Are you planning to start your own business, but do not have enough money? With federal government grants in Nigeria, you can receive monetary support to start entrepreneurship in most profitable areas.
What are government grants?
A government grant is a financial award that can be given by state, federal or local government. Such grants are not expected to be repaid. Federal grants help projects and ideas to executive their potential. It should be said that it is very competitive to receive the grant.
Government grants play an important role in the economic development of the society. In most cases, it is not easy to start a new business, so these grants are considered as the support for start-up entrepreneurs.
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Government grants for business in 2018: overview
If you have a good business idea and your age is between 18-65 years, you can refer to CBN in order to receive federal grants for business.
Federal grants program of the organization has $10 billion for entrepreneurship grants. This grants program has many aims: to support Nigerians who want to start their own business, to encourage graduates to become employers instead of job-seekers, to create a fewer risk monetary help for Nigerians. Read on, and you will know how to apply for these grants in 2018.
CBN building
The application for the grant is very competitive. The business concepts of applicants are considered by specialists, who assess their values. You should be ready to pass the selection stage if you want to receive this grant.
An area where you can get government grants is agriculture, Federal grants in agriculture are the most popular.
Government loan or grant is a reliable basis for starting a business. The government developed various programs and schemes to provide funds of grants and loans for new farmers.
Government grants list for agricultural business
CBN agricultural program
It is the government program that provides loans to farmers in Nigeria. The bank prepared 75 billion nairas for this program
Bank of agriculture program
It works with Federal Ministry of Finance and Federal Ministry of Agriculture to generate the best options of grants and loans.
Cooperative societies grants
As a farmer, you can join for example AFAN (all farmers association of Nigeria), YEAP (youth empowerment in the agricultural program) or FADAMA. It is great ability to gain support and beneficial grants.
The agricultural sector received much attention from government. Loans and grants contribute to the development sector as a whole and raise the level of the economy.
Governmental support is very important especially in the context of economic instability. In the same way you can find many non-state funds that can help with grants to bring your business ideas to life or to help your business grow.
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Source: Naija.ng
