Find Out If You Are Eligible For The N10 Billion Startup Investment Fund Being Offered By The Federal Government.
The Nigerian people now have access to an online application platform for a startup capital fund thanks to the efforts of the federal government of Nigeria.
The President of Nigeria, Muhammadu Buhari, recently put his name on a measure concerning new businesses, which has led to the establishment of an investment fund. The Bank of Industry has established that the minimum age requirement is 65 years old in order to participate. The program is executed in tandem with the African Data Base (AfDB).
In reaction to the recently passed Start-up Act, which was recently signed into law, the government of Nigeria has made available an application portal for the National Start-up Investment Programme. This was done in response to the fact that the Start-up Act was recently enacted.
The supervision of the program will be shared responsibilities between the Bank of Industry, the African Development Bank (AfDB), and the federal minister responsible for industry, commerce, and investment. The initiative will fall under the purview of the minister who is responsible for its oversight at the federal level.
Federal Government to fund 100,000 businesses
The initiative for this year has been announced by the federal government as having the objective of empowering and establishing around 100,000 new enterprises through the provision of financial assistance and mentorship for new and existing businesses, as well as innovative business ideas.
Reports indicate that the program is intended for Nigerians between the ages of 18 and 65 and that it is designed to provide them with seed funding as well as the opportunity to develop life skills that will assist them in becoming agents of change in their communities and top players in both the domestic and global markets.
In order for candidates to be regarded eligible, they are need to be in possession of a legitimate form of identity that has been granted by the government of Nigeria.
N10 billion released, eligibility criteria listed
A total of N10 billion has been made available, and the requirements for eligibility have been detailed.
The applications can be submitted by applicants using any device they choose, including personal computers, mobile devices, and tablets. After carefully considering each submission, a list of people whose requests were granted would be made public in three distinct phases.
The federal government has committed to verifying the applicants’ identities before releasing any funding in order to ascertain whether or not they are who they claim to be.
Isa Pantami, the minister of communications and digital economy, made the announcement that President Buhari had given his approval to the establishment of a N10 billion Investment Fund for young entrepreneurs and innovators, which will provide them with incentives and tax holidays. This fund is intended to encourage and support young people in starting their own businesses.
Learn how to locate potential funding options for your African enterprise here.
According to voiceofnigeria.org.ng, Africans have a plethora of ideas for businesses, but one of the biggest impediments keeping them from putting those ideas into action is a lack of financial resources to put those ideas into reality.
It is one of the most critical criteria that determines the success of a business to have the ability to properly raise cash, yet many people in Africa struggle with this. According to findings from recent research, startups on the African continent have collectively raised more than one billion dollars in the year 2022.
The vast majority of these brand-new companies may be found in the African countries of Nigeria, Kenya, and South Africa.