All over the world, the major challenge most young chaps and whosoever are interested in setting up a business most often faced is the funding and funding issues. So we come up with the full list and how to apply for the federal government grants in Nigeria. Most people have beautiful business ideas and vision that if properly handle and implemented can turn to the hub of employment to so many people even if it will not fetch the nation a giant and reasonable income.
Many body and charity organization has been saddled mostly with helping young ones other in implementing their vision and setting it in motion to keep the ecosystem balance and yielding to the populace, some has successfully helped why some are still battling with a fund to help these people.
Nevertheless, the government body which is to see to overall affairs of citizens and how they thrive well even in the midst of political instability and economic downturn, in the past there has helping offer to traders, farmers, entrepreneurs and many people with ideologies to set up one or two business.
Even though most of the grants have not been fully utilized and as a result of the cankerworm that has eaten deep to most nation affairs most of these funds have being sided fund and use for personal affairs by officers involved. Most time, these funds are not available to the less privileged and those who have no one in the government set up or the department responsible for this fund.
How To Apply For Federal Government Grants In Nigeria
1. Federal Government Grants For Agriculture
This grant is the financial support from the federal government of Nigeria to support the agricultural sector. A farmer who has registered under this association is eligible for this type of grant.
How To Apply:
The following steps are to follow
- Visit the online platform opened for the grants or obtain the form is available places.
- Make sure you submit all required information by the federal government agency.
- While submitting the required information, be faithful to supply accurate information.
- Small Business Innovation Research Program
These are a form of Grants that are given out to small Scale businesses for the development of technology, also for scientific entrepreneurship.
You or your organization must be in line with the purpose and aim of these grants. There are several federal governments that agencies in charge of granting these supports.
2. National Institutes Of Health
This institution provides opportunities for business owners running under the small scale and companies that are into researching and into industrialized innovative technologies.
How To Apply
- Your company or organization must be a researching one.
- Must be commercially innovative.
3. Cybertipline Grant
This is the grant from the Department of Homeland Security, They give grants to small businesses that provide services and programs that help eradicate sex trafficking and exploitation of children.
How To Apply
Visit the federal government Online portal to fill the application form
4. Bank Of Industry BOI
BOI lunch a youth empowerment program where young people are empowered and grants are being released to them to begin a small-scale business?
How To Apply
- You must be a Nigerian
- You must have a business idea that will operate in Nigeria c. Must be between 18-35 ages
- Must latest possess OND.
- The application should be submitted online.
List Of Federal Governments Grants In Nigeria
5. Youwin Connect Nigeria.
It is a yearly program Initiated by the federal government of Nigeria to support ideas and businesses that are already running, job creation, and wealth creation.
How To Apply
Applicants are required to submit business plans and go through a series of mentorship programs
6. Federal Government Grant Application From World Bank
This is a grant scheme with the assistance of the World Bank to the federal republic of Nigeria.
The grant is opened to all eligible individuals. Kindly check here for more details
7. Social Intervention Fund Of FG
This fund is for artisans and owners of SMS businesses across the nation. The business owners can only access a maximum of N100, 000 at a three percent interest rate a year.
To Apply – The requirements for accessing the fund include membership of a business organization
8. Government’s National Social Investment Programme (N-SIP)
This is a grants program by the federal government of Nigeria for reducing poverty, unemployment.
To Apply, Kindly visit the online platform for the application.
9. Government Enterprise And Empowerment Programme (GEEP).
This is created to provide micro-credit facilities for men and women in order to reduce poverty among rural areas and provide skills development, training, and business support, rebuilding the economies of rural areas through financial grants.
WHAT IS A GRANT?
Grants are described as a means of funding a proposed project either by cooperate body or an individual, it can also be seen in the light of aid given to the able body and right-thinking business models to implement or support their business so as to provide cushion to such an individual, this fund is majorly targeted at the upcoming entrepreneur as a means of showing support by the government to such person. Federal Government grants are the amount of money given out as a form of assistance to an individual, organization small-scale business, etc. for a particular purpose or usage.
DIFFERENCES BETWEEN GRANTS AND LOAN
Most time, the majority are scared of taking a grant all in the name of being scared of paying a return or interest on given money, most people even hear of grants but keep a deaf ear to it all because they see grants as a loan. Some even go as far as thinking grants are a form of a cooperative society form. So many have missed the opportunity that should have benefitted their dreams and career as a result of ignorance.
Grants are quite different from other kind or type of Federal government financial assistance, grants are non-refundable assistance while other forms of financial assistance are refundable and at times it attracts the additional amount of interest for a specific period of time. The importance of a Federal grant is to help some schools to improve their facilities, help the non-profit organization, and also to help researchers to further on their research, also for the completion of projects. There are different types of Federal government grants with their requirements and also their method or mode of application. Below is a list of some of the federal government grants in Nigeria and how to apply for it.
MAJOR PURPOSE OF A GRANT
Given grant is not a ceremony the government which to just celebrate neither is it a culture they must do inculcate for no just course. Rather it is usually a form of reducing poverty in a nation, by proving means for able hands to work and give back to their nation. It is impossible for the government to start sharing money in the street or start giving gifts to everyone rather than the means to get across to able and thinking individuals is giving a grant. Also, it helps reduce the crime rate, hands that are supported by grants and business mentoring will find it hard to indulge in any form of atrocities that may arm fellow countrymen.
MAJOR CHALLENGES OF A GRANTS
The only problem the system of giving grants is having up to date is the corrupt system. Most means by which an individual should take up a grant has been corrupted and bastardized, often, it involves collecting a fee from an interested fellow, some officials go as far as asking the interested individual to promise to share the grants with them immediately they access the grants which is really a discouragement to many individuals.
POSSIBLE WAY OUT
The only system the government can put in place to avoid any form of corrupt practices in the method of accessing grants is to digitalize the process and procedure, makes all the procedure internet base, no need to judge users by name or location rather by ideas, dreams, and readiness to improve on existing marketing strategies. This might not be able to cure-all, but it promised to reduce all to barest length.
CONCLUSION ON THE LIST OF FEDERAL GOVERNMENT GRANTS IN NIGERIA AND – HOW TO APPLY
In this write up we have done justice to what grants in which we said it is a form of government give out cash in any form which is not refundable or has no interest, they are formed on which the government assists the upcoming business moguls or those that have interest in business but are incapacitated as a result of funding and other machinery that may be involved. Also, we have been able to differentiate between a loan and a grant, a loan is money that is being given to someone for a specific period of time and always comes with interest while grants are free and free. We have also listed above some of the federal government grants aid they give and how individuals interested can register for one and the steps to follow on how to register has also been being discussed. Check through the list and go-ahead today to opt0in for your interest choice, it is always good to benefit from the government.