The Nigerian Investment Promotion Commission (NIPC) recently announced the start of a 155,000 support funding program for graduates with 1-2 years of work experience. The funding is intended to empower young Nigerians who want to launch their businesses or expand their existing ones. This initiative is part of the Federal Government’s efforts to decrease unemployment and promote entrepreneurship throughout the country.
The money will come from the NIPC’s Youth Entrepreneurship Support (YES) program, which is part of the National Industrial Revolution Plan (NIRP). The YES program is intended to provide financial and non-financial assistance to Nigerian young entrepreneurs.
Applicants must be Nigerian citizens between the ages of 18 and 35 to be eligible for funding. They must hold a Bachelor’s degree or its equivalent from a recognized institution, as well as have completed the National Youth Service Corps (NYSC) program. They must also have 1-2 years of work experience and a viable business idea capable of building employment opportunities.
Applicants must submit their business ideas to the NIPC for review. The proposals will be evaluated based on their viability, scalability, and potential for job creation. Successful applicants will receive $155,000 in support funding, which they can use to start new businesses or scale up existing ones.
In addition to financial assistance, the YES program will provide non-financial assistance such as business development training, mentorship, and market information. This is intended to provide young entrepreneurs with the skills and knowledge required to run successful businesses.
According to the NIPC, the financial assistance is only the beginning of the Federal Government’s efforts to encourage entrepreneurship while lowering unemployment in the country. In addition, the commission has encouraged young Nigerians to participate in the YES program and other government programs aimed at enabling young entrepreneurs.
