Check Your Eligibility For The N10 Billion Startup Investment Fund Of The Federal Government
The Nigerian federal government has provided Nigerians with an online application platform for a startup investment fund.
The formation of the investment fund follows the recent signature of the startup bill by President Muhammadu Buhari. The age restriction is 65 years old, as decided by the Bank of Industry. The initiative is executed alongside the AfDB.
The Nigerian government has made accessible an application portal for the National Start-up Investment Programme in response to the recently drafted Start-up Act, which was signed into law.
The initiative will be coordinated by the Bank of Industry, the African Development Bank (AfDB), and the federal minister for industry, commerce, and investment. The federal minister will be responsible for the program’s supervision.
The federal government will invest in 100,000 enterprises
The federal government has said that this year’s initiative will empower and build around 100,000 new enterprises through the provision of financing and mentorship for new and existing firms, as well as innovative company ideas.
According to sources, the initiative is aimed for Nigerians between the ages of 18 and 65 and is supposed to offer them with seed cash and the chance to build life skills that would help them become agents of change in their communities and top players on the local and worldwide markets.
In order to be regarded eligible, applicants must also possess a valid form of identity issued by the government of Nigeria.
N10 billion made available; qualifying requirements outlined
The eligibility requirements for the availability of N10 billion have been outlined.
Candidates may submit their applications via desktop computers, mobile devices, or tablets. Each application would be evaluated, and the list of successful applicants would be released in three stages.
The federal government has committed to verifying the applicants’ identities before issuing any funds.
Isa Pantami, the minister of communications and digital economy, announced that President Buhari has approved the creation of a N10 billion Investment Fund for young entrepreneurs and innovators, which will offer them with tax breaks and incentives.
Here you can learn how to identify prospective finance possibilities for your African business.
According to voiceofnigeria.org.ng, Africans have a plethora of business ideas, but a lack of capital is one of the key challenges blocking them from implementing these ideas.
The capacity to effectively obtain capital is one of the most critical variables that define the success of a business, yet this is a challenge for many Africans. Recent research predict that in the year 2022, new firms on the African continent together raised more than one billion dollars.
Nigeria, Kenya, and South Africa account for the majority of these new enterprises.
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