Another Opportunity Opens for Nigerians To Apply for N1 Million Business Funding
- Nigerian entrepreneurs are invited to join other Africans to apply for the Plus Factor Grant Program
- The programme offers non-dilutive funding of up to N1,000,000 for their business ideas
- Selected participants will also receive mentorship, market access, and innovation support at the idea-stage
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Plus Incubation Hub has launched the Plus Factor Grant Program, a merit-based initiative designed to identify, nurture, and fund promising entrepreneurs with non-dilutive grants, market access support, and innovation resources.
The programme targets idea-stage, early-stage, and growth-stage founders building scalable, market-relevant businesses but facing barriers such as limited access to finance, weak market linkages, and insufficient innovation support.
Source: Getty Images
Plus Factor Grant Program for business owners
The organisers said it is open across industries and built on principles of transparency, fairness, and measurable impact.
Commenting on the initiative, Program Lead Eunice Alabi said the grant goes beyond funding, Punch reports.
She said:
“The Plus Factor Grant Program is not just about funding it is about backing entrepreneurs with the clarity, readiness, and support required to build sustainable businesses. We are intentionally combining finance, innovation, and market access to create real, measurable impact.
"We are looking for entrepreneurs with clarity, courage, and commitment founders who are ready to turn potential into performance."
Requirement to qualify
To qualify, applicants must be founders or co-founders of a business or startup, have an operational venture or validated idea, demonstrate clear growth and scalability potential, commit to full participation in programme activities, and submit a complete application before the deadline.
Applicants will undergo a three-stage evaluation process, including eligibility and alignment screening; business, market and innovation assessment; and a final pitch and panel evaluation.
Funding breakdown:
- 1st place: N1,000,000
- 2nd place: N500,000
- 3rd place: N250,000
- 4th place: N150,000
- 5th place: N100,000
Source: Getty Images
Beyond financial support, selected beneficiaries will receive business mentorship, pitch coaching, market visibility opportunities, innovation and growth-readiness support, and investment-readiness training.
The programme is implemented by the school of grant success through a structured and competitive eight-week evaluation and training cycle, ThisDay reports.
Unlike loans or equity investments, the funding is non-dilutive, meaning winners retain full ownership of their businesses.
Programme timeline:
- Applications open: Now
- Deadline: March 15, 2026
- Duration: Eight weeks of evaluation, training, and mentorship
Interested applicants are advised to carefully review eligibility requirements, prepare clear business plans outlining market problems, revenue models, growth strategies, and grant utilisation plans, and complete the online application before the March 15, 2026, deadline.
Opportunity for youths to get N5m
Earlier, Legit.ng reported that the Nigerian Consumer Credit Corporation (CREDICORP) has introduced YouthCred, a national loan program providing Nigerian youths with access to loans of up to N5 million to support their ambitions.
According to Ayodele Olawande, the Minister of Youth Development, the initiative is open to all young people, not only corps members, regardless of their background or status.
Source: Legit.ng
