Here are five (5) Federal Government Business Funding Programs you should not miss.
The economic crisis and the Covid-19 pandemic have inspired a growing number of Nigerians to embrace entrepreneurship.
As a result, entrepreneurs are launching new funding initiatives to support Nigerian youths, business owners, and the economy in the long term.
Nigerian businesses now benefit from Federal Government Business Funding programs, sharing ideas, and growing.
The Nigerian government is actively supporting small businesses, with many new programs aimed at economic recovery post-COVID-19.
Federal Government Business Funding Schemes
1. FG Survival Funds
The Survival fund program was created to provide support for micro, medium and small enterprises (MSMEs) in meeting payroll objectives.
Those who are eligible to apply for the fund include technicians, self-employed, transportation workers and artisans can access up to N50,000 from the fund. The Federal Government survival fund is aimed at improving the lives of Nigerians.
2. Nigeria Youth Investment Funds (NYIF)
NYIF stands for “Nigeria Youth Investment Fund” which happens to be the brainwork of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria.
The Nigeria Youth Investment Fund scheme was approved on the 22nd of July 2020 by the Federal Executive Council. It’s a N75 Billion Naira three years program created to cater for youth-owned businesses and investments. It was created to fund the Nigerian youths.
3. PAADS Loan
P-AADS, or the Private Sector-Led Accelerated Agriculture Development Scheme, is an agricultural loan program launched by the Nigerian government. It provides loans exclusively for farming purposes to assist both established and new farmers in increasing food production across the country.
Objectives Of PAADS Loan:
- Promote food security through the provision of large contiguous land for
agricultural production across all states; - Fast track land clearing for primary production of agricultural commodities;
- Collaborate with agro-processors engaged in backward integration by providing financing for extended land clearing in proximal locations for cultivating commodities for the supply of industrial raw materials;
- Support other capable stakeholders interested in unlocking land for agriculture through appropriate financing; and
- Engender job creation for individual farmers that will cultivate on the cleared land.
4. Guaranteed Offtake Scheme
The Guaranteed Offtake Stimulus Scheme is a government initiative focused on supporting and safeguarding the incomes of Micro and Small Enterprises (MSEs). The program aims to assist a total of 100,000 MSEs across various states in Nigeria, with allocation breakdowns including Lagos: 3,880, Kano: 3,280, Abia: 3,080, and other states receiving 2,640 beneficiaries each.
5. NPower NEXIT
NEXIT is a program designed for former N-Power beneficiaries. It’s a website where these individuals can apply for empowerment opportunities provided by the Central Bank of Nigeria (CBN).
The Ministry of Humanitarian Affairs, Disaster Management, and Social Development launched this platform in partnership with the CBN, allowing ex-N-Power beneficiaries to access and apply for different economic and entrepreneurship options.
Note: Unless explicitly stated, we are not affiliated with any organization or company listed on our website. Neither our website nor the organizations listed will request money from you to benefit from any opportunities. Avoid sharing your banking details with any organization or individual in exchange for job opportunities.