FG Opens Portal For N10 Billion Startup Investment Fund, Check Eligibility » Voice of Nigeria
Check Your Eligibility For The Federal Government’s N10 Billion Startup Investment Fund
The Federal Government of Nigeria has made available to Nigerians an online application portal for a startup funding fund.
The establishment of the investment fund comes on the heels of President Muhammadu Buhari’s recent signature on the startup bill. The age limit, as determined by the Bank of Industry, is set at 65 years old. The program is run in conjunction with the AfDB.
An application portal for the National Start-up Investment Programme has been made available by the Nigerian government in response to the recently enacted Start-up Act, which was signed into law.
The Bank of Industry, the African Development Bank (AfDB), and the federal minister for industry, trade, and investment will collaborate to oversee the program. The federal minister will be responsible for overseeing the program.
Federal Government to fund 100,000 businesses
The federal government has stated that the program for this year is to empower and establish around 100,000 new businesses through the provision of finance and mentorship for new and existing businesses, as well as fresh business concepts.
According to reports, the program is intended for Nigerians between the ages of 18 and 65 and 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 the domestic and global markets.
Additionally, candidates must have a genuine form of identification issued by the government of Nigeria in order to be considered qualified.
N10 billion released, eligibility criteria listed
N10 billion has been made available, and eligibility conditions have been listed.
Applicants may submit their applications using their personal computers, mobile devices, or tablets. Each application would be reviewed, and the list of those who were successful would be made public in three stages.
Before releasing any funding, the federal government has promised to check the applicants’ identities to make sure they are who they say they are.
Isa Pantami, the minister of communications and digital economy, made the announcement that President Buhari had given his approval to the establishment of N10 billion Investment Fund for young entrepreneurs and innovators, which will provide them with incentives and tax holidays.
Learn how to locate potential funding options for your African enterprise here.
According to voiceofnigeria.org.ng, Africans have a wealth of business ideas, but a lack of finance is one of the primary obstacles preventing them from putting those ideas into action.
The ability to successfully raise finances is one of the most important factors that determine the success of a business, but many people in Africa struggle with this. Recent studies indicate that new businesses on the African continent have together raised more than one billion dollars in the year 2022.
The majority of these new businesses are located in Nigeria, Kenya, and South Africa.
