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Tag: entrepreneurs

  • Lagos earmarks N15.5m for student entrepreneurs

    Lagos earmarks N15.5m for student entrepreneurs

    The Lagos State Governor, Mr Akinwunmi Ambode, has approved  N15.5 million as seed funds and grants for final year students of Lagos State tertiary institutions enrolled in the Ready.Set.Work (RSW) entrepreneurship/employability training programme.

    The N15.5million will be distributed as working capital among the top three teams to emerge from the RSW Business Pitch Competition, scheduled to hold September 3, 2016.

    The competition will feature as curtains lower on the initiative, which exposed 500 final year students of the Lagos State University (LASU), Lagos State Polytechnic (LASPOTECH), and the Lagos State College of Health Technology to 13 weeks of employability and entrepreneurship training since June.

    Special Adviser to the governor on Education, Mr Obafela Bank-Olemoh said in a statement that about 80 of the best performing students in the entrepreneurship stream of the initiative would undergo three-six months’ apprenticeship learning from seasoned entrepreneurs on how to run successful businesses.

    This is in addition to 90 students from the employability stream who would be placed on six-month internships with such firms as PwC, SystemSpecs, FCMB, GTBank, Access Bank, TOTAL, Jobberman, and Stutern, among others.

    He said: “Our focus from the onset has been providing students in Lagos State with the tools, knowledge, and know-how to become effective employees or job creators. We already secured 90 internship slots for students in the employability track of the program and we realised that students in the entrepreneurship track could also benefit from experience in a structured, supervised work setting, where they can learn the rudiments of running a business effectively.”

  • Wema Bank rewards young entrepreneurs

    Wema Bank rewards young entrepreneurs

    Wema Bank has rewarded the most-creative designer with start-up funds and SME packages for other participants at the just-concluded Nigeria Students Fashion and Design Week (NSFDW), at the University of Lagos (UNLAG) Indoor Sports Hall.

    The two-day event, sponsored by Wema Bank, showcased over 30 designers that included dignitaries, students from the school and other universities across the country.

    Ashilla Rozae Fashion, led by Rosie Edinen Jacobs, won the first prize while the first runner-up went to Cece Fashion, headed by Okafor Kosiso.

    Wema Bank used the platform to enlighten participants on some the bank’s products,  which includes *945# convenient banking operations, Purple Connect and Wema Card Control, among others.

    The bank’s Head of Brand, Marketing Communications, Mrs Odili Onome,  underlined the organisation’s consistent commitment to sustainable development of its resident communities.

    “As a leading financial institution in the country, the student campuses represent major part of our resident communities and we are proud to identify with the core passion the Nigerian students that constitute a good percentage of our loyal customers across the country.”

  • Nigeria, Zambia lead top in women entrepreneurs

    Africa leads the world in the number of women starting businesses, a study by Global Economic Forum has said. The study, however, added that Nigeria and Zambia led the pack with 40.7 per cent of adult women as owner-managers of their own businesses or nascent entrepreneurs.

    According to the study, the number of women entrepreneurs is higher on the African continent than anywhere else in the world, even compared to the United States (U.S), where only 10.4 per cent of women own and manage their own business.

    The Country Director, Centre for International Private Enterprise (CIPE), Mrs. Omowumi Gbadamosi, disclosed the study result at a conference organised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Group (NAWORG) in Lagos, during the week.

    Speaking on the theme, “Challenges facing women-owned business,” Mrs. Gbadamosi said given women business owners’ ability to pull themselves, their families and communities out of poverty, it behoved the government to support them. She encouraged the public and private sectors to work together to ensure that women accessed the finance, training, and support they need to run successful enterprises.

    According to her, over 60 per cent of informal cross-border traders in West Africa are women, for whom the informal market provides opportunities to reduce poverty, create wealth and fight unemployment.

    “In Central and Western Africa, female informal cross-border traders on average employ 1.2 people in their home businesses and support 3.2 children and 3.1 dependents who are not their children or spouses,” she said.

    Lagos State Commissioner for Commerce, Industry and Cooperatives Prince Rotimi Ogunleye, in his paper, said the state has broadened the scope for women participation in business and enterprise by initiating and distilling measures targeted at increasing the number of women-owned business networks.

    He said the state has been closing gender gaps to lift women’s incomes and their contribution to agricultural production and small-scale industrialisation.

    Ogunleye, who was represented by a director in the ministry, Mrs. Mojisola Subair, said women were involved in the development of the human society and economic well being of any country.

    She assured of the state’s continued support to women through innovative entrepreneurship development and business policies and programmes.

    Earlier, First Deputy National President, NACCIMA and Chairperson, NAWORG Iyalode Alaba Lawsonon spoke on the need to redirect the thoughts of grassroots women towards sustainable empowerment and socio-economic self-reliance in her paper entitled “Galvanising the grassroots women entrepreneurs to key into the opportunities of sustainable development goals”.

    She said women were key factors in the drive towards the attainment of global sustainable goals.

  • Entrepreneurs share success secrets with students

    Entrepreneurs share success secrets with students

    The 4th Lagos State Enterprise Day, organised by the Lagos State Technical  and Vocational Education Board (LASTVEB), has given Technical College students in the state a push to pursue their dreams.

    During the programme, four seasoned entrepreneurs, Mr Nnamdi Ezeigbo, Chairman, Slot Systems Ltd; Rajiv Sharma, talent engagement and business development specialist; Mr James Love, African Regional Coordinator of Teach A Child to Fish; and Mrs Fehintola Foluso-Onagoruwa, shared experiences in starting their businesses with students of the five Government Technical Colleges (GTC).

    The event, which held at the NECA House, Ikeja, also featured the launch of the Young Enterprise Club magazine.

    James Love, who also delivered the keynote address at the event, lamented that the education system was not preparing students for entrepreneurship, but for jobs which are reducing by the day.

    “We are not preparing the young people enough with skills they need to be entrepreneurs.  What we want in people is a range of knowledge, attitude, values and behavior.  With the Teach a Man to Fish initiative, we are trying to support schools and educational system, as well as give students the practical learning they need to ensure business success. It is about team work and motivation.  You are able to learn how to market and keep records. It is about building a generation of young entrepreneurs,” he said.

    Mrs Foluso-Onagoruwa shared how she opted out of paid employment when she foresaw that she would not like to retire as a nurse.  She counseled the students to move from “selling time” (their skills) to creating a business that can work independent of them.

    “Technical college graduates are professionals selling skills and cannot become wealthy.  Selling skills as a painter limits you. You become a business owner when you put a system in place.  Yes, you have learnt a skill, but how do you convert your skill to entrepreneurship?  You need to learn business skills.

    “At 48, I have built a residual income such that I don’t have to work again for life,” she said.

    Slot boss, Ezeigbo said he started the firm, which has become a household name in the mobile phone business, because he could not get a job two years after graduation.

    “No time is the right time.  I was forced into business.  I was like you 17/18 years ago.  I had a degree in Engineering.  I spent two years looking for wonderful jobs from Chevron, Mobil, but it didn’t come.  I decided to start a business.  It was the best decision of my life,” he said.

    He counseled the students to put competence and strategy in place before seeking capital for their businesses.

    On  his part,  Sharma advised the students to learn to understand their customers and meet their needs, and create a vision and execute it.

    “Begin with the end in mind.  Don’t go for money; money will follow you.  Look for problems; but look beyond the challenges.  Think in your mind, ‘how can I solve the problem,’” he said.

    In his address, the Lagos State governor, Mr Akinwunmi Ambode, who was represented by Mr Olawumi Gasper, Executive Secretary, LASTVEB, said successful entrepreneurs need to mentor young ones if the state is to implement its entrepreneurship development agenda.

    “There is the need to engage successful entrepreneurs as mentors and trainers, financial institutions and industry partners to promote effective implementation of the Entrepreneurship Development Agenda, through voluntary sharing of experiences and lessons learned,” he said.

    On his part, the LASTVEB Executive Secretary, whose speech was read by Mr Laolu Oguntuyi, Director, Enterprise Development, LASTVEB, thanked the private sector for partnering the board to deliver quality technical and entrepreneurial education to the students.

    “We will continue to appreciate our private sector partners and mentors for the support in evoking the entrepreneurial spirit in our technical college students.  The impact of new technologies, relevant skills acquired from our technical colleges, vibrancy and tenacity of Nigerian youths and incubation of business ideas from these students call for the continuous support of the private sector,” he said.

  • Lawmaker supports small-scale entrepreneurs

    Lawmaker supports small-scale entrepreneurs

    Committed to the well-being of members of his constituency, the member representing Mushin Federal Constituency at the House of Representatives, Bolaji Yusuf Ayinla, has given a boost to businesses of not less than 230 small-scale entrepreneurs in Mushin.

    At the empowerment programme, he gave them some items to either start their own businesses or practice the trades and skills they have acquired.

    Beneficiaries included the old, young, artisans, technicians, traders, small-scale entrepreneurs, widows and some vulnerable people. The event took place at the Federal Institute of Industrial Research Oshodi (FIIRO), Lagos.

    The items which were distributed to the beneficiaries at the event tagged: ‘BYA Economic Empowerment Scheme 2016’ were 10 tricycles, 12 motorcycles, 25 pepper grinding machines, 10 power generating sets and six welding machines.

    Others were two block moulding machines, five vulcanising machines, 40 sewing machines, 30 generating sets and clippers; 28 pop-corn machines, 20 hair dryers, 10 deep freezers and 31 Coca-Cola refrigerators with accompanying products.

    Ayinla said the items were what the beneficiaries requested for when he met them at a town hall meeting in November last year.

    “During the last stakeholders/town hall meeting, the dominant request was economic empowerment for our small-scale entrepreneurs, artisans, technicians, community development association, market men and women, widows and vulnerable people in my constituency. Today’s economic empowerment programme is a follow-up to the stakeholders/town hall meeting.

    He promised that nothing would be spared to ensure that Mushin is known for progress rather than for fighting and hooliganism, which he said used to characterise the area.

    The lawmaker appealed to the people not to fight or shoot at one another again, even as he urged them to think of how to develop the area.

    He thanked Governor Akinwunmi Ambode for ‘working tirelessly to develop the state for the betterment of the people.’

    He said: “It is pertinent to admit that the items to be distributed today are not enough to go round due to the avalanche of the needs of our people. A popular proverb says ‘a journey of a thousand miles begins with a step’. Today, we have succeeded in cracking the hard nut of poverty,” he said. He promised that the programme would be a continuous one.

    Addressing reporters later, the lawmaker said the empowerment programme was specifically designed to empower the people of the constituency, adding that there was a difference between needs and wants.

    He explained that there are various empowerment programmes in the country, but that some people don’t ask the beneficiaries what they want, saying that he gives the people what they want each time he organised such a programme.

    He said: “A situation where people beg for money is not okay by me. If you are earning N3, 000 a day, then it would be better for you rather than begging for money from other people.

    “This is a continuous exercise. I will not rest until my people are satisfied because I want my constituency to be better. I want people to know Mushin for better things rather than for fighting. I want the people of Mushin to work and earn money. I want them to be hard working and for us to attract better development to our constituency,” he said.

    The lawmaker maintained that he had been empowering people right from his days as a member of the Lagos State House of Assembly, and that he travels from Abuja to Lagos every Friday to identify with his people in Mushin.

    He revealed that the purpose of the constant visit was to listen to his people so that he could feel their pulse, and that a lot of them don’t know their rights.

    BYA emphasised that if anybody cheats someone or does anything the person doesn’t like, the fellow ought to write a petition against the cheat, while promising to spring another surprise as a representative of the people in the next  two or three months, adding that “you have not seen anything yet. I will not rest until my better becomes best.”

    The lawmaker called on Nigerians in positions of authority as well as wealthy individuals to assist the less-privileged so that there can be a better society.

    On how the beneficiaries were selected, the lawmaker said he told his constituents that anyone that needs anything should go to his constituency office and write his or her name, ward and telephone number along with what he or she needs on a register.

    He revealed that he goes through the register regularly and calls the recipients to ask them about what they want. He advised the beneficiaries not to sell the items as he would not entertain any request for money from them in the nearest future.

    “If you say you need N10, 000, but you have N5, 000, I would balance it up rather than for someone to come to me for everything he or she needs. I spent over N27m on the whole empowerment programme,” he said.

    Ayinla also advised the beneficiaries to make good use of the items to improve their standard of living, disclosing that, “a monitoring team has been inaugurated by my constituency to monitor the effective use of these implements by the beneficiaries”.

  • Centre trains 100 entrepreneurs

    Founder, Centre for Values in Leadership (CVL), Prof. Pat Utomi, has attributed the high unemployment rate to a failure to cultivate the right values that can bring out the best in youths.

    Utomi spoke at the CVL Young Entrepreneurship Training Programme (YEPT) graduation and presentation of start-up and grant to 100 trained graduands in Lagos.

    Utomi observed that Nigeria has many resources, most importantly people, noting that rather than view the large population as a burden, it can actually be transformed to a source of great strength for strong economic resurgence.

    He cited China that has learnt to utilise and harness its great population to emerge as an economic leader as evidence of the possibility that abounds when a nation invests in its people.

    According to him, there is the need for youths to embrace entrepreneurship as the only way out of the country’s biting unemployment.

    Utomi noted that business training were essential for them to succeed.

    On his choice of Ajegunle as the first beneficiary of the centre’s pilot project, Utomi said there is vibrancy in the community that he believed on a larger level, can force a positive change in the society.

    “My ties with Ajegunle go back to 1968 when my father drove through there with me, on the way to visit  a relation who was a warder at the Kirikiri Prison.

    “When CVL began to explore setting up an initiative for forming entrepreneurs, Ajegunle was a natural catchment area,” he explained.

    He said values and leadership could transport people from places of disadvantage to locations of top play and sustained superior performance.

    According to the organisers, YETP is a one-year project funded by CITI Foundation. It is an intensive entrepreneurship programme for community youths in Ajegunle between ages 18 and 35 years to provide them with business support, technical, business information, start-ups and access to financial links.

    Utomi further explained that the graduands are to be retained in an alumni group for continued monitoring and encouragement. He said through the alumni association, they would be able to provide clusters in communities to widen the training experience of trainees and periodically add values in emerging trends, technology and information.

    The 100 trainees were given N100,000 each as start-ups and grants.

    Utomi congratulated the trainees and admonished them to distinguish themselves in their various fields.

    Speaking to newsmen, a graduand, Mr. Julius Lemeh, was full of praise for Utomi and CVL for the initiative. He expressed his appreciation for the training. He rated the programme high and revealed that some of his friends have signed up for the next edition of the programme.

  • Building social entrepreneurs

    Building social entrepreneurs

    The nation’s social challenges are getting too big for governments and nonprofits to cope. This necessitates the need for social change entrepreneus. But there are challenges, according to a national social change summit that ended in Lagos, DANIEL ESSIET reports.

    As Nigeria races to build out strategies for fostering local innovation and technology, there is a tremendous opportunity for forward-thinking social entrepreneurs. Rarely has the need for new ways of thinking been more glaring. From the sluggish economic growth and financial instability, hunger, poverty, and disease, people have come to realise that the old ways of doing things no longer work. One of those who share this thought is the  Chairman, First Bank Group, Mrs Ibukun Awosika.

    Mrs Awosika said the economy is  looking for  innovators to increase opportunities and improve people’s quality of life.

    She spoke during the social change summit organised by  Co-Creation Hub (CcHub) and Omidyar Network in Lagos.

    Mrs Awosika  said the economy  needs creative and innovative solutions for fostering sustainable growth, securing jobs, and increasing competitive abilities.

    Challenging youths, she maintained that the economy  has opened  opportunities that can  provide job opportunities for unemployed youth.

    Around the country, she noted that the challenge of unemployment is growing by the year.

    She  urged youths to explore new types of work, offering new opportunities to  improve the social and economic well-being of entire families, communities and nations.

    Chief  Executive, Co-creation Hub Nigeria (CcHUB ), Bosun Tijani  urged Nigerians and  organisations  to transform  into active investors backing social  businesses   that  boost  startup ecosystem and  the economy.

    He maintained that CCHub   has established itself as  a  centre for social innovation and entrepreneurship by supporting the development of applications to address  challenges  that require innovative ways of applying new technology along with grassroots-based solutions.

    Tijani said the centre is ready to support young innovators, as their presence was going to provide the impetus for economic growth and social change.

    He said CC hub has turned  its attention to technology  projects that produce things people can use —  like apps designed to help produce a functional blood supply  system.

    These initiatives, according to him, have helped solidify Nigeria’s place on the global stage of technological innovation. They also help raise money.

    The hub’s work so far has been a hit with tech savvy, artistic and young residents of Lagos and turned Yaba into the nation’s Silicon Valley.

    Tijani said his organisation is working with international partners to help support the country’s startup and innovation sectors in developing new technologies for use around the world.

    He reiterated that CC hub is scaling expertise and a platform to generate strong commercial returns for social investors.

    So far, Tijani said the centre  has provided incubation space for  60   technology companies and  helped develop more entrepreneurs, companies and jobs.

    Principal  Boston Consulting Group (BCG) Wiebe Boer said negative  reporting about Nigeria is not helping to attract foreign investment into the country.

    He said Nigeria needs to improve the enabling environment for businesses to attract FDI.  According to him, the nation’s poor infrastructure is one of the country’s greatest challenges when it comes to attracting capital as it makes Nigeria uncompetitive in almost all sectors.

    Director of Investments, Omidyar Network   Mrs. Ory Okolloh said her organisation is funding journalism-related projects.

    She  observed  that  the number of funded journalism projects has seen an ongoing increase over time and includes a growing number of proposals from established media organisations. Such support, she added, have helped  innovative journalists overcome logistical obstacles, censorship, and other impediments to reporting the news. This kind of support, she explained,  ensures independent and investigative reporting .

    As the general public, entrepreneurs, regulators, small businesses, educators, students and industry groups become more aware of crowd funding and the impact on small business funding, a groundswell of interest has emerged sparking dialogue and events bringing crowd funding education, awareness and issues into the spotlight. Managing Partner, Co-creation Hub, Tunji Elesho is one of them.

    He observed that the crowd funding industry is exploding with entrepreneurs, investors, portal operators, wondering why Nigerians are not taking advantage of a promising and new fundraising channel for social projects.

    Country Manager, International Finance Corporation Nigeria Eme Essien Lore said online  fund raising  platforms need to be regulated  and a set of due diligence  performed before allowing investors and issuers on their platform.

    Mrs Essien Lore said  the broader financial system is much deeper and richer for entrepreneurs  with high growth potential to explore  to  translate their   ideas beyond the scope of crowdfunding markets.Mrs Essien Lore said  the economy is suffering because  businesses  have not experienced  the benefits  of   technological infrastructure that  could enable the nation  to develop more quickly  as other  industrialised countries  in Africa.

    According to her, having good connectivity is a good way of encouraging business  growth, adding that compared to  countries such as Kenya and Ghana, Nigeria has not  made  massive economic leap  because of the state of infrastructure projects.

    She  described  Nigeria  as  a global treasure trove of natural resources, but  businesses  see  the decrepit infrastructure as  a barrier to growth. She stressed  the need  for social investment finance to generate social and financial returns,adding that  it will  help social enterprises to fund innovation and grow, and provide investors another way of supporting social change while getting a return on their money.

  • 30 entrepreneurs win N7.5m in Enugu

    Thirty persons have won the Life Continental Beer Progress Booster show held in Enugu.

    It was its second edition.

    The winners collectively took home with N7.5 million.

    The show is an entrepreneurial talent hunt and mentoring radio programme targeted at innovative businessmen and women in the Southeast.

    It took place at the New Berries Park, Enugu, with 20 winners selected for their business ideas during the monthly radio show.

    Life Continental Beer gave 10 more entrepreneurs who brought their business ideas to the event the opportunity to win N250,000 each through a live interview session by a panel of judges, making a total of 30 winners.

    “We started this because we know what is in the heart of the Igbo man. Most of the time, they have good business ideas but do not have money to fund them. We are running the Progress Booster show for Igbos living and doing business in the East, this is because we want them to benefit from Life Continental Lager Beer,” said Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout Brands, NB Plc, while addressing guests at the event.

    “In 2015, we empowered 50 people with N250,000 each, we hope that the show will inspire more young entrepreneurs to present creative business ideas because Life Beer wants to keep the enterprising culture of the Igbo man alive,” he concluded.

    He urged aspiring entrepreneurs to submit their entries for the Progress Booster show as more winners will be selected in the coming months.

    Past winners, Felicia Emeh and Henry Nwafor shared inspiring experiences of how they utilised their cash prizes in expanding their businesses.

    Guests were also given the opportunity to win exciting gifts through a raffle draw competition.

    The night ended with winners and guests celebrating with free bottles of Life Continental Beer and a live band.

  • Grooming tomorrow’s entrepreneurs

    Grooming tomorrow’s entrepreneurs

    Entrepreneurship is the latest buzzword across campuses and business segments as thousands of young Nigerians opt to be job-creators rather than job-seekers. U.S. based entrepreneur, Mary Olushoga, has established a platform to promote and mentor startups, DANIEL ESSIET reports.

    When the Chief Executive, African Women Power (AWP) Network, Mary Olushoga, was doing her postgraduate studies in the United States (U.S.), she was inspired by  powerful testimonials from  entrepreneurs across the world, who  overcame the barriers that often prevent women  and men from succeeding in business.

    After her studies in New York, she sensed the opportunities ahead of her and realised that being an entrepreneur was a worthy path to pursue. After graduation, she established African Women Power (AWP) Network in 2012.

    Since then, she has never looked back and she is today in-charge of an empowerment network, reaching out to young and would-be entrepreneurs across sectors including finance, logistics, and healthcare.

    She said: “After graduation, my foray into entrepreneurship and the business development space began at the New York City Department of Small Business Services, where I helped businesses start, grow and expand. From there I served as a Public Policy Fellow at the New York State Department of Transportation, followed by working as Programme and Project Manager at Count Me in for Women’s Economic Independence, where I directed the initiative supporting female business owners (nationwide) funded by American Express.

    “My interest in small business continued as I moved to NY City’s Business Solutions Center before giving entrepreneurship a try, and launching my own business – the African Women Power (AWP) Network.”

    “This idea came to me after a number of years working in the economic development space. I saw first hand, how the resources provided helped entrepreneurs become more successful in their endeavours. I saw how better access to business resources, education, and financing helped to transform the lives of entrepreneurs.

    “After years of working in the small business development space, I decided the time was right.”

    She  then launched the AWP Network as a solution to the unemployment issue facing Africa, particularly Nigeria, as the most populous country on the continent.

    “The idea is that if we provide a supportive community to African entrepreneurs to grow their businesses, they will be sustainable and in turn create jobs and hire, thereby reducing unemployment. It is not an easy mission, but it is possible. At the AWP Network, we see entrepreneurship as a solution,”she said.

    A mix between public relations  consultancy and small business development service, Olushoga’s platform shares startup stories of  entrepreneurs, organises events, webinars and clinics, and creates opportunities to connect with business experts in marketing, technology and human resources fields, for example. She mentors and  inspires  youths  to maximise their potential. The AWP Network is an internationally recognised award-winning storytelling and training platform.

    She  said: “We interview African entrepreneurs and provide them with a platform to get their stories out to the media. One of such entrepreneurs is Bukola Dawodu. I first met Bukola when AWP launched its photo contest in 2013. Today, Bukola has featured on CNN Africa, NTA, and other media platforms. So, yes! We have a few success stories.”

    The AWP Network also offers various training programmes. The first, is AWP Network Agribusiness Training for Women, this allows them  to work with women farmers in Northern Nigeria helping them to improve farming techniques, practices, as well as increase yield and production at reduced cost. This training is fully funded and supported by the Planet Earth Institute.

    The other is the Dream project, which was initially launched with the HOPE Foundation at Covenant University, where they  train secondary school students and help them to write their business plans as well as provide monetary support for their business ideas.

    Currently ongoing is the AWP Network Photo Contest, that allows them through the art of photography see how young people under 30 view entrepreneurship.

    In addition, the Network has held social media trainings and leadership workshops. Also in the works is to launch the AWP Network Coding Academy for Girls, a programme to teach girls how to code in Calabar.

    Olushoga is a vital voices global leadership fellow, a Planet Earth Institute, Africa Data challenge winner, an indiafrica young visionary fellow, a women4africa international media woman of the year award winner, a Crans Montana ‘new leader among others.

    The AWP Network is proudly recognised as one of the leading organisations supporting African Women in Technology.

    Internationally, she works with influential networks of entrepreneurs, corporate leaders, investors and advisors, as well as potential partners, strategic alliances, customers and suppliers, who can help the entrepreneurs think bigger, scale their companies and become market leaders.

    She is determined to help Nigeria create jobs, support the economy to thrive and provide really important employment safeguards. She is determined to campaign for entrepreneurs and women’s economic empowerment.

  • CBN trains 1, 547 entrepreneurs

    CBN trains 1, 547 entrepreneurs

    The Central Bank of Nigeria (CBN) yesterday commenced a three-day Youth Entrepreneurship Development Programme (YEDP) for 1,547 entrepreneurs, out of 4,000  youths that applied for the scheme.

    The capacity building scheme was designed to help participants hone their entrepreneurial skills. The programme was flagged off in Lagos and Abuja and targets youths, who have completed their National Youth Service Corps (NYSC) in the last five years or those currently serving the nation.

    CBN’s Director, Development Finance Department, Dr. Mudashiru Olaitan, said it is part of the CBN’s effort to reduce youth unemployment rate and encourage bankable business ideas.

    He said apart from providing funds for the applicants, the CBN was more concerned about nurturing them with the right business mindset as well as exposing them to the rudiments of successful entrepreneurship.

    “It was launched three months ago by the CBN Governor, Godwin Emefiele. It was developed to strategically deploy our youthful resources for maximum economic development and tackle unemployment.

    “So it is important that you acquaint yourselves with the guidelines of the programme as it will aid your understanding of permissible activities, funding modalities, limits and collateral requirement. I urge you all to seize this opportunity and be innovative in your strife to deliver realistic business proposal that will avail you the funding opportunity towards actualising your dreams,” he said.

    He noted that applicants from other states would begin training sessions from June 29 to July 1, adding that short listing will continue to be extended.

    Speaking on the expectations of the training, the facilitator and Director of the Africa Leadership Forum, Olumide Ajayi said participants will learn skill that will enable them to develop their own business plan noting it was important to train them before giving them money. “The Heritage Bank will provide funds from the CBN Micro Small and Medium Enterprises (MSMEs) intervention funds. Our philosophy is that you don’t give money to people that are not trained.”