In light of the recent economic downturn, development strategies that create new jobs and support the growth of businesses are of greater need than ever. Microenterprises play a critical role in this quest as they account for a larger share of newly created jobs. However, only a fraction of these start-ups survive for more than two years or even develop into the high-growth firms.
Amongst the biggest barriers to their sustained growth are lack of access to training, development support, and access to funding. The “Youth Ignite” Project (under the Bank of Industry’s (BOI) Microenterprise Finance Program) seek to address these challenge by supporting 1 million entrepreneurs to create 5 million jobs over the next 5 years.
Microenterprises will be provided training, single-digit interest loans and ongoing support during the course of the 5 years.
Entrepreneurs are required to do the either of following:
- Consider ways people conduct businesses in their state or community and devise a more effective way to achieve better results; or
- Develop a solution to a problem(s) in their community or area of influence; or
- Seek to command [more] business value from a skill they already possess or trade they are involved in.
The main objective of the project is to create new jobs through entrepreneurship by supporting 1 million entrepreneurs over the next 5 years to create 5 million jobs.
– Prerequisites for the contest
Who we are looking for: Talented, creative and dedicated young people who have an existing business or idea that they believe in and are committed to bringing to life.
Application Closes: May 9, 2017
TERMS & CONDITIONS
- Applicants must be of Nigerian nationality
- Applicants must be between the ages of 18 – 35.
- Failure to verify age will result in the application being declined.
- Applications must articulate a specific business problem to solve or opportunity to address.
- Applicants must be clear on the benefits from the loan.
- Employees of Bank of Industry, FirstBank, AGDC, Digital Jewels Limited, etc. and their families are not eligible to apply.
- The Judges’ decisions are final.
Duration of the Programme
Loan cycle – 12 months (3 months’ moratorium, 9 months’ repayment)
Proposed amount for project funding
Entrepreneurs upon meeting the required criteria and judges review would have access to a “loan” value as required by their businesses capped at N200,000.00 (Two Hundred Thousand Naira) to start or grow their businesses. Successful businesses that are able to prove their concept (through the amount of jobs created, revenue generated, etc.) are then able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000)
How to apply
- Interested entrepreneurs should visit www.youthignite.ng
- Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on this website.
- All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.