The Federal Government of Nigeria has introduced several programs to empower its citizens. Eligible individuals are advised to carefully read the scheme details, provide essential documents, and begin the online application process.
Here is a list of federal government grants available for Nigerians:
Artificial Intelligence Fund – 100 million
The federal government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has announced the launch of the N100 million AI Fund to boost job creation and nurture more entrepreneurs. The announcement was released on the NCAIR Twitter page on September 13th, 2024.
The AI Fund, in collaboration with Google, is an initiative designed to empower 10 Nigerian startups leveraging AI in their technology products.
The federal government aims to;
Address local challenges with AI solutions.
Drive job creation and economic growth.
Establish Nigeria as a competitor in the African and Global AI landscape.
Benefits:
The benefits consist of the N100 million fund will provide:
Grant funding of up to ₦10 million per startup.
Access to Google AI tools, resources, and mentorship from Google engineers.
Connection to Google’s vast network and opportunities for global exposure.
Who’s Eligible for the AI Fund
Below is the list of companies that can apply for the fund.
Nigeria company building solutions for the Nigerian market and potentially African/global market
Core AI technology company with a live product in the market.
Compatibility with Google products and potential to leverage them for growth.
How to Apply:
Visit the NCAIR website by clicking [here].
Enter your detailed and accurate information.
Review and confirm all your details and documents before submitting.
Presidential Intervention Fund (PIF) – 200 billion
The Federal Government has announced the launch of N200 billion Presidential Intervention Fund to aid the growth of Micro, Small, and Medium Enterprises (MSMEs) and manufacturers.
N75 billion will be allocated to MSMEs while N75 billion will be allocated to manufacturers under the Presidential Intervention Fund Programme.
Who’s Eligible for the Presidential Intervention Fund (PIF).
To qualify for the Presidential Intervention Fund (PIF), applicants must meet the following requirements:
Operate an existing business with at least one year of operations or possess a registered start-up.
Present valid business registration documents from the Corporate Affairs Commission (CAC).
Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.
Meet the required monthly turnover and other specific requirements as stipulated by the bank.
Requirement for the Presidential Intervention Fund?
The program demands applicants provide a personal guarantee
Agree to a Bank Verification Number (BVN) covenant.
Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.
How to Apply:
Applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.
For more detailed about the Presidential intervention funds, applicants should visit the local state Bank of Industry branch.
Nigeria Youth Investment Fund – 110 billion
The objective of the N-YIF is to improve access to finance for youths and youths-owned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalized, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.
Eligibility Criteria for NYIF
To be eligible for the NYIF, applicants must meet the following criteria:
Be a Nigerian citizen aged between 18 and 40 years.
Have a business or business idea that aligns with the Fund’s objectives.
Possess a National Identification Number (NIN).
Demonstrate a willingness to contribute to Nigeria’s economic development.
Provide a viable business plan.
Required Documents for NYIF
Applicants must upload the following documents:
Copy of National Identification Card (NIN)
Business Registration Certificate
Business Plan/Proposal
Proof of Business Ownership (if applicable)
How to Apply for Nigeria Youth Investment Fund (NYIF)
The application process for the NYIF is straightforward and involves the following steps:
Register: Visit the NYIF website by clicking [here].
Fill in the application form: The registration process requires basic personal and business information.
Upload Documents: Applicants must upload the necessary supporting documents, including: A copy of the National Identification Card (NIN), Business Registration Certificate, detailed Business Plan/Proposal, and proof of Business Ownership
Submit Application: Once the form and documents are complete, applicants can review their submissions and submit the application online.
Complete the Application Form: After registration, applicants must fill out an online application form. This form requires detailed information about the business or business idea, including financial projections, market analysis, and business strategy.
-Advertisement-
Grab our latest Magazine, "Hon. Chief C.O.C Akaolisa gets justice". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
