Nigeria: 1000 young Nigerians to receive N500million grant for start ups

Moses Siloko Siasia
Moses Siloko Siasia

Over 1000 Nigerians will this year be beneficiaries of N500Million Naira Grant seed capital set aside for young Nigerian entrepreneurs and students.

This was disclosed this week during the launch of the YESGrant Scheme by the Nigerian Young Professionals Forum (NYPF) in partnership with Heritage Bank, which took place at the Four Point Hotel in Lagos, Nigeria.

The event, which was very well attended by dignitaries, including representatives from the Nigerian University Commission (NUC), National Youth Service Corps (NYSC), as well as captains of industries and top government functionaries as part of efforts to grow more indigenous entrepreneurs among young Nigerians and deliberately create over 50,000 jobs in the next 5 years of the program circle.

Speaking during the launch, Chairman of the Nigerian Young Professionals Forum (NYPF), Moses Siloko Siasia, said he was inspired by the big impact small businesses can have on the economy and that was why the grant was created to provide incubator support to enable young entrepreneurial postulants with creative ideas in Agriculture, ICT and creative economy start or expand their business concepts in those areas.

“I have built businesses from the 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 revolutionize it”.

Speaking also, the Managing Director of Heritage Bank, who was represented by the Head of Marketing Strategy Mr Obioma Emenike said he was optimistic that the initiative would lead to start ups and give a boost to economic growth and issued a call out to entrepreneurs to use their network to encourage their friends and colleagues apply for it.

The YESGrant will provide business training for up to 600 aspiring young entrepreneurs spread across all geo-political zones in Nigeria and will encourage expansion, specialization and spin-offs of existing businesses, which is to enable young entrepreneurs access a wide business professional network and improve their visibility, while entrepreneurs will receive up to 2million Naira annually as grant.

The YESGrant is to enable Nigerian students with extreme financial need pursue their academic dreams and aspiration in the areas of research and technological/scientific innovation and it will also help low income and disadvantage students with their tuition of which over 500 students will benefit from this year’s grant .

Furthermore, Students studying in Nigeria will receive up to 500,000 (Five Hundred Thousand Naira) while those studying in the United Kingdom will receive up to 3,000pounds and those studying in the United States will receive up to 5,000dollars annually as grant

To apply for the YESGrant available at prospective recipients must be between the ages of 18- 40, be registered members of the Nigerian Young Professionals Forum (NYPF) and have an account with Heritage Bank prior to the disbursement of the funds in August 2016. Student’s award recipients must in addition provide their matriculation number and academic progression report.


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  • abodes_124

    Laudable effort. will this be on merit of application or Federal Character ?

    • Ahmed Liasu

      Or targeted selection like the CBN recruitment scam.

      • StormRider1

        Both apt questions. Who will help out with answers: the journalist or the yesgrant coordinators

    • arewethishopeless

      Which kind of laudable effort? Why ask for 20,000 Naira upfront for so-called membership?

      • abodes_124

        I can see everybody mentions a 20k naira up front payment but i cannot see it in this article or is this based on some previous publication? . If that is the case i would ask anybody thinking of applying to exercise caution.

        • e_orpheus

          Not ‘everybody’, but just one mischievous soul trying to sow malicious seeds.

          • arewethishopeless

            Article says one must be a member of NYPF to apply for the grant. On the NYPF website, to be a member costs 20,000 Naira minimum if you are not a student. A simple research will prove this. Nigerians should very cautious cos I don’t believe the 20,000 Naira payment is refundable … It should not even be there in the first place.

            Hold your money well well …

  • Izedomi Ohirein

    This is best program from Nigeria ever. It is 100% better than state owned enterprise run down by quasi civil servants or banks where loans are sold to the wrong people or given for at 150% collateral security to genuine investors.

    • arewethishopeless

      I disagree. This is fraud. Likes of Tony Elumelu are giving grants without any upfront payments. Why asking for 20,000 Naira initial payment for membership for which you will not be guaranteed the grant?

      • Izedomi Ohirein

        BOI, NARDB & commercial banks demanding 150% collateral security for loans cost more than N20,000. to process & 90% of the applicants end up without loan.

  • arewethishopeless

    How on earth did officials of this govt get caught up in this fraud? You are asking Nigerian entrepreneurs struggling to survive to come and collect 2 million Naira each upon payment of 20,000 miminum each. Is this not fraud?

    So by calculation for 1000-2000 awardees, 20,000 applications are expected, and with a minimum payment of 20,000 Naira from each applicant, the organizers will smile with at least 400 million Naira. Aren’t there any officials in this govt using their brains? Aren’t these the same schemes perpetuated by the likes of Abba Moro? This is crazy ……

  • MissBIAFRA

    The ZOO is a terrible place to be.