Business End - Funding in Nigeria

There is a popular expression used by the establishment - you don't need funding to start your business. This is a falsity used as a motivator at best, or as an excuse to bail out of funding start ups in the worst tocase scenario.

You do need capital to start a business, and depending on the vision - even more capital needs to be pumped in to grow the business. This is because, While micro businesses are good economic stimulators and job creators (depending on how you term employment), actual wealth creation is propelled by the medium and large enterprises. Therefore sufficient capital needs to be pumped into the real sector to stimulate larger growth.

Getting this kind of funding in the Nigerian business climate is quite the task. Banks won't give you loans, and the difficulty of getting angels interested in investing capital to such a business is low, particularly true for domestic investors. There are however funding opportunities for small medium scale enterprises, with the vast majority being foreign investments. If you're looking to start or scale your business, here are some funding options:

• Seedstars Accelerators
• Ventures platform
• Microtraction
• Tony Elumelu grant
• Bank of Industry Loans (9%)
• CChub accelerator
• International angel investors

All I am trying to show you is that there are funding options for those who are determined to get them. With the rise of blockchain, steem as a potential funding option is being explored by several people in business right now, particularly those from lower middle income nations, am sure the people from @stach can attest to that.