6 Startup Grants in Nigeria

Grants are a great way to get your business up and running with “free money.” Some of the best startup grants in Nigeria include the Bill & Melinda Gates Foundation Grants, the Center for International Private Enterprise (CIPE) Grant, Africa Enterprise Challenge Fund (AECF) grants, and the United States African Development Foundation (USADF) grant, among others. 

According to Fundera, One in four businesses surveyed by the National Small Business Association (NSBA) are unable to receive the required funding, which led to limiting the growth of their business. Consequently, this article will highlight and review popular startup grants in Nigeria for businesses and entrepreneurs to leverage to ensure growth. 

Top 6 Startup Grants in Nigeria

The list below is a compilation of some of the best startup grants in Nigeria. In no particular order, they include: 

1. The Tony Elumelu Entrepreneurship Program (TEEP)
2. Diamond Bank BET Program
3. Shell LiveWIRE
4. Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Grant 
5. African Business Heroes (ABH)
6. African Women Development Fund (AWDF)

Tony Elumelu Entrepreneurship Program (TEEP)

In the last decade, the Tony Elumelu Foundation has been a pivot for entrepreneurship and entrepreneurial development in Nigeria and Africa at large. One of its novel implementations is the Tony Elumelu Entrepreneurship Program (TEEP). The program has funded 17,000+ entrepreneurs, invested over USD 80 million as seed capital to support the kick-off and growth of businesses, and created 400k+ businesses in Africa. 

Tony Elumelu is undoubtedly a force to be reckoned with when it comes to startup funding and entrepreneurship development in Nigeria and Africa. Recently, the Tony Elumelu Foundation entered a partnership with the European Union to identify, train, mentor, and fund 2,500 young African women entrepreneurs. The partnership is geared towards broadening the scope of the foundation’s entrepreneurial development initiative. 

Requirements and Eligibility for the Tony Elumelu Entrepreneurship Program

1. The business must be based in Africa and established by an African residing in Nigeria or any of the other 53 African countries.
2. The business must have been operational for a maximum of 5 years; that is, the business’s age should be between 0 to 5 years.
3. Applicants must be 18 years and above or must be above the age considered ‘minors’ in their respective countries.
4. Applicants must not be related to members of the Tony Elumelu Foundation or other affiliated companies such as Heirs Holding Group and the UBA Group.

How to Apply for the Tony Elumelu Entrepreneurship Program

It is crucial to note that the Tony Elumelu Foundation does not just give out grants. They have a training program for entrepreneurs before they select those eligible for the grants. 

To apply for the Tony Elumelu Entrepreneurship Program, please visit https://tefconnect.net/. You’d find more information on the registration page. 

Diamond Bank BET Program 

The Diamond Bank Building Entrepreneurs Today (BET) program has surprisingly not been on the media’s radar like other startup grants in Nigeria. It recently began to get the visibility it deserved when one of the grant’s winners was featured on CNN’s African Voices Changemakers. 

Every year, Diamond Bank picks 50 entrepreneurs who are made to undergo six (6) months of intensive entrepreneurial/business training. After the training, five of these entrepreneurs are awarded financial grants worth 3 million naira each as seed capital for their businesses. 

While the pool of winners is small, it is encouraging to note that entrepreneurs from the pool of 50 would go home with valuable doses of entrepreneurial wisdom and business strategies. 

Requirements and Eligibility for Diamond Bank BET Program

To be eligible for the Diamond Bank BET program startup grant, you must be:

1. 18 years and above
2. A legal resident of Nigeria
3. Business owners must be willing to undergo entrepreneurial training
4. Business must be functional for at least three months
5. Applicants must not have attended any entrepreneurial Management program at EDC

How to Apply for the Diamond BET Program

You can win the three million grant offered through the Diamond BET program by applying at https://diamondbet.com.ng/. You will have to fill out a form, then create a 60 seconds video about your business idea and upload it as your pitch video. 

If you are among the lucky applicants, you will get contacted via mail. 

Shell LiveWIRE

Shell LiveWIRE is a youth enterprise development program that aims to enhance opportunities for young individuals to realize their potential by establishing and growing their own businesses. These enterprises contribute to a thriving economy and empower communities, fostering a sense of fulfillment among young people.

LiveWIRE Nigeria is a specific initiative within this program, supported by The Shell Petroleum Development Company of Nigeria Limited (SPDC). 

Requirements and Eligibility for Shell LiveWIRE Grant

If you meet the following criteria, you are encouraged to apply for the Shell LiveWIRE Grant:

1. You must be between 18 and 35 years old and reside in the Niger Delta states.
2. You should possess an innovative business idea that you aspire to develop and manage.
3. You should have a strong desire to own and effectively manage a business.
4.  A University degree or Higher National Diploma (HND) in any discipline is required.
5. Applicants must have completed the National Youth Service Corps (NYSC) program.
6. You should not be currently engaged in paid employment.

How to Apply for the Shell LiveWIRE Program

To apply, follow the steps below:

1. Visit the livewire.shell website and sign up.
2. Click on the icon located at the top right-hand corner.
3. Select the “Apply” option from the menu.
4. Access the Candidate assessment section.
5. Fill out the form with all the required details.
6. Keep in mind that the form cannot be saved, so ensure that you stay on the page until you are confident that you have completed it.
7. Once you are certain, click the “Submit” button.

It is advisable to write down your longer answers before filling out the form to simplify and speed up the process. If you meet the necessary requirements, you will receive an email indicating the next stage.

Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Grant 

The Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Grant, initiated through collaboration between the World Bank and the Federal Government of Nigeria, has emerged as a crucial lifeline for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria during the challenging times brought about by the COVID-19 pandemic. This grant program aims to provide financial assistance and support to MSMEs, helping them mitigate the adverse effects of the pandemic and fostering economic recovery.

It was started last year and there has been a recent extension of the program as announced by the Minister of State for Budget and National Planning, Prince Clem Agba. It is a unique opportunity for businesses and entrepreneurs that were severely affected by the COVID-19 pandemic as the World Bank has disbursed $750 million in grants. 

Requirements and Eligibility for the NG-CARES Grant

If you would like to access the NG-CARES grant, these are some of the requirements needed:

1. Applicants must be a Nigerian and present proof of identification such as NIN, Voter’s Card, and Driver’s license
2. Applicants must be between 18 and 40 and show proof of age declaration
3. Applicants must own a Bank Verification Number (BVN) with a bank printout duly stamped by the bank
4. Applicants should present proof of business operation
5. Business must be registered with the CAC and proof presented
6. Business should also have a Tax Identification Number (TIN)

How to Apply for the NG-CARES Grant

You can apply for the NG-CARES grant through the NG-CARES enumerators and agencies in your communities. They are in every community around the 36 states of Nigeria including the Federal Capital Territory (FCT). You can also apply through Chiefs, Women Leaders, etc. 

Africa Business Heroes (ABH)

The Africa Business Heroes initiative is courtesy of the Jack Ma Foundation’s pioneering philanthropic movement in Africa. Jack Ma Foundation is dedicated to empowering and uplifting local talent. To this end, the foundation is on course to provide financial grants to 100 exceptional African entrepreneurs. Aside from the grant, the Africa Business Heroes initiative is set to provide comprehensive training programs and support. This move is geared towards bolstering the entire African entrepreneurial landscape. 

The primary objective is to amplify the remarkable efforts of entrepreneurs driving meaningful change within their communities and beyond, fostering a thriving ecosystem of African entrepreneurship. Each year for the next decade, the Africa Business Heroes program will organize a competition where ten selected “business heroes” will compete for the coveted prize of USD 1.5 million in startup grants. 

Requirements and Eligibility for the Africa Business Heroes (ABH) Program 

The following are some of the requirements to be a part of the Africa Business Heroes (ABH) program:

1. Applicants must have Africa-based businesses that is the business must be domiciled in any of the 54 countries in Africa
2. Applicants must be Africans or have provable African descent 
3. Buisnesses must have passed the post-idea stage and be fully operational for at least three years with three years of revenue history 
4. Applicants must have a referral
5. Applicants must be willing to take part in marketing activities during the competition

How to Apply for the Africa Business Heroes (ABH) Program

To apply for Jack Ma Foundation’s startup grant initiative, you only need to visit https://africabusinessheroes.org/ and create an account. When the window opens, you’d provided with updates on what to do. 

African Women Development Fund (AWDF)

The African Women Development Fund offers grants and business support to businesses run by women in Africa. Based on its desire to help women-led businesses in Africa, it has created three categories of financial grants which includes General Grants, Kasa!, and Economic Justice Futures. Since 2001, the African Women Development Fund has offered $80 million+ in grants to female entrepreneurs. 

For more information about how each of the grant programs by AWDF works, please visit https://awdf.org/we-are-inviting-applications-for-grants/. 

Overall, to be eligible for a grant by AWDF, applicants must be women CEOs and founders. Additionally, their business must be geared towards addressing key issues facing women and girls in Africa. 

Conclusion 

Startup grants in Nigeria have transformed the entrepreneurial scene by giving budding businesses access to networks, coaching, and critical financial support. These grants have boosted inclusivity and diversity within the startup ecosystem while also fostering innovation and economic success. 

Even if there are still issues with accessibility and transparency, Nigeria’s future as a thriving center for innovation and business excellence could be shaped by the ongoing creation and support of startup funding. 

This article will be updated as soon as other opportunities break out.