The spirit of entrepreneurship among Nigerians is gradually growing to another level, as Federal government of lately have been rolling out fresh business funding platforms to aid young Nigerians move their businesses to the next level just by sharing valid business ideas.
In the past, especially 2020, federal government launched quite alot of business funding platforms to aid SME’s in different sectors of the economy easily access funds or loans. For this singular reason, it would not be a bad idea to say the federal government of Nigeria is actually doing a whole lot to encourage small business enterprise.
Well, there are a lot of Nigerians who are not even aware of some of these business funding platforms. While others are making judicious use of the opportunities, others are still in doubt and believing it too good to be true.
This article is actually for those who have keen interest, but ain’t getting reliable updates regarding opportunities like this.
Below are some of the business funding scheme by the federal government:
FG Business Funding Schemes
Nigeria Youth Investment Funds (NYIF)
The Nigeria Youth Investment Fund is an Initiative of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria.
The Federal Executive Council on July 22, 2020 thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need. The Youth Investment fund is targeted towards funding the young populace.
The Survival fund provides support over half a million medium and small enterprises MSMEs in meeting payroll objectives.
Beneficiaries of the fun include self-employed, artisans, transport workers and technicians who are eligible to access up to N50,000 from the fund. The survival fund is a product of the federal government, and is targeted at improving the lives of Nigerians.
P-AADS whose acronym is “Private Sector-Led Accelerated Agriculture Development Scheme” is another Federal government of Nigeria farmers loan amongst other agricultural loan, targeted at aiding farmers or start up farmers to increase food production and provide food security in Nigeria.
The specific objectives are to:
- Fast track land clearing for primary production of agricultural commodities;
- Promote food security through the provision of large contiguous land for
agricultural production across all states;
- Collaborate with agro-processors engaged in backward integration by providing financing for extended land clearing in proximal locations for cultivating commodities for supply of industrial raw materials;
- Support other capable stakeholders interested in unlocking land for agriculture through appropriate financing; and
- Engender job creation for individual farmers that will cultivate on the cleared land.
NEXIT is a Portal that will enable Exited N-Power Beneficiaries to apply for Central Bank of Nigeria Empowerment Options.The platform has been launched by the Ministry of Humanitarian Affairs, Disaster Management and Social Development.
The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various economic, empowerment and entrepreneurship options provided by the CBN.
Guaranteed Offtake Scheme
The Guaranteed Offtake Stimulus Scheme is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products. A total of 100,000 Micro and Small Enterprises are to benefit from the scheme. The total target national number of beneficiaries is 100,000 (Lagos 3,880, Kano 3,280, Abia 3,080 while other States will each have 2,640 beneficiaries).
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