February 17, 2025

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From Hustle to Success: Top Five Grants You Can Apply to as a Studentpreneur 

By Adeyemi Hikmah, Erhabor Ayomide, Braimoh Rekiah, Andasei Daniel, Amodu Wuraola.

Running a business while pursuing a degree is one herculean task that requires determination to succeed. Student entrepreneurs often need to work smarter to maintain good grades while keeping their businesses afloat. To make matters worse, statistics reveal that most businesses fail to survive their first year, often due to funding issues. 

Fortunately, several Nigerian organisations offer grants to eligible businesses, providing a lifeline for entrepreneurs. As a student entrepreneur, you can leverage these grants to grow your business while continuing your academic pursuits. Here’s a list of notable grants you can apply for. Do well in conducting further study before applying.

1. Orange Corners Nigeria Incubation Programme 2024: The program is part of an international initiative to support young entrepreneurs in Nigeria. 

Eligibility: Applicants must be 18-35 years old and be based in Nigeria.

Funding: Specific figures are usually kept from the general site but will depend on the individual business needs and progress in the program. 

Benefits: Provides access to affordable finance to help scale businesses and create sustainable growth.

2. Tony Elumelu Entrepreneurship Programme (TEEP): Founded by Tony O. Elumelu in 2010, the Tony Elumelu Foundation (TEF) is a leading philanthropic organisation dedicated to empowering African entrepreneurs and driving the continent’s economic transformation. Through its flagship program, the Tony Elumelu Entrepreneurship Programme (TEEP), the Foundation has supported thousands of African entrepreneurs.

Eligibility: Africans 18+ with scalable businesses under 5 years old.

Funding: The programme provides eligible applicants with up to $5,000 in seed capital. 

Benefits: World-class business training and access to global networks.

3. Bank of Industry (BOI) Grants for Nigerian Entrepreneurs: The Bank of Industry (BOI) offers grants under the Presidential Conditional Grant Scheme (PCGS), primarily targeting nano businesses across Nigeria.

Eligibility: Micro-business owners across various sectors, including food vendors, artisans, transporters, and traders.

Funding: The Presidential Conditional Grant Scheme (PCGS) offers ₦50,000 grants to nano-businesses across Nigeria.

Benefits: Provide non-repayable funding, training, and networking opportunities, empowering micro-businesses.

4. The GET Compass: The Grooming Endowment Trust initiated the GET Compass Grant Scheme. This innovative program supports early-stage small and medium-scale businesses with high growth potential, driving economic growth and creating employment opportunities. 

Eligibility: Applicants must be at least 18 years old, have a registered, viable business under 3 years old, and be available to attend a 2-week workshop in Lagos.

Funding: Successful applicants can receive up to ₦2 million in grant funding.

Benefits: Opportunities for business expansion, capitalisation, processing, and development. 2-week workshop training in Lagos.

5. Nigeria Youth Investment Fund (NYIF): This government-backed fund continues to offer grants, loans, and equity to youth entrepreneurs aged 18 to 40. 

Eligibility: Applicants must be Nigerian citizens aged 18 to 40 with a business idea or an existing business. The business should align with the NYIF’s job creation and socio-economic development objectives.

Funding:  The grant component of the NYIF is up to N3 million for eligible businesses.

Benefits: The program aims to create at least one million jobs by funding youth-driven enterprises and providing access to affordable finance to help businesses scale and sustain growth.

While grants can be a valuable source of funding for studentpreneurs in Nigeria, it is essential to note that competition can be fierce. Therefore, putting in the time and effort to create a strong application that stands out from the competition is vital.

To apply for a grant, you must typically submit a proposal outlining your business idea and how the funding will be used. You may also need proof of enrolment in a higher education institution and a detailed budget. It is essential to carefully review each grant’s eligibility requirements and application process to ensure you meet all the necessary criteria.