Personal Grants/Loans in Nigeria 2024/2025

Grants are one of the best opportunities one can lay hands on, especially when trying to start/expand a business or sort some personal needs. When you are given grants, in most cases, you are not expected to pay back. It’s just like getting free cash to help oneself. This gives one a very relaxed mind, not bothering how to pay back in a stipulated time, had it been a loan.

From time to time, there are always a number of ongoing grant opportunities in Nigeria; ranging from grants for individuals and grants for businesses.  Whichever option, most of them may not really require connection to get, as it is always open for everybody that qualifies.

What is a Grant?

A grant is a financial gift given by a government, foundation, corporation, or organization to support a specific purpose or project. Unlike a loan, a grant doesn’t need to be paid back, which makes it attractive to individuals, businesses, and even non-profits looking to fund various initiatives. Grants are given for education, business expansion, research, community development, and more. They are designed to help people move forward without the pressure of repayment. In Nigeria, grants have become increasingly popular, especially as more Nigerians explore ways to fund personal or business projects.

With economic pressures and the rising cost of living and business setup in Nigeria, grants can provide a financial lifeline for many people. For students, grants can mean access to education without the worry of tuition fees. For business owners, grants can mean funds to purchase equipment, expand operations, or hire more staff. Unlike loans that come with interest and monthly payments, grants are a one-time financial boost to help recipients reach their goals faster and more effectively.

Types of Grants Available in Nigeria

In Nigeria, grants are often designed with specific goals in mind, which means they can vary widely based on who they are meant to support and what they aim to achieve. Generally, grants are categorized by purpose and eligibility, including grants for individuals, small businesses, and specific sectors such as agriculture, tech, and education. Each of these grant categories has unique requirements and objectives, targeting different segments of society to create opportunities, encourage entrepreneurship, or promote growth in key sectors.

Individual Grants

These grants are meant for individuals looking to fund personal projects or initiatives, such as education, skills acquisition, or community programs. They’re available from both local and international organizations.

Business Grants

Business grants in Nigeria are often provided by government agencies, non-profits, and even corporate bodies to support small and medium-sized enterprises (SMEs). These grants focus on helping businesses grow and create jobs.

Sector-Specific Grants

Some grants target specific industries, such as agriculture, technology, health, and education. These are typically sponsored by industry-related organizations or foreign donors who want to support development in these key areas.

Grants for Individuals in Nigeria 2024/2025

Grants for individuals serve for certain purposes that are not business needs. This could be for education, skills development, or even community projects that you are passionate about. If you are looking to take yourself to the next level or just get that extra push you need, these grants are worth checking out.

1.MTN Foundation Scholarship

The MTN Foundation Scholarship is one of the leading scholarship programs in Nigeria aimed at empowering students who demonstrate academic excellence, especially in STEM (Science, Technology, Engineering, and Mathematics) fields. This program by MTN Foundation, the CSR arm of MTN Nigeria, reflects its commitment to supporting Nigeria’s educational sector and nurturing young talents for the future workforce. It provides an opportunity for students in public institutions to complete their studies without the financial burden, allowing them to focus on academic success.

What the MTN Foundation Scholarship Offers

Each year, the MTN Foundation Scholarship awards successful candidates with up to N200,000 annually. This amount is intended to cover tuition, textbooks, and other educational expenses throughout the student’s studies, provided they maintain the required academic performance. This scholarship is renewable each year until graduation, giving beneficiaries the support they need to excel in their chosen fields.

Eligibility Criteria

To be considered for the MTN Foundation Scholarship, applicants must meet the following requirements:

• Applicants must be enrolled in a public university, college of education, or polytechnic in Nigeria.
• Only students in their second or third year are eligible to apply. They must also have a minimum Cumulative Grade Point Average (CGPA) of 3.5 (equivalent to a 2:1) or its equivalent if applying from a polytechnic or college of education.
• The scholarship prioritizes students in STEM-related courses, as MTN aims to develop more professionals in technology, science, and engineering fields.

How to Apply for the MTN Foundation Scholarship

Applying for the MTN Foundation Scholarship is a straightforward online process, though it requires thorough preparation to present a complete and accurate application. Here’s a step-by-step guide to help with your application:

1. Go to the MTN Foundation portal.

2. Check for Application Announcements: The scholarship application is usually announced between July and September each year. 

3. Once the application period opens, fill out the online form available on the MTN Foundation’s website. You’ll be required to provide personal details, educational history, current GPA, and details about your institution and course of study.

4. Applicants will need to upload academic transcripts, proof of enrollment, and any other documents required to verify their eligibility and academic standing.

5. Successful applicants will be contacted for the next stage of the selection process, which may include an interview or further documentation.

6. Prepare for an Interview (If Required): In some cases, shortlisted candidates may be invited for an interview. This is usually the final stage before the scholarship is awarded, so be prepared to discuss your academic interests, future goals, and any achievements that make you a deserving candidate.

2. Nigerian Youth Investment Fund (NYIF)

The Nigerian Youth Investment Fund (NYIF) was created by the Federal Ministry of Youth and Sports Development to support young entrepreneurs by providing funds for business start-ups and expansion.

• What it Offers: Up to N3 million in funding.
• Eligibility: Nigerian youth aged 18-35 with a registered business.
• How to Apply: Applications are available on the NYIF portal when open.

Grants for Businesses in Nigeria 2024/2025

Business grants are specifically for those that want to start a business or expand their existing business. A lot of successful business people in Nigeria secured their capital through business grants. You could be one! Here are some grant options that Nigerian businesses can apply for in 2024/2025:

1. Tony Elumelu Foundation (TEF) Entrepreneurship Programme

The Tony Elumelu Foundation (TEF) Entrepreneurship Programme is one of the most notable grant initiatives for African entrepreneurs, renowned across the continent for its impact in shaping Africa’s future business leaders. Established by Nigerian philanthropist Tony O. Elumelu in 2015, this program is part of the foundation’s broader vision to foster economic development in Africa by empowering young people through entrepreneurship. The TEF programme aims to enable young entrepreneurs to launch and scale businesses that create jobs, generate wealth, and contribute to the growth of African economies.

What the TEF Entrepreneurship Programme Offers

Each year, thousands of selected applicants are awarded a non-refundable $5,000 seed capital to help fund their start-ups. But the financial support is just one aspect of the TEF program’s offerings. Participants also gain access to a comprehensive 12-week business training curriculum covering critical topics such as business planning, financial management, marketing, legal issues, and more. This training provides the foundational knowledge every entrepreneur needs to succeed in the challenging African business environment.

The program also matches participants with experienced mentors from various sectors, giving them guidance, feedback, and insights into managing and scaling a business effectively. TEF’s mentorship system is one of its standout features, as it allows young entrepreneurs to learn directly from those who have successfully navigated similar journeys. Furthermore, beneficiaries of the TEF programme gain entry to the TEF Alumni Network, an exclusive community of entrepreneurs from over 54 African countries. This network is valuable for collaboration, sharing experiences, and gaining exposure to other funding and partnership opportunities across the continent.

Eligibility Criteria

The TEF Entrepreneurship Programme is open to aspiring and emerging African entrepreneurs who meet the following criteria:

• Age Requirement: Applicants must be at least 18 years old at the time of application.

• Country of Origin: TEF welcomes applications from citizens of any of Africa’s 54 countries.

• Business Requirements: The program supports both start-ups with feasible business ideas and existing businesses that are less than three years old.

  One of the unique aspects of the TEF grant is its focus on “Africapitalism”, the belief that entrepreneurs can transform Africa’s economy through business leadership. Therefore, the program looks for individuals with ideas that have the potential to generate both profit and social impact. Successful candidates are expected to show a strong sense of commitment to economic transformation and a clear vision for their business idea.

  How to Apply for the TEF Grant

  The TEF  program always involves some sort of training. It’s only those that passed through the training and qualify that can be selected for the grant. To start the process, you must first create an account on the TEF website.

  1. Go to the TEF portal.

  2. Fill Out the Application Form carefully. The form requires detailed information on your business idea or existing business, including its purpose, target audience, revenue model, and potential impact. Applicants are encouraged to clearly explain how their business addresses a gap in the market and contributes to economic development.

  3. Submit a Business Plan. A solid business plan is a crucial part of the application. It should outline how you intend to use the $5,000 grant, project the future growth of your business, and specify any anticipated challenges and your plans to overcome them.

  4. Participate in the training process. Applicants typically undergo several stages of training and review before the final selection. 

  The application window for the TEF Entrepreneurship Programme usually opens in January and closes in March. To improve your chances, keep an eye on the TEF’s official website and social media channels for updates on the application dates and any changes to the requirements.

  Why TEF Entrepreneurship Programme?

  The TEF Entrepreneurship Programme is specifically made for aspiring entrepreneurs who need both financial backing and a support network to thrive. Unlike loans, which come with a repayment obligation, the TEF grant is non-refundable, allowing participants to focus on business growth rather than debt repayment. Additionally, Nigeria has been one of the program’s primary focus areas, with thousands of Nigerians benefitting since the initiative’s inception.

  The training and mentorship components are especially valuable, as they help new entrepreneurs avoid common pitfalls. Many young entrepreneurs struggle with issues like cash flow management, regulatory compliance, and customer acquisition, skills they can learn through TEF’s extensive training modules and mentorship program.

  Moreover, the TEF Alumni Network is a great opportunity for many participants. Through this network, Nigerian entrepreneurs gain access to a wealth of knowledge, potential collaborations, and even additional funding opportunities. TEF alumni have access to exclusive events, conferences, and workshops that can open doors to regional and international partnerships.

  Since the launch of the TEF Entrepreneurship Programme, it has produced numerous success stories from Nigeria and across Africa. These entrepreneurs have gone on to create businesses that not only generate profit but also provide jobs, promote innovation, and solve pressing social issues. 

  2. Bank of Industry (BOI) Grants

  The Bank of Industry is one of Nigeria’s leading providers of business funding, and it offers various financial aid packages for micro, small, and medium enterprises (MSMEs) across Nigeria. Although most of their funding is provided as loans, BOI also collaborates with international agencies to provide grants for specific industries, especially manufacturing and agriculture.

  • What it Offers: Funding varies depending on the project and the sector.
  • Eligibility: Registered businesses in Nigeria with viable business plans, particularly in manufacturing, agriculture, and technology.
  • How to Apply: Applications are usually made online through the BOI portal, and interested applicants may need to prepare a detailed business proposal.

  3. YouWiN! Connect Nigeria

  YouWiN! Connect initiative by the Nigerian government is designed to support young Nigerian entrepreneurs with funding and business training.

  • What it Offers: Funding support and business training.
  • Eligibility: Open to Nigerians aged 18-40, with businesses that demonstrate growth potential.
  • How to Apply: The YouWiN! Connect application portal is open at specific times each year, and the application process includes submitting a business plan and participating in an interview.

  3. African Development Bank (AfDB) Grants

  The African Development Bank often collaborates with Nigerian institutions and provides grants aimed at specific sectors, such as agriculture, energy, and education. For Nigerian businesses operating in these sectors, AfDB grants can offer a valuable funding opportunity.

• Sector Inclusion: The TEF programme is sector-agnostic, meaning it accepts applications from entrepreneurs in all fields, from agriculture and technology to healthcare, education, energy, and more.
• Visit the LSETF Website: Start by visiting the official LSETF website at LSETF Application Portal to access the latest information on funding rounds and application requirements.
• Review Available Programs: LSETF periodically opens different funding opportunities, including sector-specific grants and general business loans. Take time to review the various programs available to determine which aligns best with your business needs.
• Complete the Online Application Form: Once you’ve identified the appropriate funding program, fill out the application form provided on the LSETF website. Be prepared to enter detailed information about your business, including registration details, business plan, financial history, and projected impact.
• Upload Required Documents: Applicants will need to provide supporting documents, such as their business registration certificate, tax identification, financial statements, and a solid business plan. Make sure all documents meet the requirements listed on the website to avoid delays or disqualification.
• Submit and Await Response: After completing and submitting the application, wait for feedback from LSETF. Successful applicants are typically contacted for further screening, which may include a review of the business plan, a site visit, or additional documentation.
• Prepare for Follow-up: In some cases, LSETF may require additional information or an in-person interview to assess the business’s viability and potential impact. Be ready to discuss your business goals, plans for job creation, and other factors that make your enterprise a strong candidate for funding.
• What it Offers: Funding support in varying amounts, depending on the sector and the specific program.
  

  4. Lagos State Employment Trust Fund (LSETF)

  For businesses operating in Lagos, the Lagos State Employment Trust Fund (LSETF) is an invaluable source of support, offering grants and loans to foster business growth and job creation within the state. Since its establishment, LSETF has empowered thousands of small and medium-sized enterprises (SMEs) in Lagos, helping them access the capital needed to expand their operations and contribute to the local economy.

  This initiative not only promotes entrepreneurship but also aims to reduce unemployment by generating more job opportunities for Lagos residents.

  What the Lagos State Employment Trust Fund Offers

  Through the LSETF, eligible businesses can access financial assistance tailored to meet their specific growth needs. The fund provides both:

  By receiving financial support, beneficiaries are better positioned to invest in business resources, hire more employees, and expand their market reach.

  Eligibility Criteria

  To qualify for LSETF funding, businesses must meet the following criteria:

  Meeting these criteria is essential, as LSETF is focused on businesses that will positively impact Lagos’s economic development and create employment opportunities for its residents.

  How to Apply for the Lagos State Employment Trust Fund

  Applying for LSETF funding is a straightforward online process, but it’s essential to follow all steps carefully to improve your chances of approval. Here’s a step-by-step guide to applying:

  How to Apply: Businesses can apply through the AfDB or partnering Nigerian institutions when the programs are announced.

• Focus on SMEs: The fund is specifically targeted at SMEs with growth potential and a viable business model.
• Business Registration: Applicants must provide proof of a registered business, usually with a CAC (Corporate Affairs Commission) registration certificate.
• Business Location: The business must be registered and operational in Lagos State.
• Loans: Low-interest loans designed for start-ups and small businesses to scale their operations, with flexible repayment terms that accommodate the challenges of new or growing businesses.
• Grants: Aimed at specific programs or projects that will have a positive economic impact within Lagos.
• Eligibility: Nigerian businesses, particularly those working in development-focused sectors like agriculture, energy, and education.
• How to Increase Your Chances of Securing a Grant
  

  Getting a grant can be very competitive; Of course you know anything free, is definitely going to be very competitive. However, if you are able to position yourself well above others, you will stand a higher chance of being the lucky one to get the grant. Here are a few things you can try to increase your chance of getting a grant in Nigeria.

• Stay Organized: Keep a record of the grants you’ve applied for and follow up if necessary. Missing a deadline or forgetting to include a document can cost you the grant.
• Highlight Your Impact: Many grant providers want to know how their funds will make a difference. If you’re applying for a business grant, emphasize the jobs your business will create or the solutions it will bring to your community.
• Prepare a Strong Application: A well-prepared application with all required documents goes a long way in impressing the review panel.
  

  Conclusion

  Grant opportunities are real in Nigeria. From time to time; every season of the year, there is always one or more ongoing grant opportunities. Most of these grant opportunities may not really require you to know someone in the Government before you can get them. But they can be really competitive. You only need to position yourself well above other applicants, to stand a higher chance of getting the grant. First, you need to follow every step that each grant opportunity has, and make sure you have the best business plan for the ones that require that. Just like the TEF connect, you will need to go through all their training series to stand a chance of qualifying.