Federal Government Youth Empowerment Programs in Nigeria
Federal Government Youth Empowerment Programs in Nigeria: It’s no secret that the aftermath of Covid-19 has left a lot of people broke, which is why this piece is relevant.
The most common issue encountered by most young entrepreneurs and those who have struggled to establish a firm is finance, or getting money in the current economy to start a new business or assist an existing one that is dying.
A grant is a financial assistance provided to capable individuals with sound business ideas in order to help them execute or develop their firm and offer a cushion for them.
As a kind of encouragement, funds are mostly directed at aspiring entrepreneurs.
Most individuals are afraid of receiving grants because they are afraid of having to pay a return or interest on the money they have been given, or because they have been misinformed.
The FGN assists enterprises with funding via a number of government-sponsored organizations or agencies, including:
- Agriculture Bank of Canada (BOA)
- The Bank of Industry is a financial institution that specializes in (BOI)
- Nigeria’s Central Bank (CBN)
- Nigerian Development Bank (DBN)
- Nigerian Export-Import Bank (NEXIM) is a Nigerian export-import bank (NEXIM)
- Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN)
Federal Government Youth Empowerment Programs in Nigeria
Here is a complete list of current federal government empowerment initiatives for youths, young entrepreneurs, and small and medium-sized businesses in Nigeria.
We’ve also included information on the program’s qualifications and how to apply.
1. Basic Entrepreneurship and Skill Training Program (BEST)
BEST is a program that aims to provide guidance in human capital development as well as protect young jobless individuals from the economic effects of Covid-19.
The initiative would equip 774,000 adolescents in Nigeria with paid training and job placements.
Requirements to Apply:
- Applicants must be Nigerian citizens.
- Applicants must be between the ages of 18 and 35.
- Applicants who are eligible can go to the application site by clicking here.
2. Agricultural Credit Guarantee Scheme Fund (ACGSF)
This form of subsidy is available to registered farmers who are members of an organization.
This kind of grant is financial assistance provided by the Nigerian federal government to the agricultural sector and all those who aspire to engage in agricultural production.
Farmers and agro-allied enterprises get ACSS funding at a single-digit interest rate of 8.0 percent.
Requirements to Apply
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- It may also be necessary to join an organization or cooperative.
- Visit the internet portal or ask your organization for the form.
- You may find the information you need to apply for the online platform here.
3. FGN Social intervention fund
These are for craftsmen and small business owners all throughout the country.
The maximum loan amount available to company owners is N100,000, with a 3% interest rate.
Requirements to Apply:
- Become a member of a professional association.
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- Visit the online platform by clicking here to provide the necessary information
4. Small Business Innovation Research Program (SBIR)
The Small Business Innovation Research Program (SBIR) was created to encourage and support private-sector technology innovation.
Its goal is to increase the importance of small enterprises in addressing the demands of federal research and development.
The grant’s overall budget is estimated to be $1150,000, with an award maximum of US$575,000 and a floor of US$570,000.
This is part of an effort to increase the commercial use of research to produce development outcomes.
It also aims to boost the return on investment from development and research, which benefits beneficiaries, particularly people with disabilities.
Requirements to Apply
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- A research business or group is the only one who may apply.
- Commercially, the firm should be innovative.
- Visit the online platform by clicking here to provide the necessary information
5. YouWin Connect Nigeria
This is an annual initiative established by the Nigerian government to assist existing ideas and enterprises in order to promote employment and wealth development.
Requirements to Apply
- Business proposals must be submitted by applicants.
- Applicants will be required to participate in a series of mentoring programs.
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- Visit the online platform by clicking here to submit the required information
6. N-SIP Grants
Nigeria’s federal government’s National Social Investment Program (N-SIP) seeks to reduce poverty and unemployment.
Requirements to Apply
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- Please provide the requested information.
Please go to the online platform by clicking here to submit the required information
7. Government Enterprise and Empowerment Program (GEEP)
This was established to offer micro-credit facilities for men and women in rural regions in order to eliminate poverty, promote skills development, training, business assistance, and rebuild rural economies through financial awards.
Please visit https://www.boi.ng/marketreg/ to register for GEEP.
This page will be updated on a regular basis.
Deadlines, specifications, and other factors may vary! Please return to this page for updates.
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