It’s our pleasure to introduce to you the five (5) Federal Government Business Funding programs you should never miss in 2021.
The covid-19 pandemic, coupled with the economic recession that has rocked the world at large seems to have awoken the entrepreneurial spirit of Nigerians.
The number of both young and old entrepreneurs in Nigeria is on the increasing side on a daily basis and the Nigerian government has started rolling out Lot of funding programs that will aid the Nigerian youths, business owners, as well as the Nigerian economy in the long run.
And, while some Nigerians are saying this is too good to be true, other Nigerians have already started taking advantage of the Federal Government Business Funding programs by simply sharing valid business ideas. Also, Nigerians already in the business world leverage the government business funding programs to grow their businesses and skyrocket them to the next level.
This may be sounding ironic and untrue due to the kind of government we have, but the Government of Nigeria is indeed putting effort to ensure the economy of this nation is revived. Only a few people who are knowledgeable about the new and ongoing government business funding schemes are making judicious use of the opportunities.
You will find a list of five (5) government business funding programs you should not miss in 2021. Ensure you Click On the Red Bell Button On The Right-Hand Side to get more interesting information like these.
5 Government Business Funding Schemes
1. Nigeria Youth Investment Funds (NYIF)
NYIF which stands for “Nigeria Youth Investment Fund”, happens to be initiated by the Federal Ministry of Youth and Sports Development and funded by CBN (Central Bank of Nigeria).
On the 22nd of July 2020, the Nigeria Youth Investment Fund scheme was approved by the Federal Executive Council. The NYIF is a N75 Billion Naira 3-years program created to cater for Youth-owned investments and businesses. It was created to fund the Nigerian youths.
2. PAADS Loan
If you are wondering what does P-AADS means, it simply stands for “Private Sector-Led Accelerated Agriculture Development Scheme”. It’s an agricultural loan program created by the Federal government of Nigeria. PAADS loan is also known as farmers loan which is solely for agricultural purposes. This program was created to help farmers or start-up farmers to gain access to loans that can help them increase the production of food in Nigeria.
Main Goals Of PAADS Loan:
- Fast track land clearing for primary production of agricultural commodities;
- Promote food security through the provision of large contiguous land for
agricultural production across all states;
- 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.
3. FG Survival Funds
The federal government survival fund (FG FUND) program was initiated to provide aid to MSMEs (micro, medium, and small enterprises) in meeting payroll objectives.
The category of persons and organizations eligible to apply for the FG survival funds include transportation workers, technicians, self-employed, artisans and they can access up to N50,000 from the FG survival fund. The whole idea of this scheme is to improve the lives of Nigerians.
4. Federal Government Of Nigeria Agricultural Loan
Before the discovery of natural resources such as crude oil, agriculture used to be the bedrock of the Nigerian economy. The federal government of Nigeria in a bid to restore our heritage (Agriculture), and to provide food security for the people, have created several programs and schemes that throw light on the importance of agriculture.
Due to the level of importance of agriculture in Nigeria, the federal government of Nigeria has made this loan very easy to access. Agricultural loans in Nigeria are usually the easiest and fastest loan to access.
5. NPower NEXIT
NEXIT seems to be the continuation of Npower. It’s actually a portal exclusively created for the previous N-power beneficiaries. The port is where Exited N-Power Beneficiaries can apply for various CBN (Central Bank of Nigeria) Empowerment Options. The brain behind the Npower NEXIT is the Ministry of Humanitarian Affairs, Disaster Management, and Social Development.
Npower NEXIT was created in collaboration with the Central Bank of Nigeria. Former N-Power Beneficiaries can log in on the portal and also apply for diverse economic, empowerment, and entrepreneurship options provided by the Central Bank of Nigeria.
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