5 Government Business Funding Programmes for 2021 You Shouldn’t Miss
Today we are going to be showing you five (5) Federal Government Business Funding programmes that you shouldn’t miss in 2021.
The economic depression, coupled with the deadly Covid-19 pandemic seems to have woken the entrepreneur spirit in Nigerians. The number of entrepreneurs in Nigeria is growing on a daily basis and the entrepreneur has started rolling out new funding programs that will aid the Nigerian youths, business owners, and the Nigerian economy in the long run.
Most Nigerians have started taking advantages of the Federal Government Business Funding programmes by even sharing valid business ideas. Meanwhile, other Nigerians already in the business world use the programs to grow their businesses and take it to the next level.
I know this sounds ironic, but the Federal Government of Nigeria has actually been making efforts to encourage small business enterprises. The truth is that you lacked the information. But, the few who did, made judicious use of the opportunities. FG has launched quite a number of government business funding programs in the past and many are currently being launched in order to help the country quickly recover from the economic depression caused by the covid 19.
Below are some of the Government Business Funding schemes You Shouldn’t Miss in 2021. Don’t forget to subscribe to our platform in order to get more information like this.
Federal Government Business Funding Schemes
1. FG Survival Funds
The Survival fund program was created to provide support for micro, medium and small enterprises (MSMEs) in meeting payroll objectives.
Those who are eligible to apply for the fund include technicians, self-employed, transportation workers and artisans can access up to N50,000 from the fund. The Federal Government survival fund is aimed at improving the lives of Nigerians.
2. Nigeria Youth Investment Funds (NYIF)
NYIF stands for “Nigeria Youth Investment Fund” which happens to be the brainwork of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria.
The Nigeria Youth Investment Fund scheme was approved on the 22nd of July 2020 by the Federal Executive Council. It’s a N75 Billion Naira three years program created to cater for youth-owned businesses and investments. It was created to fund the Nigerian youths.
3. PAADS Loan
P-AADS which simply stands for “Private Sector-Led Accelerated Agriculture Development Scheme” is an agricultural loan programme initiated by the Federal government of Nigeria. The programme is actually a farmers loan solely for agricultural purposes. The scheme is designed to aid farmers or start-up farmers gain access to loans that will help them increase food production in Nigeria.
Objectives Of PAADS Loan:
- Promote food security through the provision of large contiguous land for
agricultural production across all states;
- Fast track land clearing for primary production of agricultural commodities;
- Collaborate with agro-processors engaged in backward integration by providing financing for extended land clearing in proximal locations for cultivating commodities for the supply of industrial raw materials;
- Support other capable stakeholders interested in unlocking land for agriculture through appropriate financing; and
- Engender job creation for individual farmers that will cultivate on the cleared land.
4. Guaranteed Offtake Scheme
Guaranteed Offtake Stimulus Scheme is another government programme aimed at sustaining and protecting the incomes of MSEs (Micro and Small Enterprises). The programme is set to benefit a total number of 100,000 Micro and Small Enterprises taken from the different states in Nigeria. The 100,000 beneficiaries sharing ratio includes Lagos: 3,880, Kano: 3,280, Abia: 3,080 while other States will benefit 2,640 business each.
5. NPower NEXIT
NEXIT is a scheme specifically for previous N-power beneficiaries. It’s actually a portal where Exited N-Power Beneficiaries can apply for CBN (Central Bank of Nigeria) Empowerment Options. The portal was launched by the Ministry of Humanitarian Affairs, Disaster Management and Social Development.
The platform was developed in collaboration with the Central Bank of Nigeria and will enable Exited N-Power Beneficiaries to log in on the portal and apply for the various economic, empowerment and entrepreneurship options provided by CBN.
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