Top 10 business grants for Nigeria entrepreneurs (2024)

If you are a startup business owner who is looking for grants to finance your business, then you have come to the right post. It’s no secret that finding grants today can be hard but with this guide, you can acquire a business grant this year. You’ll find 10 grant opportunities for entrepreneurs in Nigeria in this piece.

Top 10 Business Grants for Nigeria Entrepreneurs

1. Tony Elumelu Foundation (TEF) Grant

The Tony Elumelu Foundation (TEF) is one of the best business grants for entrepreneurs this year. Tony O. Elumelu established the foundation in 2010 as an African non-profit organization with its headquarters in Lagos, Nigeria. Since 2010, the Foundation has supported more than 18,000 African businesses in 54 African nations.

Once approved as a TEF entrepreneur, you will have access to a premium network of mentors, tools, and support to help you turn your company concept into a reality, scale up, and expand rapidly. You will also get $5,000 in non-refundable initial cash to help you launch your business. You can visit tefconnect to fill out and submit your application.

Eligibility

• You must have legal rights to work in the African nation from which you are applying.
• The business must be based in Africa, and you must be a legal resident of one of the 54 African nations.
• Your firm must be in its early stages, between 0 and 3 years old, or have a business plan.
• Your company proposal must be profitable, focused on a single business line, and original to those applying.
• To apply for the program, you must first establish a tefconnect account and fill out an online entry form.

2. Bank of Industry (BOI) Grants

The Bank of Industry is Nigeria’s biggest, most successful, and oldest development finance organization. In 2001, the BOI was formed by the merger of the Nigerian Industrial Development Bank (NIDB) Limited. However, the NIDB has been in existence since 1964. 

The Bank of Industry offers different direct financing solutions. These include asset finance, secured loans, working capital loans, and more. The BOI distributes this money to enterprises across a broad variety of industries. Agriculture, agro-processing, information and communication technology, oil and gas, solid minerals, and the creative industries are among the primary focus areas. Other financial incentives include competitive interest rates and relatively extended payback durations. Loan facilities have tenors ranging from one to five years (and higher).

To apply for the business fund, go to https://www.boi.ng. Choose the best fund choice for your area of business and sector. Click the choice, then scroll to the bottom of the page. At the bottom, there is a “click here to apply” option.

Eligibility

• Must be registered with the Corporate Affairs Commission (CAC).
• Should possess a registration number for a Limited Liability Company or a Business Name.
• Ability to contribute to Nigeria’s industrial output.
• Projects primarily utilizing domestic raw materials.
• Industries capitalizing on Nigeria’s comparative advantages for competitiveness.
• Production of high-quality products for the domestic market and more.

3. Youth Empowerment and Development Initiative (YEDI) Grants

GroFin was founded in 2004 and is headquartered in Mauritius. The organization offers financing and support to SGBs in 14 countries in Africa and the Middle East. The countries include Nigeria, Kenya, South Africa, Zambia, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Rwanda, Egypt, Iraq, Jordan, or Oman.

Since 2004, GroFin has invested in 768 SMEs, supporting almost 77,960 employment. The foundation focuses on small businesses operating in education, healthcare, agri-processing, manufacturing and key services (water, energy and sanitation). You can get up to $1.5 million US dollars or a minimum of $100k. To apply you can visit the official website of GroFin.

Eligibility

• Your business must be in any of the following sectors: healthcare, manufacturing, agribusiness, education, or in these key service sectors – energy, water, waste, recycling, and sanitation.
• Your business must be in any country where their offices are located which is in the 14 countries.
• Your business is making a social impact – creating jobs, benefiting the environment, and empowering women.

4. IB Plc Hero’s Foundation KickStart Program

The Kickstart program is an International Breweries PLC corporate social investment (CSI) project, managed by its subsidiary IB PLC Hero’s Foundation. It aims to foster an entrepreneurial culture among Nigerian teenagers by encouraging them to turn their big ideas into sustainable enterprises or grow their current firms via the provision of material and financial assistance.

The program has a three-pronged strategy for training and developing young entrepreneurial capability. Mentoring and coaching to help experienced professionals exploit their skills, as well as grant funding. 

Eligibility

• You must be aged 18–35 years old.
• Must be a Nigerian citizen resident in the following states: Abia, Enugu, Imo, Anambra, Ebonyi, Edo, Delta, Rivers, Bayelsa, and Benue.

5. African Entrepreneurship Award 

The African Entrepreneurship Award (AEA) was established in 2014, with assistance from President Obama at Stanford’s Global Entrepreneurship Summit. The AEA is Africa’s biggest private-sector prize dedicated completely to assisting technology-based firms. Its main objective is to help generate employment and improve people’s lives throughout Africa. It is entirely supported by BMCE Bank of Africa, the second biggest bank in Morocco, North Africa.

The AEA has over 50 African university partners, and over half of the 4000 participants in the tournament are current students or recent graduates. The AEA awards $1 million to winners and is sponsored by BMCE Bank of Africa.

EFN launched its cooperation with the AEA in 2016, offering worldwide mentors, judges, trainers, and coaches both electronically and during the Africa finals.

Eligibility

• You must be an African citizen aged at least 18.
• Your company proposal must be relevant to the African market and incorporate a technical component.
• Your company concept must be profitable while also making a social effect.

6. Central Bank of Nigeria (CBN) AGSMEIS Loan Scheme

The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative that supports the Federal Government’s efforts to promote agricultural businesses for long-term economic development and job creation.

If you want to apply for this loan you must ensure you completed the NIRSAL MFB Entrepreneurship Development Institute (EDI) program. This loan presently has an annual interest rate of five percent (5%) and does not need collateral.

Eligibility

• You must complete a mandatory course at a NIRSAL MFB-certified Entrepreneurship Development Institute (EDI).
• Apply via the participating bank.
• Comply with tax rules and regulations.
• Comply with the requirements of the businesses and related concerns.

7. African Women Development Fund 

African Women Development Fund is a female-only grant organization founded in 2001. The organization strives to advance women’s rights and women-led organizations throughout the continent. It has granted more than $40 million in funding for women throughout the years.

The fund provides grants to groups that address topics such as body and health rights, women’s economic security and justice, leadership, participation, and peace.

The grant price for this fund is not specified, and various firms get different amounts.

Eligibility

• Must be directed by a woman, with a majority of its personnel and board being women.
• The business must be registered in an African nation and have been in operation for at least three years.
• Must have the necessary organizational structures for the proper execution of the project.
• An adequate financial management system is required to effectively account for monies received.
• Requirements include reporting on project results and completing application forms.

8. Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) Grant

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was founded by the SMEDAN Act of 2003 to encourage the growth of Nigeria’s MSME sector. 

If you are an adult with a company, you may apply for this grant. To apply for the grant, visit usadf.gov and fill out the form.

Eligibility

• You must be at least 18 – 45 years 
• Must have at least a WAEC/B.Sc or BA/HND degree.
• You should have a business and/or a business plan
• Your business must be located in Nigeria
• Have a valid ID

9. Youth Empowerment Nigeria (YEN)

Youth Empowerment Nigeria is a non-profit project organization that empowers youth. The program sponsors skill acquisition programs and other projects for Nigerian youths,

The project helps in job creation, leadership, Social work, etc. All the projects conducted are usually Youth-led and created. So if you have a project in mind you can apply to get a grant to do your project. To apply for YEN you can visit youthempowermentnigeria.org, sign up, and complete the form.

Eligibility

• You must be a Nigerian between 12 to 21 years old.
• You must have a national ID and a utility bill.
• Provide a business proposal.

10. Innovation Prize for Africa

Innovation Prize for Africa is another organization that provides grants for entrepreneurs in 2024. The grant is aimed at encouraging innovation-driven solutions to the myriad of challenges in Africa by Africans. 

The grant focuses on projects on Agriculture, Biodiversity and Sustainability, Digital Communication / ICTs, Life Sciences, and Health. The First prize is $1000,000, the Second prize is $25,000, the Third prize is $25,000, and the Recognition prize is $5000

Eligibility

• You’re a citizen of one of the following – Mali, Sudan, Burundi, Mauritius, Liberia, Comoros, Ivory Coast, Sao Tome and Principe, Egypt, Ethiopia, Equatorial Guinea, Guinea, Swaziland, Gambia, Tunisia, Madagascar, Rwanda, Lesotho, Gabon, Burkina Faso, Algeria, South Sudan, Nigeria, Guinea-Bissau, Togo, Sierra Leone, Chad, Angola, Ghana, Mauritania, Central African Republic, Somalia, Morocco, Niger, Seychelles, South Africa, Cape Verde, Senegal, Botswana, Libya, Mozambique, Namibia, Djibouti, Congo, Zambia, Burundi, Cameroon, Eritrea, Kenya, Benin, Zimbabwe.
• African diasporans are also eligible if they show they hold an African country’s passport.
• Must be Undergrad, PhD Candidate, PostDoc, Researcher, Consortium