Federal Government Youth Empowerment Programs in Nigeria: Its no news that post Covid-19 have left a lot of homes, company and institution penniless, this is why this article is timely. The major challenge most young entrepreneurs and those who have struggled in setting up a business often faced is funding, finding money in this economy to start up a new business, or aid a dying one.
A grant is an aid given to able body and right-thinking business models to implement or support their business so as to provide cushion to such an individual. Funds are majorly aimed at upcoming entrepreneurs as a means of showing support. Most time, people are scared of taking a grants all in the name of being scared of paying a return or interest on given money because they see grants as loans, or they simply have been poorly informed.
The FGN helps fund businesses through a variety of government-backed organizations or agencies including:
- Bank of Agriculture (BOA)
- Bank of Industry (BOI)
- Central Bank of Nigeria (CBN)
- Development Bank of Nigeria (DBN)
- Nigerian Export-Import Bank (NEXIM)
- Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
Also Check: Federal Government Youth Empowerment Programs: Steps to Partake
Federal Government (Youth) Empowerment Programs in Nigeria
Here is a full list of ongoing federal government empowerment programs available in Nigeria for youths, young entrepreneurs and small to medium scale enterprises. We have also detailed the requirements and how to apply for these programs.
#1. Basic Entrepreneurship and Skill Training Program (BEST)
BEST is an initiative aimed at providing directions in human capital development and also shielding young unemployed people from economic impact of Covid-19. The program will provide 774,000 paid training and job placements youths across Nigeria.
Requirements to Apply:
- Applicants must be a citizen of Nigeria
- Applicants should be of the age 18-35 years.
- Eligible applicants should visit the application portal via https://fbjwc.ng
#2. Agricultural Credit Guarantee Scheme Fund (ACGSF)
If you are a registered farmer under an association you will be eligible for this type of grant. This kind of grant is the financial support from the federal government of Nigeria to support the agricultural sector and all those that wish to venture into agricultural produce.
ACSS funds are disbursed to farmers and agro-allied entrepreneurs at a single-digit interest rate of 8.0 percent
Requirements to Apply
- You must be a citizen of Nigeria
- You should be 18 or above
- Membership of an association or cooperative may also be required
- Visit the online platform or obtain the form from your association
- For the online platform, you can access the information to apply at https://www.cbn.gov.ng/devfin/acgsf.asp
#3. FGN Social intervention fund
These are for artisans and owners of SMEs across the nation. The business owners can only access a maximum of N100,000 at three percent interest.
Requirements to Apply:
- Be a member of a business organization.
- You must be a citizen of Nigeria
- You should be 18 or above
- Visit the online platform via https://www.boi.ng/boi-products/fgn-special-intervention-fund-for-msme/ to submit required information
#4. Small Business Innovation Research Program (SBIR)
The Small Business Innovation Research Program (SBIR) was initiated to foster and stimulate technological innovations in the private sector. It aims at strengthening the role of small businesses in meeting the needs of Federal research or research and development.
Estimate total budget for this grant is US$1,150,000, with an award ceiling at US$575,000 and an award floor at US$570,000. This is in a bid to intensify the commercial use of research to yield development results. Also, it tries to improve the return-on-investment from development and research, which in turn improves the lives of beneficiaries, especially those with disabilities.
Requirements to Apply
- You must be a citizen of Nigeria
- You should be 18 or above
- Only a research company or organization is eligible to apply.
- The company should be commercially innovative.
- Visit the online platform via https://www.sbir.gov to submit required information
#5. YouWin Connect Nigeria
This is a yearly program Initiated by the Nigerian government to support ideas and businesses that are already running, to help encourage job and wealth creation.
Requirements to Apply
- Applicants are required to submit business plans
- Applicants will have to go through a series of mentorship programs
- You must be a citizen of Nigeria
- You should be 18 or above
- Visit the online platform via https://apply.youwin.org.ng/registerp.php to submit required information
#6. N-SIP Grants
National Social Investment Program (N-SIP) by the federal government of Nigeria aims at reducing poverty, and unemployment.
Requirements to Apply
- You must be a citizen of Nigeria
- You should be 18 or above
- Submit required information
- Kindly visit the online platform via https://nsip.statehouse.gov.ng/apply.php to start application.
#7. Government Enterprise and Empowerment Program (GEEP)
This was created to provide micro-credit facilities for men and women in order to reduce poverty among rural area, provide skills development, training, business support, and rebuilding the economies of rural areas through financial grants. To register for GEEP, please use the link: https://www.boi.ng/marketreg/
This article will be updated occasionally. Deadlines, requirements, other details might change! Please keep checking back for updates.
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