There are various types of grants that you can benefit from, to either assist you finance personal needs, projects or business ideas. Here we will reveal to you, the types of grants that are available for you in Nigeria. Also check 5 places to get business grants for small businesses.
With no form of dilly dallying, let us go straight into discussing the grants available for you to leverage on.
Types of Grants you can get in Nigeria
Below are different types of grants available in Nigeria;
1. Government Grants
This is the mother of all grants in the world and it’s no mistake or coincidence that it’s our number one. These grants are set aside by the government for specific purposes. This includes grants to States and Local Government, education grants, business and individual grants.
The good thing about government grants is that it is a chain of events, meaning that the local government, having received grants from the central government, also gives grants to support programs under its purview.
2. Tuition Grants
Education can be very costly, especially in this time of economic downtime across the globe. However, there are many financial help packages that students can take advantage of. Kindly note that grants differ from student loans. Unlike the student loan that requires pay back, grants are not to be paid back. Grants are specially targeted at graduates who did excellently, academically, by meeting or surpassing a set standard.
3. Small Business Grants
There are a lot of grants that are designed to provide financial support for your business, through government agencies. These grants are given to people living in areas with disadvantaged economies.
4. Restricted and unrestricted grants
These types of grants are provided by some organizations for specific purposes, which could be worked on settling bills for some purchased items.
5. Foundation and Private Charity Grants
The grants often given by multinational corporations such as Mtn Nigeria, Dangote Group, etc. This perfectly fall into the category of foundation and private charity grants. Such grants are given to assist mostly the less privileged and small businesses.
To benefit from the grants that we have highlighted above, always check the dailies or frequently visit government and institutions’ website for information, because adverts about such grants are posted there.