This fund is to help Nigerian businesses to modernise, in particular the food and consumer goods sector. Deadline for submission of concept note applications is 11 April 2014.
The Market Modernisation Fund (MMfund) is a new fund offered by DFID for Nigerian businesses. It offers grants for investment in innovative business projects that will help the poor. It is for the wholesale and retail sector, in particular the food and fast moving consumer goods industry, to modernise their business models and use new technology. These businesses will function more effectively, sustainably and beneficially for the poor and women working in these sectors.
The value of the fund is £3.5 million, with grants available of up to £250,000. Grant funds can be used either to pilot a new and innovative business idea or to scale up an existing successfully piloted project.
The objectives of the fund are to:
- improve the efficiency and performance of the wholesale and retail sector in Nigeria
- increase the GDP contribution of this sector to the Nigerian economy
- contribute to the creation of employment opportunities for 10,000 poor and women in this sector in Nigeria
- contribute to increased incomes for 500,000 poor and women engaged in this sector in Nigeria
The MMfund is open to commercial business entities in Nigeria’s wholesale and retail sector. It is also open to related support service providers, such as distribution, intelligence, merchandising, exchange (trade), financial services, and information and communication technology companies, to undertake new and innovative business activities.
How to apply
Full details of how to apply are on the Market Modernisation Fund website. The closing date for submission of concept note applications is 11 April 2014.
Grant funds will be awarded to eligible projects through a 2 stage competitive application process as follows:
- first stage: submit a concept note outlining your idea in terms of its commercial viability, innovative, and potential developmental impact
- second stage: shortlisted applicants are invited to develop full application proposals setting out a detailed business case for the proposed project
The Market Modernisation Fund is an initiative of the UK Department for International Development (DFID) under its Growth and Employment in States (GEMS-4) project, and is implemented by Coffey International Development, UK.
GEMS-4 is a private sector development programme supported by the World Bank, funded by the UK Department for International Development (DFID) and implemented by Coffey International Development Ltd. It develops market systems so that they function more effectively, sustainably and beneficially for the poor and women working in the wholesale and retail sector.