List of Available Business Grants in Nigeria & How To Apply (2020)

There are many types of grants in Nigeria that are given to entrepreneurs so as to help augment their enterprise or business. We will look at the business grants available Nigeria and how to apply for any of them.

List of Available Business Grants in Nigeria
Business Grants in Nigeria Today

A grant is defined as money or capital given to an individual or a business for a specific reason. While a business grant is equally an amount of money given to a business for the pupose of expanding and augmenting the enterprise. Grants are normally given by government or organisations and may be either refundable or not depending on the type. With this, it will be valuable to know the full list of available business grants in Nigeria, as we will be explain the eligibility and criteria on how to apply for it.

Types of Business Grants

There are various kinds of business grants which are offered depending on its nature. There is the: Direct grant, Repayable grant, Soft loan, and an Equity award which are awarded on different conditions.

List of Available Business Grants in Nigeria Currently

Here is a rundown of business grants available in Nigeria today, their qualification criteria and the type of funding they offer.

GroFin Fund

GroFin Fund is an independent organisations that offers business grants to African entrepreneurs. The Fund program centers around Small and Growing Businesses (SGBs) and they aim at supporting independent venture through monetary grants. GroFin finance supplies to help the development of developing business sector, both subsidizing and concentrated business.

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The Grant program finance Nigerian smaller scale, little and medium business (MSMEs) with their budgetary size of $100 million to develop small scale business outfits in the nation.

Qualification Criteria

There are certain prerequisites to meet before your business is approved for the Grant. One of such is that your turnover should be under $15 million. Your business assets should fall in the range of $100,000 and $1.5 million. The business must have ownership.

Shell LiveWire Funding

Shell Petroleum Ddevelopment Company offers this Grant for young entrepreneurs. This funding is meant to empower, train, and give subsidizing aids to youths so they can begin a business. However, a training program will be conducted to sucessful candidates so as to guide them in utilizing the grants in their business.

Qualification Criteria

The program is available for your business people whose age fall in the range of 18-30.
In line with the company’s plan to develop Nigeria’s oil and gas hub. All aplicants must be from Niger-Delta region or even the oil producing states in the country – Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta states, to be considered.

Tony Elumelu Entrepreneurship Program (TEEP)

The Tony Elumelu Entrepreneurship Program (TEEP) is the most popular available business grant and a yearly empowerment program that is backed by a business tycoon Tony Elumelu, to offer grants to businesses in Nigeria. The program was incepted in 2015 and it aims to giving $10,000 to about 1000 business men/women to develop their enterprise. These number of people are chosen yearly from all over Africa with primary focus in Nigeria.

Qualification Criteria

The business must not be older than 3 years and candidate must be a lawful indigene or resident of any nation in Africa.

Bank Of Industry (BOI) Grants

Youth Entrepreneurship Support (YES) is a youth empowerment program set up by the Bank of Industry (BOI) to offers grants to youth so they can develop their business. The empowerment grants program is aimed at tending to the troubling issue of youth joblessness in the country by aiding these young people to develop their business setups and also improve their business ideas.

Equiping the youths with information and grants to set them up to be able to utilize and maintain their own outfits is the objective of the Empowerment Support program. About two months of escalated online Entrepreneurship and Business Management training is always organised for those under this support program.

Qualification Criteria

These are the criteria to be eligible for this grant:

  • A Nigerian citizenship with an identity
  • The age of the applicant should fall between the ages of 18 and 35 as the program is a youth focus initiative.
  • The least required educational qualification should be an Ordinary National Diploma (OND).

Lagos State Entrepreneurs Trust Fund (LSETF)

The Lagos State Government set up the Employment Trust Fund (LSETF) in 2016, so as to mitigate the agonizing issue of unemployment in the State. The Grant is aimed at furnishing money related guides and also in help wealth creation for the citizens of the State.

Expanding Micro Small and Medium Enterprises (MSMEs) is equally the objective of this grant as a budgeted total of ₦25 billion is put into aiding Lagosians in their businesses and also help them with the business ideas they should employ to augment their enterprises.

Diamond Bank BET Program

Diamond Bank launched a Grant called Building Entrepreneurs Today (BET) and the program is intended to help growing business people. The program shortlist 50 candidates each year from the list of applicants, and they are sent on a training to prepare them in enterprising/business for a time of a half year. After the preparation is finished up, the best 5 are awarded a grant to utilize as capital for growing their business.

Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN) Financial Grants

This is a youth development program that is focused on engaging young entrepreneurs from Africa to be trained and given Grant to develop a business. Those who make it through are awarded grants as prizes, and with no stake in the business for the coordinators. After collecting the grant, it is being scrutinised and checked how it’s being used. Which means that the organizers of the program will be all around for a one year time frame to check on how you implement the fund.

Qualification Criteria

The main prerequisite for this program is that the applicant seeking for the grant must be a Nigerian and should reside in any of the states in the country.

African Women Development Fund

This is an empowerment initiative the is aimed at developing African women in businesses. It is a female-only grant that runs through the continent in empowering women. The African Women Development Fund gives grants to associations handling the issues of body and health rights, ladies’ monetary security, equity, leadership, investment business which concerns women.

How to Apply For Business Grants in Nigeria (2020)

Here is guide to lead you on applying for a business grant in any of the aforementioned grants givers this 2020;

Step 1: Draw Up A Professional Business Plan

This is the first thing you should have for you business. This means you need to draw an excellent marketable strategy for the enterprise. This is an importan record that you will use to offer your business to the Grant body, so as to increase your chances of being accepted.

Step 2: Define The Motive of Collecting Grant

Next for you is to know and have the direction for the business. Attempt to decide the thought process behind them giving you the grant, by asking yourself what reason they will grant you the Grant. Through this puzzling question, it will help you to set a motive for your business.

Step 3: Do The Application Procedure

After all is done, audit your application, ensure to make an additional duplicate for your own record and present the application through the predetermined medium by the grant body, and anticipate a favourable outcome.

Conclusion

This is our take on business grants that are currently available in Nigeria and how to apply for them. We were detailed these grants and further gave a guide on how to successfully apply for any of them.

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How To Register A Business Name in Nigeria Easily (2020)

Have you started up a business and you are looking at how to register your business and you don’t know how to go about it? This post will let you in on how to register your business name in Nigeria. You should be aware at this time that you’ll need to visit the Corporate Affairs Commission, CAC in Nigeria to get your business registered.

business-registration

A good name is better than silver. What your business is called by is more important than the profit margin it amasses. Having your business name registered has some advantages accrued to it. Some of this include; enjoying the privileges of being a legal entity, applying for a business loan and so on.

With a registered business name, there are lots of operational benefits to enjoy. In the course of this article, we would look at the steps on how to register your business name in Nigeria.

The Corporate Affairs Commission, CAC is the government body empowered with the responsibility of registering new business names and companies in Nigeria. On registering your business name with the CAC, no other company or individual can register or use the same name to transact business in Nigeria.

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The price for registration of new businesses vary depending on whether you’re registering the business by yourself or via a lawyer.

Why should I get my business name registered?

As stated earlier on, you would have a lot of operational benefits if you have your business name registered. One of such benefits is that your business would have a formal look. Your customers tend to deal with you with more trust and formality if your business is registered. As a plus, you would have a good affiliation with banks. You can open a bank account for your business dealings with a registered business name. You can even apply for a business SME loan. Some other bonuses could be the legal immunity you enjoy when your business name is registered.

Imagine applying for a loan and then default on the long run. This scenario where you have a registered business name would imply that the lender cannot tamper with your personal assets. Instead, the lender can only tamper with the assets of the company. so, with these advantages that have been brought to light, why not go on to have your business name registered today?

Where should I go to register my business name?

You can register your business name in the corporate affairs commission also known as the (CAC). The CAC was established in 1990 by the Nigerian Federal Government. The Job of the CAC is to register and maintain the registry of business names and companies in Nigeria. they have branches all over the 36 states of Nigeria. That does not exclude the FCT( Federal capital territory ), Abuja.

How do I register My business name?

Having your business name registered can take from 2 weeks to a month. Stick with me as we go through the steps of how to register your business name in Nigeria.

Step 1: Choose a name for your business

Picking a name for your business can take quite a toll. That doesn’t exempt its vitality. Your business name has to be unique and most importantly commercially oriented( that is if your business is about merchandise of any sort). Any business that you select should be able to communicate a thousand-word description of your enterprise in one phrase.  The final tip for choosing a business name is that it should be related to your business niche. You might want to involve an investment expert on this, should it turn out to be quite a task to choose a name.

Step 2: Take a trip to the Nearest Corporate Affairs Commission(CAC) Office

This federal body is responsible for the registration of new businesses in Nigeria. When you visit the CAC, the first thing you need to do is to check for the availability of the name you want. There is a form known as the “FORM 008”. You would be required to accurately fill the form. This would help avoid any hooks in the long run of your business name registration.

The CAC would take up to two weeks to get back to you. In some cases, it wouldn’t take that long. If on getting back, the name you inquired for is not available, you have to repeat the former process. If your business name is available, you can then go on with the next step on our subsequent paragraphs.

Step3: Take another trip to the Corporate Affairs Commission Office

There is yet another form to fill in this step. This form is called “Form 001”. It has to be filled with all scrutiny and accuracy. Also, doesn’t forget to ask questions if you need any sort of clarifications. After filling up Form 001, you would have to pay a fee of #10,000 only.

After making the payment, you would be given an affidavit/attestation form. Afterwards, you would need to endorse the Affidavit in any nearest court magistrate. Involving the court here might require at least a  minimum fee of N1000 naira only.

Additionally, you would need to provide some important documents for form 001. Some of this include 2 passport photographs, details of the business partner, Partners passport photograph would be also required.

Step 4: Collecting your Bussiness name certificate of registration

When all the steps have been completed, you would need to wait for a couple of weeks before going back to the CAC. If everything went well in the application procedure, you would have to wait for two weeks to receive your certificate.

Now that your business has been registered, you only have to wait a little for the collection of your business name certificate. This should take up to 7 -10 working days for your Certificate to be ready for pick. If your company is a Limited Company, your certificate will be sent to you once it is ready.

Some Benefits of Registering your Business name in Nigeria

Name Reservation

Imagine a scenario where someone else snaps up your business name. You won’t be able to register it any more ith CAC. And besides, the CAC is very strict on its policies relating to name similarities. When you register your you ave it reserved to yourself.

You will get a certificate of Incorporation

This certificate has a lot of values attached to it. It is the identity or seal that shows your clients that you are serious in your business dealings.  As a general practice, some companies paste a copy of their CAC certificate around their business premises. This helps communicate to their customers that they have a lot of credibilities.

Gain a lot of reputation

When you register your business, you gain a lot of interest and reputation in your business niche. It becomes easier to reach out to a lot of prospective customers with a formal font. That font is a registered business name.

Continuity

A business that is not registered might not have a strong foundation. With a registered name, you can push to have a continuity plan peradventure you die! It is important to note that without a continuity plan, your business might have a short life span.

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Irish Potato Farming in Nigeria: Guide on How To Start (2020)

In this post, we will go through the step by step process on how to farm Irish potatoes in Nigeria.

irish-potatoes

Presently, Nigeria is the eighth largest producer of Irish potatoes in Africa and her yield is about 843,000 tonnes but her consumption of these potatoes in our dear country is over 1 million tonnes. This means that there is more to do in potato farming to meet the demands of the ever-increasing population of Nigeria.

Even if the available statistics gives actual figures, we should understand that in reality, the information provided above may be lower than the statistics if we take into cognisance the amount of Irish Potato tubers that spoil during the process of storage and transportation.

In addition, over 60,000 tonnes of this crop is exported every year and this further reduces the quantity of produce available to Nigerian consumers. With this, it is very obvious that the demand is for Irish potatoes in Nigeria far surpasses the supply when putting into consideration that over 500,000 households in Nigeria consume Irish potatoes.

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Irish potatoes have interesting health benefits as the crop does not contain fat, cholesterol or sodium. It however, contains low calories which makes it a very healthy food to consume. This crop is rich in vitamin C, potassium, iron, vitamin B6 and fibre.

Health Benefits of Irish Potatoes

Some of the health benefits of Irish Potatoes are listed below:

1. Irish Potato fibres may help lower blood cholesterol levels.

2. Irish potatoes are a great source of potassium which also plays an important role in lowering blood pressure.

3. The vitamin B6 in Irish potatoes is very useful in maintaining brain and nervous system health.

4. Irish potatoes contain Vitamin Cook which is known for the prevention of common cold and scurvy.

In Nigeria, Irish potatoes thrive well in certain States of our federation and these states include Plateau, Kaduna, Kano and Katsina. The climate in the aforementioned States favours the cultivation of this crop.

Steps on How To Plant Irish Potatoes In Nigeria

Having said all that, let us now go into the details of cultivating Irish potatoes in Nigeria.

Step 1: Site Selection

You should consider carefully the site to pick in order for your crops to thrive. Irish Potatoes should be cultivated in an open area as with most other crops, this will allow it get adequate access to sunlight. Sunlight is very essential for plants to grow as it aids photosynthesis.

Any tree on the site that will prevent exposure to adequate sunlight should be cut down and removed. Ensure that the soil is fertile enough and well-drained. Your soil should have a pH range between 5.5 and 6.5.

Potatoes grow on a variety of soil types. To aid soil fertility, you are advised to apply organic manure to your soil.

The ideal land for potato farming should have been left unfarmed for at least 2 years. This helps to reduce the risk or incidence of disease infestation when you eventually start farming.

Step 2: Land Preparation

Land preparation involves the processes of clearing and getting the land ready for cultivation. Making of seed beds and fertilizer application is also necessary.

Step 3: Seed Selection

Seed selection is also very important. You need to get the best seeds in order to get a bountiful harvest. You should consider certain factors like disease resistance of the variety of seed to use for planting, time taken for the planted crops to mature, the yield as well as the overall quality of the potato produced.

Step 4: Planting

The Irish Potato planting season commences in March. The seeds are obtained by dividing the potato in to parts and planting these pieces. Each piece should be planted in a hole in a dry soil with a temperature of about 7C. Before you plant, you should allow a couple of days for the cut piece to form a protective layer around itself. This is important because this layer allows for moisture retention and helps to prevent rot.

The seeds are usually planted on ridges at about 15 cm from the surface of the top soil. However, this planting depth is dependent on the variety you are using.

An irrigation system should also be installed. Drip irrigation is the ideal irrigation method to be employed when cultivating potatoes. It helps to provide adequate moisture for the soil and the crop. It is also useful when applying nutrients in the correct quantities.

After planting, there are some very important post planting activities you need to carry out. For instance, watering is done at least once a week. After about 20 days, you’ll observe that the sprouting seedling has begun to grow leaves.

Also, you can apply inorganic fertilizers such as NPK to improve the quality of the soil nutrients and to enhance the growth of your crops. Additionally, you’d need to weed at intervals to ensure the plants are getting the appropriate amount of nutrients and moisture.

There are diseases that affect potatoes. These include black leg, bacterial soft rot, black scurf, potato blight and rhizoctonia. The variety of potato seeds planted is what determines disease resistance of your potato crop. You can also apply the appropriate treatment once you spot the signs of the disease.

Step 5: Harvesting

The maturity period of Irish potatoes is usually 2 to 3 months after planting. Once the foliage turns brown, it is a sign that harvesting should be started.

Harvesting is usually done when the soil is dry. During harvesting, gently dig up the potatoes from the soil so that you don’t bruise or damage the tubers. Make sure you brush off the dirt from the potatoes prior to storage.

After harvesting, your farm produce is ready to leave the farm for the markets and other distribution channels as soon as possible.

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