By Hannah Nathan, Warri
The National Youth Service Corps (NYSC)’s has stated that 5,000 young entrepreneurs will receive a N500 million empowerment support grant from Norrenberger Financial Group, which will continue in the years to come.
Tony Edeh, group managing director/CEO of Norrenberger, also revealed that 2.5% of the business’s profit after taxes is set aside for the entrepreneurship program, which he stated is a component of its corporate social responsibility initiatives. It’s not a loan, either. It’s a gift. A grant, says Mr. Edeh.
The remarks by Edeh were presented at a conference sponsored by the Norrenberger Entrepreneurship Fund with the theme “Investing in Nigerian Youth to Drive Entrepreneurship: Opportunities and Challenges.”
“This year and moving forward, we hope to have an influence on 5000 youth corps members. To accomplish this, we have our partners—multilateral and domestic partners—who are helping us. We anticipate having influenced 1 million Nigerian youngsters and producing roughly 10 million employment in five years, Edeh stated.
The majority of Nigerian small enterprises and young entrepreneurs struggle with funding. But Edeh asserted that new entrepreneurs in Nigeria must acquire some amount of knowledge that will affect them and some level of skills.
In Nigeria, six out of every ten business owners fail. Lack of capital causes 40% of businesses to fail. According to studies, another 40% of people fail because they lack the expertise and abilities to further their ideas.