1,000 Young Entrepreneurs To Receive N500m Grant For Start Ups | Independent Newspapers Limited
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1,000 Young Entrepreneurs To Receive N500m Grant For Start Ups

Posted: Mar 1, 2016 at 3:00 am   /   by   /   comments (0)

Most entrepreneurs in the country have complained that funding is a major obstacle to starting and running a business in the country.

However, over 1000 Nigerians will this year receive N500 million grant seed capital set aside for young Nigerian entrepreneurs and students.

This was disclosed during the launch of the YESGrant Scheme by the Nigerian Young Professionals Forum (NYPF) in partnership with Heritage Bank, which took place in Lagos.

Speaking during the launch, chairman of the Nigerian Young Professionals Forum (NYPF), Moses Siloko Siasia, said he was inspired by the big impact small businesses can have on the economy and that was why the grant was created to provide incubator support to enable young entrepreneurial postulants with creative ideas in agriculture, ICT and creative economy start or expand their business concepts in those areas.

“I have built businesses from the scratch and I understand the challenges people face and that is why I am optimistic that if given the necessary support, young Nigerians will not only grow the Nigerian economy, they will completely revolutionize it.”

Also speaking at the event, the Managing Director of Heritage Bank, who was represented by the Head of Marketing Strategy, Mr.  Obioma Emenike, said he was optimistic that the initiative would lead to start ups and give a boost to economic growth in the country. He called on entrepreneurs to use their network to encourage their friends and colleagues to apply for the fund.

The grant will provide business training for up to 600 aspiring young entrepreneurs spread across all geo-political zones in Nigeria and will encourage expansion, specialization and spin-offs of existing businesses, which is to enable young entrepreneurs access a wide business professional network and improve their visibility. Entrepreneurs will receive up to N2million annually as grant.

The YESGrant is to enable Nigerian students with extreme financial need pursue their academic dreams and aspirations in the areas of research and technological/scientific innovation and it will also help low income and disadvantaged students with their tuition of which over 500 students will benefit from this year’s grant.

Furthermore, students studying in Nigeria will receive up to N500,000 while those studying in the United Kingdom will receive up to 3,000 pounds and those studying in the United States will receive up to 5,000dollars annually as grant.

To apply for the YESGrant prospective recipients must be between the ages of 18 and 40, be registered members of the Nigerian Young Professionals Forum (NYPF) and have an account with Heritage Bank prior to the disbursement of the funds in August 2016. Student award recipients must in addition provide their matriculation number and academic progression report.

The event was attended by dignitaries, including representatives from the Nigerian University Commission (NUC), National Youth Service Corps (NYSC), and captains of industry and top government functionaries.

It was part of efforts to grow indigenous entrepreneurs among young Nigerians and create over 50,000 jobs in the next five years of the programme circle.