Federal Government Grants 2022/2023 Cbn & World Bank Assisted
Federal Government Grants 2022/2023 CBN & World Bank Assisted- How To Apply
Federal Government Grants 2022/2023 CBN & World Bank Assisted- How To Apply
The Federal Government agenda to lift 100M Nigerians out of strict poverty is becoming a reality as more grants programs are coming in for 2022/2023
Billions of naira have been budgeted in the 2022 National Budget for this course, Nigerians are to be aware and take part in this program as 2022 draws near
The FG grant fund for 2022 is the news gaining the ground lately, the grant has received thousands of applications and still counting, just a few persons were privileged to hear this information
We will explain how the FG Grant for2022 through CBN and World Bank can be gotten, the criteria to get this grant and the amount to be disbursed
This grant is primarily for those seeking capital to help boost their business and those who have business ventures but lack capital.
The government seeks to empower the Nigerian Youths by providing seed capital needed to promote self-employment devoid of white-collar jobs
Federal Government Grants For Agriculture
These grants are meant to provide financial assistants and seed capital to promote agriculture, thus providing sustaining food security in the country and providing jobs through the various value chain
A farmer who has registered under this association is eligible for this type of grant
The Nigeria Youth Investment Fund-NYIF
The program will continue till 2023
APPLY
World Bank Approves Us$514 Million Of Financing To Support Economic Recovery In Ecuador
WASHINGTON DC, November 24, 2020 The World Banks Board of Executive Directors approved a US$500 million credit and US$14.1 of non-reimbursable resources from the Global Concessional Financing Mechanism to support Ecuadors economic recovery.
The resources will help the Government support those families most affected by the COVID-19 pandemic, as well as strengthen policies to eliminate constraints to private sector development and promote economic recovery. The financing will also support enhanced public sector efficiency and public finance sustainability during the crisis.
This support from the World Bank demonstrates the confidence that the international community has in Ecuador and is recognition of the governments economic program, said Minister of Economy and FinancesMauricio Pozo. In the face of the pandemic crisis, the priorities of the federal government are protecting the most vulnerable groups and economic recovery. I thank the World Bank for approving this credit that will allow us to move forward with those objectives.
The loan approved today is the third in a series of programmatic financial operations supporting inclusive and sustainable development policies. The first in these series of loans was disbursed in June 2019 and the second in May 2020. This third operation supports the reform agenda and the countrys finances at a very complicated time for Ecuadors economy.
World Bank Group Response to COVID-19 (coronavirus
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World Bank Approves $20 Million In Grants To Support Covid
WASHINGTON, June 17, 2021 The World Bank today approved a US$20 million grant package. This package is composed of US$9 million from International Development Association , US$$7.76 million from the UKs Foreign, Commonwealth & Development Office , and US$3.25 million from the Health Emergency Preparedness and Response Fund . This is the first additional financing to the Yemens COVID-19 Response Project , bringing the World Banks total contributions to the countrys national COVID-19 response and vaccination campaign to US$47 million.
The additional resources will support some of the deployment costs of administering vaccines to at least 1.3 million people. It will also help cover the costs of monitoring and specialized analysiscarried out by the Health Resources and Services Availability Monitoring System and more training for two national COVID-19 hotline centers in Aden and Sanaa. The Yemen COVID-19 Response Project will continue to support the early detection and screening of the virus, provide essential medicines and medical equipment to treatment centers, and build the capacity of human resources to address the pandemic.
The expanded health response to the pandemic, supported by development partners, is being coordinated by the Government of Yemen and will provide essential resources for the ongoing pandemic response, including vaccination.
World Bank Group COVID-19 Response:
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Federal Grant: How To Avoid
If you want to protect yourself from scams like these, you never have to reveal your personal data to anyone you dont know. You cant win money for grants you didnt apply for, anyway. Call his bluff or hang up the phone.
If you want to play with someone who calls to say you won money, ask him/her to send you a valid check, just like the real grants come. Dont give your actual address, maybe only your works address. Free money from the government doesnt happen that easily.
In a different variation of the fraud, beware of many SBA loan scams or debt relief scams going around.
World Bank Guarantee Pricing
1 The guarantee fee level is determined by the average life of the guarantee and the classification of the country
Group A: Angola, Antigua and Barbuda, Armenia, Belize, Bolivia, Bosnia and Herzegovina, Cabo Verde, Cameroon, Congo, Republic, Dominica, Equatorial Guinea, Fiji, Georgia, Grenada, India, Iraq, Kenya, Lebanon, Libya, Mauritius, Moldova, Mongolia, Montenegro, Nauru, Nigeria, Pakistan, Palau, Papua New Guinea, Seychelles, Sri Lanka, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Swaziland, Timor-Leste, Trinidad and Tobago, Uzbekistan, Vietnam, Zimbabwe
Group B: Albania, Algeria, Azerbaijan, Belarus, Botswana, Colombia, Dominican Republic, Ecuador, Egypt, El Salvador, Gabon, Guatemala, Indonesia, Iran, Jamaica, Jordan, Macedonia, Morocco, Namibia, Paraguay, Peru, Philippines, Serbia, South Africa, Thailand, Tunisia, Turkmenistan, Ukraine, Venezuela
Group C: Argentina, Brazil, Bulgaria, China, Costa Rica, Croatia, Kazakhstan, Malaysia, Mexico, Panama, Romania, Russian Federation, Turkey
Group D: Chile, Poland, Uruguay
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Fraud Alert: World Bank Warns Of Co
The World Banks attention has been drawn to a fraudulent multi-purpose, co-operative scheme being advertised in some local communities within Nigeria. Several correspondences targeting innocent citizens are being circulated falsely claiming that the World Bank is giving out money to individuals to do business and demanding processing fees of N1000 from prospective awardees.
Please note that:
- The World Bank is not behind this multi-purpose scheme
- The World Bank does not request for personal financial information for applicants to its programs
The World Bank therefore advises the general public to verify any information regarding World Bank-assisted programs offered by the Bank at the following website: . The World Bank will not be held responsible for any refunds of fees solicited by fraudsters purporting to act on its behalf.
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$720 Million Grant From The World Bank Will Benefit 36 States
The federal government would provide $720 million to the 36 states of the union for a special project targeted at mitigating the impacts of the COVID-19 epidemic on the most vulnerable populations. The World Bank Group will give each state $20 million in grants.
AbdulRahman AbdulRazaq, the governor of Kwara State, made the announcement while receiving members of Nigerias COVID-19 Action Recovery and Economic Stimulus Committee in Ilorin, the state capital.
The governor praised the federal governments NG CARES initiative for prioritizing the vulnerable and mitigating the impact of COVID-19 by providing each state with a grant of $20 million from the World Bank Group.
The governor, who was represented by the deputy governor, Mr Kayode Alabi, promised the people of Kwara that the amount would be used properly once it was received.
The World Bank predicts that the global economy will grow by 5.6 percent this year.
Despite the governments achievement in limiting the disease, he warned the public to remain watchful and protect themselves from COVID-19.
COVID -19, he said, had caused global chaos but had been limited thanks to the state governments prompt intervention and popular support.
Godwin Ameh, the team lead for NG CARES, had previously stated that the team was confirming the states readiness for the project and provided comments to the federal government.
D Cons Of Small Business Grants In Nigeria
1. Ultimate Competition: Due to the large number of people applying for grants, competitions for grants are very fierce and demanding. As a result, you must be ready to conform and beat the stringent measures that grant providers adopt to choose only a few deserving businesses.
2. Partial Funding: Grants providers will hardly give you the total amount of capital that you need. Many of the business grant providers will expect you to secure cash equivalent to a percentage of the overall needed capital.
While the percentage varies from provider to provider, to be expected to come up with 50% of the grant is not uncommon. Thus, you will have to get funding from other sources shortly before or after you get the grant.
3. The Specificity Limitation: as specified in your business plan, many of the grant providers require that you use the funds provided strictly for a specific part of your business plan that they intend to cover.
For example, in the case where they seek to help you acquire working equipment, you will not be permitted to use that fund for any other thing in your business.
4. Funds maybe Delayed: to guarantee that the grant would be used for exactly what it was intended for, some grant providers will purposely delay the release of the grant until you have successfully accomplished the project of starting or expanding your business with funds from other sources.
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$75 Million Grant To Support Reforms And Mitigate Pandemic Impact In Sierra Leone
WASHINGTON, December 16, 2021 The World Bank Board today approved an International Development Association * grant of $75 million to improve natural resources governance, enhance inclusiveness and promote sustainability of development financing. This Development Policy Operation is the first in a series of three operations focusing on Inclusive and Sustainable Growth Financing, aimed at supporting the governments efforts to build the foundations for a robust, inclusive, and sustainable economic recovery from the pandemic.
The World Bank continues to be an active partner in supporting Sierra Leones recovery from severe shocks in the aftermath of the Ebola Virus Disease, and the current COVID-19 pandemic, said Abdu Muwonge, World Bank Country Manager for Sierra Leone. We stand ready to further support the Government of Sierra Leone to transform the economy, make it resilient to shocks while improving the well-being of the Sierra Leonean people.
Sierra Leone faces major economic and social challenges, including substantial gender gaps, that lead to low human development outcomes. The countrys growth potential has been constrained by limited spillovers from the mining sector, and poor access by the population to financial services, natural resources , and high-quality education.
World Bank Approves Us$20 Million Grant To Support Covid
WASHINGTON April 2, 2020 The World Bank’s Board of Executive Directors approved a US$20 million grant for the Haiti COVID-19 Response Project. This project aims to respond to the threat posed by COVID-19 through testing and improved treatment in Haiti.
The rapidly evolving COVID-19 pandemic requires urgent action to prevent outbreak and save lives in Haiti, said Anabela Abreu, World Bank Country Director for Haiti. The World Bank is working in partnership with the Haitian Government and donor community to respond effectively to the threat posed by COVID-19 by preparing the countrys medical system to diagnose and treat this infection.
Haiti faces significant risks from the COVID-19 pandemic. Since the first cases have been officially confirmed, the risk of local transmission has increased, and a state of emergency was declared on March 20. Vigorous response measures will be essential to reduce the spread of the virus, otherwise there is a high potential for the number of COVID-19 cases in Haiti to rise significantly.
Financing for this project is a grant from the International Development Association, as part of new Fast Track Financing approved by the WBG on March 3, 2020 to help countries worldwide face this pandemic.
World Bank Group COVID-19 Response
Contacts:
In Port au Prince, Peleg Charles, +509 4891 6327, In Washington, Hannah McDonald-Moniz, 1 458-2896
For more information, please visit: www.worldbank.org/haiti
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World Bank Group Announces Up To $12 Billion Immediate Support For Covid
WASHINGTON, March 3, 2020 As COVID-19 reaches more than 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak. This financing is designed to help member countries take effective action to respond to and, where possible, lessen the tragic impacts posed by the COVID-19 .
Through this new fast track package, the World Bank Group will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies. The financial package, with financing drawn from across IDA, IBRD and IFC, will be globally coordinated to support country-based responses.
The COVID-19 support package will make available initial crisis resources of up to $12 billion in financing $8 billion of which is new on a fast track basis. This comprises up to $2.7 billion new financing from IBRD $1.3 billion from IDA, complemented by reprioritization of $2 billion of the Banks existing portfolio and $6 billion from IFC,including $2 billion from existing trade facilities. It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge.
World Bank Grants In Nigeria For Small Business
A. What is a Small Business Grant?
A small business grant is the degree of funding made available to an entrepreneur to start a new business or to expand an existing one. Unlike the case of what obtains with loans, not all grants are will be required to be paid back by the financier. Usually, small business grants come from various sources like government-empowered organizations, international organizations, and non-governmental organizations.
B. Types of Small Business Grants in Nigeria.
Small business grants are available in different scenarios, such as the following:
Direct Grant:
This is a cash award, given as part of the start-up capital or expansion budget for a business. The cash award makes up part of the total cost.
Most awarded of this type of grants will require that the applicant himself/herself have a substantial cash investment in the overall total of the required capital.
Repayable Grant:
This kind of grant is offered without interest to a business owner. It is expected that the entrepreneur pays back over a period of time from future revenues gained from the business operation.
However, in the eventuality that the business fails or collapses, the repayment of the grant is scrapped out.
Soft Loan:
This is a form of a grant that is structured like a loan, the difference is that the interest may be very minute or non-existent. The repayment plans are way relaxed and spread thinly over a large period of time.
Equity Grant:
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What You Should Understand About World Bank Grant In Nigeria
The World Bank since the year 1958 has been being helping the Nigerian government to fight to alleviate poverty and develop the living standards for the populace of the African Nation with well over 130 IBRD loans.
The World Bank Group has been a strong ally of the Nigerian government. She supports Nigeria around the following priorities:
Creation and sustaining of growth in the diversification of jobs especially for young people, poor people, and women in the side-lined area.
Re-establishing macroeconomics and financial growth by fine-tuned policy sponsoring and performance responsive lending.
Agricultural-based funding with intent to increase viable productivity.
Investing in and promote ng growth and reforms towards non-oil growth and economic viability.
Tackling the issues of climate change
Restoring order in the conflict-affected zones of north-east Nigeria.
Advocating for governmental and cultural commitment to gender equity
Optimization of the quality of social service.
The World Bank has been courageous in encouraging the Nigerian economy through her efforts in the banking sector. In the banking sector, she hopes to invest in grass-roots businesses through the model microfinance banking system.
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How To Apply For A World Bank Grant In Nigeria
Please note that the more reliable the source of the grant, the fiercer the competition, and the more difficult it would be to access it.
Therefore, it is much easier to win a business grant awarded by a local NGOthan it is to win one awarded by the Federal government grant or even one that is established by an international organization.
You should also study the requirements and eligibility criteria of the grant you seek to apply for to know if your business is qualified to receive it.
Application Tips
Here, however, are few tips on how to apply for the Word Bank grants in Nigeria.
1. Refer to the website of the World Bank or the National and Local bodies they operate through to get the specifics of the grant that you seek.
2. Write a proper and compelling business plan. Be assured that the grant providers will dissect your business plan meticulously to determine the worthiness of your business to be supported by the supported with the grant.
3. Meticulously read and understand the specifics guiding the grant application process. Failure to complying with application guidelines is the shortest route to failure.
4. Do your research, consult business owners who have previously won grants and milk them for all the information and advice you can get.
5. Critically access yourself and your business to ascertain if you are qualified for the grant that you want to apply for.
CSN Team.
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