A grant scheme known as the YESGrant Scheme has been launched by the Nigerian Young Professionals Forum (NYPF) in partnership with Heritage Bank. This is part of an effort to grow more indigenous entrepreneurs amongst young Nigerians. According to the partners, over 1000 young Nigerian entrepreneurs and students will be beneficiaries of a N500 million seed capital grant for their startup companies. It is also going to provide business training for up to 600 aspiring young entrepreneurs.
“I have built businesses from 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 revolutionise it,” the Chairman of the Nigerian Young Professionals Forum (NYPF), Moses Siloko Siasia, said at the event.
Furthermore, Moses Siloko Siasia mentioned that the grant was created to provide incubator support to enable young entrepreneurs with creative ideas in Agriculture, ICT and creative economy start or expand their business concepts in those areas. The YESGrant is expected to create over 50,000 jobs in the next 5 years of the program cycle.
This development comes at a time when the level of unemployment in the country is high, thereby aiding unemployed graduates with the funding they require to establish a business.
Here are six reasons why Nigerians should care about the YESGrant
- The YESGrant will provide business training for up to 600 aspiring young entrepreneurs spread across all geo-political zones in Nigeria.
- It will encourage expansion, specialization and spin-offs of existing businesses. This will enable young entrepreneurs access a wide business professional network and improve their visibility.
- Entrepreneurs will receive up to N2million annually as a part of the grant.
- The YESGrant scheme will enable Nigerian students with extreme financial problems pursue their academic dreams and aspirations in the areas of research and technological/scientific innovation.
- It will also help low income and disadvantaged students with their tuition and 500 students are set to benefit from this year’s grant.
- 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 5,000 dollars annually as part of the scheme.