How to apply for Federal Government’s startups investment fund

The Federal Government has opened applications for the National Startup Investment Programme.

The programme, which is a sequel to the recently passed Nigeria Startup Bill, will be supervised by the Federal Ministry of Industry, Trade and Investment in partnership with the African Development Bank (AfDB) and Bank of Industry (BoI).

According to the government, the goal of the 2022 programme is to empower and create a baseline of 100,000 new businesses through funding and mentorship for new and existing businesses and business ideas.

Who can apply: The programme is designed for Nigerians between 18 and 65 to assist them with seed capital and help them to develop lifelong skills for becoming change-makers in their communities and players in the domestic and global markets.

• Nigerians that fall within the age range and have viable business ideas can apply.
• Aside from that, the government said an eligible applicant could be an individual or a startup who must reside in Nigeria and have a traceable government-issued means of Identification.

How to apply: The process is easy. You can begin on your phone, tablet or laptop. An application form is to be filled and submitted online via the programme’s portal: https://nationalstartupinvestmentfund.com/

According to the government, all applications will be processed and the list of successful beneficiaries will be released in 3 batches. Verification of identity will be done for the successful applicants after which funds will be disbursed.

The backstory: Recall that while announcing the signing of the Nigeria Startup Act by President Buhari in October, the Minister of Communications and Digital Economy, Prof. Isa Pantami disclosed that the President also approved the setup of an N10 billion Investment Fund for young innovators and also makes provision for incentives and tax holidays to encourage local innovators.