FG N10 Billion Startup Investment Fund – Application Portal
The Nigerian people now have access to an online application platform for a startup capital fund thanks to the efforts of the federal government of Nigeria.
The President of Nigeria, Muhammadu Buhari, recently put his name on a measure concerning new businesses, which has led to the establishment of an investment fund. The Bank of Industry has established that the minimum age requirement is 65 years old in order to participate. The program is executed in tandem 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.
A total of N10 billion has been made available, and the requirements for eligibility have been detailed.
The applications can be submitted by applicants 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 in order to ascertain whether or not they are who they claim to be.
Isa Pantami, the minister of communications and digital economy, made the announcement that President Buhari had given his approval to the establishment of a 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 own businesses.