Funding Opportunities available to Nigerian Businesses

Nothing more is important in any business than having the funds to run it. While the dream to launch a business can be beautiful and projection near perfect, implementation is a different story entirely. Funds are necessary to keep this dream alive among other factors. We have compiled a list on funding opportunities accessible in Nigeria:

GRANTS

Grants are a form of financial assistance given by international bodies, government agencies, corporations or foundations to fund projects that are of specific interest. Unlike loans, they are not expected to be repaid. Grants are a viable source of funding businesses.

• Anzisha Prize
• Unilever Young Entrepreneurs Award
• Development Innovation Ventures (DIV) Grants
• Tony Elumelu Foundation (TEF) Entrepreneurship Program

INCUBATION AND ACCELERATION

Incubators and Accelerators provides the proper facilities and services that will nurture and quicken the growth of businesses before eventually connecting them with investors. They often get public funds or sponsorships to accelerate businesses otherwise, they take a percentage of equity.

• Micro Traction
• Co-Creation Hub
• Seedstars
• Passion Incubator

LOANS

A loan is borrowed money. They are usually expected to be paid back with interest over a specified period of time. Some loans can be relatively easy to access with considerably low interest rates. Hence, they are an option to consider to fund your business project.

• CBN Creative Industry Financing Initiative (CIFI)
• International Financial Corporation (IFC)
• Bank of Agriculture (Non-Agric And Agric Loans)
• GroFin
• The Agri-Business/Small and Medium Enterprise Investment Scheme

ANGEL INVESTMENT

Angel investment is a funding option available to entrepreneurs to either start or scale up a business. It is given by an angel investor or a team of them usually in exchange for an equity in the business. Unlike Venture Capitalists who require huge profits, angel investors require comparative low return on their investment.

Angel investment is given usually in exchange for an equity in the business and requires comparative low return on their investment when compared to Venture Capital.

• Lagos Angel Network
• Abuja Angel Network

VENTURE CAPITAL

Venture Capital is given as a form of long term investment by investment firms in exchange for equity in the business.

• Ventures Platform
• Growth Capital Fund
• Lead Path Nigeria
• Spark Capital

This is not an exhaustive list and we welcome recommendations in the comment section.