The Nigerian people now have access to an online application platform for a startup capital fund thanks to Nigeria's federal government's efforts.
The President of Nigeria, Muhammadu Buhari, recently put his name on a measure concerning new businesses, which led to the establishment of an investment fund. The Bank of Industry has established that the minimum age requirement is 65 years old to participate. The program is executed with the African Data Base (AfDB).
In reaction to the recently passed Start-up Act, which was recently signed into law, the government of Nigeria has made available an application portal for the National Start-up Investment Programme. This was done in response to the fact that the Start-up Act was recently enacted.
The supervision of the program will be shared responsibilities between the Bank of Industry, the African Development Bank (AfDB), and the federal minister responsible for industry, commerce, and investment. The initiative will fall under the purview of the minister, who is responsible for its oversight at the federal level.
How to Benefit from the Program?
A total of N10 billion has been made available, and the requirements for eligibility have been detailed.
Applicants can submit applications using any device they choose, including personal computers, mobile devices, and tablets. After carefully considering each submission, a list of people whose requests were granted would be made public in three distinct phases.
The federal government has committed to verifying the applicants’ identities before releasing any funding to ascertain whether or not they are who they claim to be.
Isa Pantami, the minister of communications and digital economy, announced that President Buhari had approved the establishment of an N10 billion Investment Fund for young entrepreneurs and innovators, which will provide them with incentives and tax holidays. This fund is intended to encourage and support young people in starting their businesses.