Funding

Market Modernization Fund by the UK DFID

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The Market Modernization Fund (MMfund) is a £3.5 Million private sector development matching grant fund aimed at catalysing innovation, improving business models and technology, and stimulating private sector participation in promoting economic growth, improved performance, employment opportunities, and increased incomes in the Wholesale and Retail Sector in Nigeria, with a focus on the foods, beverages, and fast moving consumer goods important to Nigeria’s poor and women.

The MMfund provides the opportunity and incentive for commercial business entities in Nigeria’s wholesale and retail sector, and related support service providers (such as distribution, intelligence, merchandising and exchange (trade), financial services, and ICT), to undertake new and innovative business activities contributing to pro-poor growth within the Wholesale and Retail sector in Nigeria.

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Grant funds are awarded to eligible firms through a two- stage competitive application process. The competition is open solely to For – profit private sector enterprises registered and operating in Nigeria, for proposals to be implemented in Nigeria. Not for profit enterprises or State owned enterprises engaged in the Wholesale and Retail sector, or in a related support service sector, and operating without Government subsidy are also eligible to apply.

The MMfund will support businesses engaged in the Wholesale and Retail sector; and related support service providers (such as distribution, intelligence, merchandising, exchange (trade), financial services, and ICT) by providing grant funds for investment in innovative business projects that have pro-poor objectives. Successful bids can receive up to a maximum amount of £250,000 depending on the funding window.

Grant funds will be used to either pilot a new and innovative business idea or to scale up an existing successfully piloted project. All proposed projects must meet the eligibility criteria of the fund and contribute to the achievement of the fund’s objectives.

These include:

  1. Improving the efficiency and performance of the Wholesale and Retail Sector in Nigeria
  2. Increasing GDP contribution of the Wholesale and Retail sector to the Nigerian Economy
  3. Contributing to the creation of employment opportunities for 10,000 poor and women in the Nigerian Wholesale and Retail sector
  4. Contributing to the increased incomes for 500,000 poor and women engaged in the Nigerian Wholesale and Retail sector

Check out http://www.mmfund.org/index.php/challenge-fund-2/about-the-fund
The Market Modernisation Fund is an initiative of the UK Department for International Development (DFID) under its Growth & Employment in States (GEMS-4) project, and is implemented by Coffey International Development, UK.
Entry Closes 11th April, 2014

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