Starting up a business normally comes with lots of challenges especially how to source the start-up capital, hence it becomes imperative to source for grants so that you can actualize your dream of becoming a business owner.
However, since grant and donor agencies in Nigeria are stretched out due to high demands from Nigerians, it becomes necessary to seek funds for your businesses from international grant agencies.
Fortunately, there are numerous international organizations & agencies that offer grants to small scale start-ups in Nigeria to boost their businesses. Although these agencies’ requirements and application processes vary, if you’re lucky enough you can get the grants; hence it worth giving a try.
What Are Grants?
A grant is a fund that’s given to a company or an individual for a particular purpose, without expectation for repayment. In other terms, it is free money that is given to people for a specific purpose. Grants can be given by corporate bodies, government, non-governmental organizations etc. The bottom line is that grants are not mostly repayable.
List of International Grants for Individuals in Nigeria
If you’re in Nigeria and you want to access international grants, then you can check any of these international bodies and apply for the grants. They are:
1. World Bank Grant
World Bank is a multinational financial institution that gives grants to entrepreneurs and small business owners across the globe. Hence, as a Nigerian entrepreneur, you can benefit from the World Bank grant to boost your small scale business. World works in collaboration with the governments of developing countries to improve businesses, agriculture, health etc.
However, before you can access the World bank grant, you’re expected to present a comprehensive business and other relevant documents. For more details on the eligibility criteria and how to apply for the World bank grant. Kindly visit the world bank official website.
2. United States African Development Foundation
Another international grant that you can access as a small business owner in Nigeria is the United States African Development Fund (USADF). This fund is primarily designed to assist African entrepreneurs both financially and technically to scale up their small scale business. With USADF, African entrepreneurs including Nigerians can access up to $250,000 grants. This development fund grant is given to individuals who are impacting their community positively.
Hence, if you’re a Nigerian who engages yourself in agricultural related business like buying & selling of agricultural products, then this development fund is for you because they have special interest in agriculture. You can visit the USADF website for guidance on how to apply for the grant.
3. International Monetary Fund (IMF)
The International Monetary Fund (INF) is a world-wide financial institution that gives grants to non-governmental organizations to assist business owners and handicapped people to achieve economic stability. The primary goal of the IMF is to assist businesses to achieve economic independence through economic empowerment & education.
Nigeria has been part of the IMF for decades where they have benefited a lot from the agency. Many small business owners in Nigeria have benefitted from this funding program and you too can still benefit. However, before you can access this fund, you must meet certain requirements. To check the requirements, kindly check the IMF websites.
4. Center For International Private Enterprise
Another international grant agency where you can access grants for your small business is the Center for International Private Enterprise (CIPE). The agency is a non-profit organization and they operate outside the government because it is a non-governmental organization.
The Center for International Private Enterprise (CIPE) includes trade associations, chambers of commerce, private-enterprise-oriented research organizations, employer’s federation etc. These private enterprises can give grants to qualifying small business owners globally without official backing from the government.
5. GroFin Fund
Another international financial institution that gives grants to small business owners in Nigeria is GroFin Fund. Their aim is to reduce the unemployment rate in developing countries by offering grants to small and medium enterprises so that they can scale up their businesses and in turn employ the less-privileged in the local community which will definitely improve people’s standard of living.
GroFin Fund has been in operation since 2004, and they have assisted over 700 small and medium-sized enterprises(SMEs) with funds to scale their businesses. These businesses have in-turn employed over 90 million people. This organization currently operates in 14 African countries and the Middle East. In Nigeria, the GroFin Fund program gives grants that range from $100,000 – $105,000 to small business owners in Nigeria.
6. The AXA Research Fund and Grants
The AXA Research Fund & Grants is designed to support researchers who dedicate time to solve societal problems in data & technology, economics, life & health etc. It is a non-profit oriented foundation that aims to improve people’s standard of living.
Apart from the research related grants, AXA also gives funds to small business owners in underdeveloped countries like Nigeria. Currently, the foundation has funded more than 563 business related research in 35 countries of the world including Nigeria. The application for the grant is open for interested business owners from Nigeria.
7. Takeda Young Entrepreneurship Award
A business competition that is sponsored by the Takeda Foundation also gives grants in form of rewards to the competition’s winners. The Takeda Young Entrepreneurship Award is designed to reward and encourage young entrepreneurs who utilize technology to solve pressing societal problems in their local communities.
This foundation aims to encourage talented young entrepreneurs to explore their hidden talent in the technological world which will definitely benefit their surrounding environment and the world at large.
8. The Africa Netpreneur Prize
The Africa Netpreneur Prize was established by Jack Ma with the sole aim of providing grants to the small scale business owners in Nigeria and other African countries . This grant is usually given to outstanding business owners who have the potential to contribute immensely to the economic growth of their local community.
This grant is given solely on merit; hence, once you’ve the potential to solve a specific business related problem in your community, then you’re eligible to apply for this grant. Interestingly, there is no age limit, gender specification for this grant. So, anyone from Nigeria and other parts of Africa can apply for this grant so long as the person is qualified.
From the applicants, ten winners are always chosen and the winners will be given $100,000 each from the $1 million prize pool that is usually mapped out for the program. For the necessary requirements and how to apply, kindly visit their official website.
9. The International Financial Corporation (IFC)
The International Finance Corporation (IFC), is the largest investment agency globally that’s saddled with the responsibility of assisting private business owners in developing countries to boost their businesses. IFC is a subsidiary of the World Bank.
Most developing nation’s private sectors like Nigeria’s private sector have benefitted immensely from the International Finance Corporation’s financing offering which gives grants on a project-by-project basis.
10. The Ford Foundation
Since 1936 when the organization was established it has continued to help small scale businesses to grow globally, Ford is one of the popular automobile dealers globally who is poised to assist business owners to scale up their businesses to enviable heights.
The Ford Foundation funds business initiatives to alleviate poverty and improve people’s standard of living. Since its inception, the foundation has disbursed about $16.3 billion grants to different businesses across the globe.
