There is a saying that “if you think your problem is finance, think again”. There are many individuals with brilliant business ideas in Nigeria, needing just the required funds to translate their ideas into tangible business establishments. Many entrepreneurs quit after many futile efforts to raise the money needed to start their business.
This article is to help you with the list of organizations in Nigeria that have taken it upon themselves to fund promising start-ups right from the scratch. It must be noted that the list below is in no particular order and should be treated as such.
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Africa’s Young Entrepreneurs Empowerment Nigeria ( AYEEN)
These establishment fund ideas and small businesses in different sectors of the economy. The winners of this grant are given their money without any form of interest to the organization and its organizers. The mission of this organization is to identify and fund enterprising Nigerian entrepreneurs and also offer mentorship services to the qualified entrepreneurs so as to help them scale their businesses. Applicants are required to fill a j18 form or they can as well forward a detailed business plan to the Lagos office of AYEEN. The money that is set aside for grant ranges between N500, 000-N1, 000,000. This organization undoubtedly merits to be listed among the top 5 organizations that give grants for Nigerian start-ups 2018.
Lagos Angel Network (LAN)
This organization comprises of a group of investors that provide seed funding, mentorship, and business support to start-ups in Nigeria. Priority is given to those businesses at the early stage. They utilize the venture capital for Africa to connect with these start-ups at the early stages. The mission of this group of investor is to create employment opportunities as well as improve entrepreneurship and economic development in Nigeria. Unlike AYEEN, LAN expects healthy returns on investment from any start-up that they have helped to fund. The grant ranges from N500,000- N5,000,000.
Tony Elumelu Entrepreneurship Foundation (TEEF)
This program was launched in 2015 by the Nigerian businessman, Tony Elumelu. Since inception, it has been a yearly programme. The goal of this foundation is to provide sewed funding of 10,000 USD to entrepreneurs across the African continent. Every year, about 1,000 winners are selected across Africa. The selection is based on market feasibility, capable team to run the business, and clear financial models. This organization sure deserves a spot among the top 5 organizations that give grants for Nigerian start-ups 2018.
YouWIN Connect Nigeria
This is a yearly program by the Federal Government of Nigeria to support business ideas, create employment opportunities by using enterprise education for young and business-minded Nigerians. All applicants must submit business plans as well as avail themselves to a series of mentorship programs.
The Next Titan
The last but not the least on the list of the top 5 organizations that give grants for Nigerian start-ups 2018. It is a yearly program with the mission of supporting Nigerian entrepreneurs. All successful entrepreneurs must proceed on a 14 weeks series of trials. This grant involves a cash prize of N5, 000, 000 and a special utility vehicle (SUV) car.