Introduction: Where Dreams Meet Data
Across Nigeria, thousands of brilliant ideas go unfunded, not because they’re unworthy, but because they’re unproven.
Founders draft business plans. They register companies. They pitch with passion. But when it’s time for grant disbursement, silence.
Why?
One quiet answer echo behind closed funding doors, missing feasibility study data.
In 2025, funders no longer rely on intuition. They ask tough questions. They want proof of concept. They want numbers. They want clarity.
This article unwraps the true role of a feasibility study in Nigeria, especially when securing grants from public, private, or international sources. Whether you’re a startup in agriculture or a social enterprise in education, this guide helps you understand what funders look for, and how to prepare.
Let’s break it down.
What Is a Feasibility Study in Nigeria?
A feasibility study is a structured research process. It evaluates if your business idea is viable in real market conditions.
Think of it as your “pre-business proof”, the study that gives funders confidence in your market knowledge, demand forecast, and operating model.
Key Components of a Market Feasibility Study
- Market Need Assessment
Are people asking for this solution? Can they pay for it? - Industry Trends & Competitor Mapping
Who else is doing it? What’s your edge? - Customer Profiling
Who are your buyers? What motivates them? - Location Suitability
Is your site or region appropriate for the service/product? - Financial Projections & Break-Even Point
When will you make profit? What are the startup and operating costs? - Regulatory & Operational Requirements
Are there licenses or government policies to comply with?
Why It Matters for Grant Applications
- It proves your concept is market-ready.
- It shows you’re not guessing; you’re planning.
- It helps you align with funders’ risk appetite.
- It gives you negotiation leverage for more funds.
What Nigerian Grant Bodies Really Look For
Whether it’s Tony Elumelu Foundation, Bank of Industry (BOI), or foreign embassies, grant committees don’t just fund ideas, they fund facts.
Your feasibility study is not an optional document. It’s the foundation.
What Happens Without a Feasibility Study?
- Your application lacks credibility.
- You can’t back up your revenue claims.
- You fail the due diligence phase.
- You get shortlisted, but not funded.
A beautifully written proposal without feasibility is like a house without a foundation.
2025 Market Trends Affecting Business Grants in Nigeria
The grant ecosystem is maturing. Here’s what’s changing:
More Sector-Specific Calls for Proposals
From green energy to agritech, grant programs in 2025 are now target-specific. Your feasibility study must align with sector data.
Update: The 2025 BOI Agro Grants now require location-specific productivity forecasts from feasibility reports.
International Donors Want ESG Compatibility
Your feasibility study must now include impact metrics—environmental, social, or governance elements.
AI Tools Are Changing Market Research
Founders are now using AI platforms to simulate customer trends, pricing behaviors, and break-even timelines. Your feasibility data must be digitally sound.
Case Example: When Feasibility Made the Difference
Amaka, a young entrepreneur from Anambra, applied for a ₦5 million agriculture grant.
She had everything: CAC documents, a team, and passion.
But one thing helped her win—her feasibility study, prepared with data on:
- cassava yield by soil type,
- competitors’ pricing,
- projected ROI within 18 months.
She got selected. While others with similar ideas didn’t. Why? Her numbers told a story.
Practical Tips: How to Build a Winning Feasibility Study in Nigeria
- Start with Stakeholder Interviews
Talk to potential customers, suppliers, community leaders, and government reps. Their insights are gold.
- Use Open Data Sources
Check:
- Validate Assumptions
Don’t guess. Visit markets. Survey your audience. Check CAC listings for competitors.
Get Professional Support
Companies like All-In-One Nigeria offer feasibility study support tailored to grants and bank funding. It saves time, and improves approval odds.
Funders Who Require Feasibility Studies in Nigeria
|
Grant Provider |
Feasibility Required? |
Format Accepted |
|
Tony Elumelu Foundation |
Yes |
PDF with financials |
|
BOI Matching Grants |
Yes |
Full feasibility report |
|
YouWin Connect |
Optional (but beneficial) |
Summary |
|
UK FCDO (UKAid) |
Yes |
Market, ESG, risk |
|
Lagos State Employment Trust Fund (LSETF) |
Yes |
Business + location study |
Tools and Templates for Your Study
Recommended Tools
- Google Trends for demand trends.
- Excel or Google Sheets for cost analysis.
- Typeform for customer surveys.
- Canva for visual charts.
What to Include in Your Report
- Executive summary
- Product/service overview
- Industry analysis
- SWOT analysis
- Customer analysis
- Financial plan
- Risk management strategy
- Appendices (charts, surveys, maps)
FAQ
Can I write a feasibility study myself?
Yes, but funders prefer professionally prepared studies for accuracy and depth.
How much does a feasibility study cost in Nigeria?
Prices range from ₦100,000 to ₦500,000 depending on sector and complexity.
Is it compulsory for all grant applications?
No, but it is highly recommended, and often requested at due diligence.
Can a feasibility study improve my loan approval too?
Yes. Banks like BOI and DBN require feasibility studies for large funding requests.
How long is a feasibility study valid for?
1 to 2 years, unless major market changes occur.
Conclusion: Let Your Numbers Do the Talking
Many Nigerian entrepreneurs lose out, not from lack of drive, but lack of data.
Your feasibility study is your business’s first proof of life. It speaks when you’re not in the room. It shows grant officers, investors, and partners that your dream is grounded in reality.
Don’t skip it.
Let it elevate your pitch from possibility to probability.
At All-In-One Nigeria, we help startups and NGOs prepare feasibility studies that meet today’s funding standards.
Whether you’re applying for a grant or planning to scale, we’ll help you validate your idea with insight, structure, and data-driven precision.
Visit our website: www.allinonenigeria.com
Email: projects@allinonenigeria.com
Build smart. Grow strong. Secure funding.
