPLY
• Key benefits: Besides the grant, participants receive access to a vast network of mentors and business resources.

2. Bank of Industry (BOI) Youth Entrepreneurship Support (YES) Programme

The BOI’s YES programme targets Nigerian entrepreneurs between the ages of 18 and 35, offering funding to those seeking to establish or expand their businesses.

• Eligibility criteria: Open to youth with entrepreneurial skills or those with businesses seeking expansion.
• Funding Amount: Up to ₦10 million, depending on the business plan and sector.

• How to apply: Applicants can apply through the Bank of Industry’s website. CLICK HERE TO APPLY
• Key benefits: Besides financial aid, the programme includes business development services and training.

3. Lagos State Employment Trust Fund (LSETF)

The Lagos State Employment Trust Fund (LSETF) is a Lagos State Government initiative to support entrepreneurs within Lagos by providing access to low-interest loans, skills training, and job creation opportunities.

• Eligibility criteria: Entrepreneurs must be residents of Lagos State and have a valid Lagos State Resident Registration Agency (LASRRA) card. The business must also be located within Lagos.
• Funding Amount: Up to ₦5 million for MSMEs.

• How to apply: Applications are done through the LSETF online portal, where applicants are required to submit a business plan and relevant documentation. CLICK HERE TO APPLY
• Key benefits: In addition to funding, LSETF offers mentorship and skills development programs tailored to meet business needs.

4. African Development Bank (AfDB) Youth Entrepreneurship Grants

The African Development Bank (AfDB) supports African youth through various entrepreneurship programs. Their youth entrepreneurship grants are designed to spur innovation and economic development across the continent.

• Eligibility criteria: Open to young African entrepreneurs, especially those in industries like agriculture, technology, and renewable energy.
• Funding Amount: Up to ₦10 million for MSMEs.

• How to apply: Applications are submitted through AfDB’s entrepreneurship platforms and require a detailed business plan and project proposal. CLICK HERE TO APPLY
• Key benefits: Besides financial support, entrepreneurs gain access to AfDB’s network of industry experts and business development resources.

5. SheTrades Initiative

The SheTrades Initiative, led by the International Trade Centre (ITC), is a global program aimed at empowering women entrepreneurs by improving their access to markets and financial opportunities.

• Eligibility criteria: The program is open to women-owned businesses in Nigeria and across Africa.
• Funding Amount: $50,000 shared among finalists.

• How to apply: Entrepreneurs can apply by registering on the SheTrades platform, where they can access training, market links, and funding opportunities. CLICK HERE TO APPLY
• Key benefits: Grants, business development services, and access to international trade networks are provided to women entrepreneurs to grow their enterprises globally.

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6. National Youth Investment Fund (NYIF)

The National Youth Investment Fund (NYIF) is an initiative by the Nigerian government aimed at empowering youth entrepreneurs by providing grants and loans to boost small and medium enterprises (SMEs).

• Eligibility criteria: Open to Nigerian youths between the ages of 18 and 35. Applicants must submit a viable business idea or proof of an existing business.
• Funding Amount: Up to ₦10 million, with flexible repayment terms.

• How to apply: Applications are processed through the NYIF portal, with applicants required to provide a business proposal and necessary identification documents. CLICK HERE TO APPLY
• Key benefits: The NYIF offers both loans and grants, along with access to entrepreneurship training programs.

7. U.S. African Development Foundation (USADF) Grants

The U.S. African Development Foundation (USADF) provides grants to African entrepreneurs, with a focus on agricultural and energy-based enterprises. These grants are specifically aimed at empowering marginalized and underserved communities.

• Eligibility criteria: Applicants must be African citizens and own businesses in underserved areas, particularly in the sectors of agriculture, renewable energy, or youth-led enterprises.
• Funding Amount: Up to ₦10 million

• How to apply: Applications are done online via the USADF portal, where business proposals and relevant documents are submitted. CLICK HERE TO APPLY
• Key benefits: Grants of up to $250,000 are available, along with business development support, mentoring, and access to international markets.

8. Anzisha Prize for Young African Entrepreneurs

The Anzisha Prize is awarded to young African entrepreneurs who have developed innovative solutions that positively impact their communities. This prize supports early-stage businesses across the continent.

• Eligibility criteria: Open to African entrepreneurs aged 15-22, with an existing business that demonstrates potential for growth.
• Funding Amount: $50,000 shared among finalists.

• How to apply: Applications are submitted online, and entrepreneurs must showcase their business’s impact and growth potential. CLICK HERE TO APPLY
• Key benefits: Winners receive funding, ongoing support, and mentorship from the Anzisha network, helping them scale their businesses.

9. Federal Ministry of Youth and Sports Development (FMYSD) Grants

The Nigerian Federal Ministry of Youth and Sports Development offers a range of grants aimed at empowering youth and promoting entrepreneurship in sports, technology, and creative industries.

• Eligibility criteria: Open to Nigerian youths between the ages of 18 and 35, with a focus on those involved in technology, sports, and creative industries.
• Funding Amount: Up to ₦10 million, with flexible repayment terms.

• How to apply: Applicants can apply through the Ministry’s website, where they must submit a business plan and demonstrate the potential impact of their business. APPLY HERE
• Key benefits: Besides funding, recipients receive training, mentorship, and access to business resources.

10. Nigeria Youth Futures Fund (NYFF)

The Nigeria Youth Futures Fund (NYFF) is an initiative designed to support Nigerian youth in nation-building efforts through grants for civic participation, social change, and entrepreneurial ventures.

• Eligibility criteria: Open to young Nigerians engaged in social change and entrepreneurial activities that have the potential to contribute to the development of their communities.
• Funding Amount: Up to ₦5 million, with flexible repayment terms.

• How to apply: Applications are submitted through the NYFF portal, where applicants provide a project plan and demonstrate the impact of their work. CLICK HERE TO APPLY
• Key benefits: In addition to financial support, NYFF offers access to leadership development programs and capacity-building resources.

How to Identify the Right Funding Opportunity for Your Business

Selecting the right funding opportunity is crucial for maximizing your chances of success. Consider the following factors when applying for grants:

• Industry focus: Some grants are tailored to specific industries, such as technology, agriculture, or creative arts. Ensure that the grant aligns with your business’s sector.
• Eligibility requirements: Carefully review the eligibility criteria to determine whether your business qualifies for the grant.
• Funding amount: Different grants offer varying amounts of funding. Choose a grant that meets your financial needs and aligns with your business goals.
• Application process: Some grants may require a lengthy application process, while others are more straightforward. Be prepared to invest time in crafting a solid business proposal.

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Tips for a Successful Grant Application

• Craft a Compelling Proposal: Clearly outline your business goals, the problem you are addressing, and how the grant will help you achieve your objectives.
• Prepare Required Documents: Most grants require supporting documents such as business plans, financial statements, and identification. Make sure all documents are up-to-date and accurate.
• Follow Instructions: Each grant has specific application requirements. Pay close attention to deadlines and submission guidelines to avoid disqualification.
• Demonstrate Impact: Show how your business will create jobs, foster innovation, or contribute to social change in your community. Highlight your long-term vision and scalability.
• Leverage Networking Opportunities: Many grant programs offer access to mentorship and business networks. Use these connections to strengthen your application and improve your chances of success.

Frequently Asked Questions (FAQs)

Who is eligible for these grants?

Most grants are open to Nigerian entrepreneurs, especially youths, women, and those in underserved areas or specific industries like agriculture and technology.

How can I apply for multiple grants?

Apply to as many grants as your business qualifies for, but ensure that you can manage the application process and meet the requirements for each grant.

What are the common challenges in securing grants?

Competition for grants is high, and the application process can be time-consuming. Make sure your business proposal is well-researched and clearly demonstrates the impact and viability of your business.

How long does it take to receive funding?

The timeline varies depending on the grant, but it can take anywhere from a few weeks to several months.

What industries are prioritized for these grants?

Priority is often given to industries like agriculture, technology, renewable energy, and creative sectors.

Do I need to repay the grants?

No, grants are non-repayable funds. However, you must use the funds as specified in your proposal and follow up with reporting requirements.

Bottom Line

With the growing support for Nigerian entrepreneurs, 2024 offers exciting opportunities to access grants and funding that can propel your business to new heights. Whether you’re just starting or looking to expand, these grants provide the necessary financial backing, mentorship, and resources to help you succeed. Take the time to explore these opportunities, apply strategically, and position your business for long-term success.