The Federal Government has opened applications for the National Startup Investment Program.
The programme, which is a follow-up to Nigeria’s recently passed start-up bill, will be overseen by the Federal Ministry of Industry, Trade and Investment in partnership with the African Development Bank (AfDB) and the Bank of Industry (BoI). ).
According to the government, the goal of the 2022 program is to empower and create a referral base of 100,000 startups through funding and mentoring for new and existing businesses and business ideas.
Who can apply: The program is designed for Nigerians between the ages of 18 and 65 to assist them with seed capital and help them develop lifelong skills to become change agents in their communities and players in national and global markets.
- Nigerians who fall within the age range and have viable business ideas are welcome to apply.
- Apart from that, the government said that an eligible applicant could be an individual or a start-up company who must reside in Nigeria and have a traceable, government-issued means of identification.
How to apply: The process is easy. You can start on your phone, tablet, or laptop. An online application form must be completed and submitted through the program portal: https://nacionalstartupinvestmentfund.com/
According to the government, all the applications will be processed and the list of successful recipients will be published in 3 batches. Identity verification of successful applicants will be performed, after which funds will be disbursed.
The backstory: Recall that when announcing President Buhari’s signing of the Nigerian Start-up Act in October, Minister for Communications and Digital Economy, Professor Isa Pantami, revealed that the President also approved the creation of a Nigerian Investment Fund. N10 billion for young innovators and also provides incentives and tax holidays to encourage local innovators.