Startup Funding in Nigeria
Introduction
Startup Funding in Nigeria | Starting a business in Nigeria requires capital, but many startups struggle to secure funding. Fortunately, several financing options are available, ranging from government grants to private investors and bank loans.
Startup Funding in Nigeria
Top Startup Funding Options in Nigeria
1. Bank of Industry (BOI) Loans
- Loan amount: Up to ₦10 million
- Interest rate: 9% per annum
- Repayment period: Up to 5 years
- Eligibility: Registered businesses in key sectors
- Apply here: Bank of Industry Nigeria
2. Tony Elumelu Foundation (TEF) Grant
- Amount: $5,000 grant + mentorship
- Eligibility: Early-stage entrepreneurs across Africa
- Features: Training, networking, and funding
- Apply here: Tony Elumelu Foundation
3. Lagos State Employment Trust Fund (LSETF)
- Loan amount: Up to ₦5 million
- Interest rate: 5%
- Repayment period: Up to 4 years
- Eligibility: Lagos-based startups
- Apply here: LSETF Startup Funding
4. GroFin SME Finance
- Loan amount: ₦10 million – ₦100 million
- Interest rate: Varies
- Repayment period: Flexible
- Features: Business support and funding
- Apply here: GroFin SME Funding
5. Grants from NITDA & CBN
- NITDA (National Information Technology Development Agency) offers grants to tech startups
- CBN (Central Bank of Nigeria) supports SMEs through intervention funds
- Apply here: NITDA Grants | CBN SME Loans
How to Secure Funding
Have a solid business plan Maintain good financial records Network with investors and mentors Apply for government grants and loans
Conclusion
From government-backed grants to SME-friendly bank loans, Nigerian startups have multiple funding options. Choose the best funding avenue based on your business needs.