For many Nigerian business owners, receiving one of the many available overseas grants for small businesses in Nigeria would be a lifelong dream come true. One of the main reasons small businesses fail is because they need more cash. The first step in getting your small business off the ground is investigating potential funding avenues.
Grants for small businesses in Nigeria will help you run your business better. There is always a means to secure financial backing. Simply do your homework, pick the option that best suits your needs, double-check that you fulfil all eligibility requirements, and submit an application. We wish you the best of luck securing the capital you need to grow your company.
This piece will tell you the best international grants for small businesses in Nigeria and how to acquire one.
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What are Grants?
A grant is a sum of money given to a person or a company for a specific purpose, usually without the expectation of repayment.
Large corporations, governments, non-governmental organizations, and affluent people offer donations for numerous reasons. The money is not a loan; therefore, there is no obligation to pay it back.
10 International Grants for Small Businesses In Nigeria
Obtaining a loan or grant is an excellent strategy to help finance and advertise your business. A loan compels you to pay it back after a specific time. The advantage of a grant is that it does not require repayment. Grants to help small enterprises are available from a wide variety of sources. Below are the top ten grants for small businesses in Nigeria.
- World Bank Grant
One option for Nigerian entrepreneurs seeking international aid is funding from the World Bank. Loans and grants are available to entrepreneurs and business owners all around the globe through the World Bank, a multinational financial institution. They work with the governments of underdeveloped countries to improve business, education, healthcare, and agriculture.
You can find out how to apply and if you meet the prerequisites by visiting their website.
- International Monetary Fund (IMF)
The International Monetary Fund (IMF) is a global financial agency that awards grants to non-governmental organizations (NGOs) to assist them in assisting company owners and the economically underprivileged.
After achieving independence, Nigeria quickly joined the IMF, which has since reaped several rewards. The International Monetary Fund has been a great help to many entrepreneurs by giving grants to small businesses in Nigeria. You can apply for this grant by checking their site to see whether you are eligible. You can find more information and application for the IMF on their website.
- Center For International Private Enterprise
The Center for International Private Enterprise (CIPE) is a non-governmental organization that funds business groups outside of governments. These groups include chambers of commerce, employers’ federations, trade associations, and private enterprise-oriented research organizations.
The grants that CIPE gives out are not for financial gain. Without official backing, private organizations outside the United States can award grants to their employees. Congress included the Corporation for Public Enterprise (CIPE) in the National Endowment for Democracy in 1983. (NED).
- United States African Development Foundation
The United States African Development Fund was set up to aid African firms financially and with technical assistance. It’s a non-profit that helps businesses grow by providing grants of up to $250,000. These can be used for advertising, hiring employees, buying equipment, etc. The USA Development Fund grant is available to anyone making a positive difference in their local community.
If you run a business and are involved in agriculture, want to get involved in agriculture, or sell agricultural produce, you should apply for this award because of its emphasis on agriculture. Any local firms in Nigeria or elsewhere in Africa are welcome to apply. Information is available on their website.
- The AXA Research Fund and Grants
The AXA Research Fund aims to provide financial support to outstanding researchers working to solve pressing social problems in life and health, data and technology, climate and environment, and economics. The AXA Foundation operates the AXA Research Fund as an offshoot.
This grant for small businesses in Nigeria has also funded 563 research projects in 35 countries, including Nigeria and South Africa, to €179 million as of 2018.
- The Africa Netpreneur Prize
Jack Ma, CEO, and co-founder of Alibaba launched the Africa Netpreneur Prize. He established this grant for small businesses in Nigeria to aid the country and 54 African nations’ burgeoning small business sector. The purpose of the award is to single out business owners that have the potential to make a positive contribution to the economy and community around them.
The owner of a small firm that has what it takes to solve a particular problem is the target audience for this grant. It’s an excellent tool for expanding your company’s reach. The Jack Ma Foundation encourages applications from all types of entrepreneurs, regardless of age, gender, or race.
There will be ten winners, and each will receive $100,000 from the $1 million prize pool. You may strike it big and win. There is information about the grant and an online application form on their website.
- GroFin Fund
For small and medium-sized enterprises (SMEs), GroFin is a financial institution that offers assistance in the form of grants for small businesses in Nigeria.
They think that a small or medium-sized business providing employment is the most effective means of bringing about societal and economic change, lowering the unemployment rate, and improving people’s standard of living.
Since its founding in 2004, the organization has invested in more than 700 small and medium-sized enterprises (SMEs), helped keep almost 90,000.000 people employed, and expanded its operations into 14 countries in Africa and the Middle East. About $500,000 in funding for small and medium-sized enterprises in Nigeria has been pledged. The program typically awards grants of between $100,000 and $105,000 to small Nigerian enterprises for six years.
- Takeda Young Entrepreneurship Award
The Takeda Young Entrepreneurship Award is a business competition sponsored by the Takeda Foundation to recognize and reward young people who use technology to address pressing social issues in their local communities.
The Takeda Foundation hopes that the ambitious efforts of young people to solve actual technological and social challenges will lead to the development of solutions that improve the quality of life for people worldwide.
- The Ford Foundation
The Ford Foundation is among the best-known philanthropies in the world. The organizations, the earliest of which date back to 1936, finance causes across the globe, including in the United States, Latin America, Africa, the Middle East, and Asia.
The organization has dispersed nearly $16.3 billion in grants since its creation. The Ford Foundation funds initiatives to reduce poverty and inequality spread support for democratic values, and increase human understanding.
- The International Financial Corporation
The International Finance Corporation (IFC), a subsidiary of the World Bank, is the largest international investment agency serving the private sector in developing nations.
Developing nations’ private sector can use IFC’s many financing offerings. Money is allocated on a project-by-project basis.
Local Grants for Small Businesses in Nigeria
Some local companies or institutions give grants to small businesses in Nigeria. Below are the top ones.
- Bank of Industry (BOI)
Young Nigerians with an entrepreneurial spirit are encouraged to participate in a program launched by the Bank of Industry (BOI).
The Young Entrepreneurship Support (YES) Program is part of the BOI’s efforts to reduce Nigeria’s high youth unemployment rate by helping young people develop their skills and implement their business ideas.
The YES program is an excellent resource for young people interested in starting businesses and gaining valuable management experience.
- Diamond Bank BET Programme
In order to help three new business owners get their ventures off the ground, this grant program for small businesses in Nigeria will award a total of three million nairas (N3,000,000).
The term “seed capital” refers to the initial investment required to launch a business or new venture. Diamond Bank’s BET program is well-suited as a prize for a small business because of the incentives it offers.
- Tony Elumelu Entrepreneurship Program
A Nigerian businessman named Mr. Tony Elumelu founded a yearly program called the Tony Elumelu Entrepreneurship Program (TEEP), administered by the Tony Elumelu Foundation (TEF).
This program was launched in 2015 to give African startups a helping hand by providing them with $10,000 in early cash. The program selects 1,000 African business owners annually from a field of over 50,000 applicants.
One thousand African business owners are selected yearly from a pool of more than fifty thousand applicants. Experts in the relevant field review each application, ultimately determining the winners based on market potential, transparent financials, and competent leadership.
To become a successful business owner or entrepreneur, applying for grants for small businesses in Nigeria is crucial. You must do some digging, make sure you qualify, and then submit an application. Nigerian business owners must remember that not all grants are open to them.