3 Federal Government Fund for Nigerian Business Owners [How to Apply]

This post contained some of the Federal Government support schemes. It provides a know-how to apply for each.

The federal government of Nigeria introduced several programs to empower citizens. Individuals with the criterias are advised to carefully read the scheme details, provide essential documents, and begin the online application process.

Here is a list of federal government grants available for Nigerians:

Artificial Intelligence Fund

The federal government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has announced the launch of the N100 million AI Fund to boost job creation and nurture more entrepreneurs. The announcement  was released on the NCAIR Twitter page on September 13th, 2024

The AI Fund, in collaboration with Google, is an initiative designed to empower 10 Nigerian startups leveraging AI in their technology products.

The federal government aims to;

Address local challenges with AI solutions.
Drive job creation and economic growth.
Establish Nigeria as a competitor in the African and Global AI landscape.
Benefits:

The benefits consist of the N100 million fund will provide:

Grant funding of up to ₦10 million per startup.

Access to Google AI tools, resources, and mentorship from Google engineers.

Connection to Google’s vast network and opportunities for global exposure.
Who’s Eligible for the AI Fund

Below is the list of companies that can apply for the fund

• How to Apply

Visit the NCAIR website by clicking [here].
Enter your detailed and accurate information.

Review and confirm all your details and documents before submitting.

Presidential Intervention Fund (PIF)

The Federal Government has announced the launch of N200 billion Presidential Intervention Fund to aid the growth of Micro, Small, and Medium Enterprises (MSMEs) and manufacturers.

N75 billion will be allocated to MSMEs while N75 billion will be allocated to manufacturers under the Presidential Intervention Fund Programme.

• Eligibility

To qualify for the Presidential Intervention Fund (PIF), applicants must meet the following requirements:

Operate an existing business with at least one year of operations or possess a registered start-up.

Present valid business registration documents from the Corporate Affairs Commission (CAC).

Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.

Meet the required monthly turnover and other specific requirements as stipulated by the bank.

• Requirements

The program demands applicants provide a personal guarantee

Agree to a Bank Verification Number (BVN) covenant.

Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.

• How to apply

Applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.

For more detailed about the Presidential intervention funds, applicants should visit the local state Bank of Industry branch.

Nigeria Youth Investment Fund

The objective of the N-YIF is to improve access to finance for youths and youths-owned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalized, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.

• Eligibility Criteria for NYIF

Be a Nigerian citizen aged between 18 and 40 years.

Have a business or business idea that aligns with the Fund’s objectives.
Possess a National Identification Number (NIN).

Demonstrate a willingness to contribute to Nigeria’s economic development.
Provide a viable business plan.

• Required Documents: Applicants must upload the following documents:

Copy of National Identification Card (NIN)

Business Registration Certificate

Business Plan/Proposal

Proof of Business Ownership (if applicable)

• How to Apply

The application process for the NYIF is straightforward and involves the following steps:

Register: Visit the NYIF website by clicking [here].

Fill in the application form: The registration process requires basic personal and business information.

Upload Documents: Applicants must upload the necessary supporting documents, including: A copy of the National Identification Card (NIN), Business Registration Certificate, detailed Business Plan/Proposal, and proof of Business Ownership

Submit Application: Once the form and documents are complete, applicants can review their submissions and submit the application online.

Complete the Application Form: After registration, applicants must fill out an online application form. This form requires detailed information about the business or business idea, including financial projections, market analysis, and business strategy.