For Nigerian small businesses seeking funding in 2023, I've found accelerator programs to be incredibly effective. Programs like the Tony Elumelu Foundation Entrepreneurship Programme and Google for Startups Africa offer not just capital but mentorship and networking opportunities. They're competitive but provide grants rather than loans, which is ideal for early-stage businesses without collateral or significant revenue.

Don't overlook sector-specific government initiatives. The Bank of Industry (BOI) has low-interest loan programs specifically for manufacturing and agribusiness. The CBN's Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) offers up to ₦10 million at 5% interest. These programs have specific requirements but much better terms than commercial loans.

For tech-enabled businesses, angel networks have been increasingly active in Nigeria. Lagos Angel Network, Diaspora Angel Network, and Rising Tide Africa focus on early-stage investments ranging from $10,000 to $100,000. What's worked for me is developing a clear pitch deck, demonstrating product-market fit with actual users/customers (even if revenue is minimal), and having a defined path to scalability.