Agropreneurs, Others Win N10m Grant In Unity Bank’s Corpreneurship Challenge

Retail lender, Unity Bank Plc has extended N10 million business grant to 30 members of the National Youth Service Corps, NYSC, who took part in the 10th edition of the Bank’s flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge.   The winners, including upcoming entrepreneurs developing innovative solutions in several business value chains such as Honey production, Rice, and Snail farming, among others, claimed top positions after participating in a business pitch that took place across 10 state NYSC Orientation Camps – Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun recently.  At the NYSC Orientation camp at Ikot Itie Udung, Nsit Atai, Akwa Ibom State,  Azegba Chimuanya Perpetual, who pitched business on honey production emerged as the overall winner to clinch the N500,000 grand prize; while Iyorwa Kater Israel, a budding commercial rice farmer won N300,000 grant. Similarly, Egelonu Emmanuel Friday walked away with a N200,000 grant to support his Snail farming business.   In the remaining nine states, no fewer than twenty-seven other winners also emerged, after pitching business plans across various economic segments including Fish production, Poultry farming, Fashion, Soap and Cake making, Printing, Piggery, Beverage making, etc.  The Unity Bank Corpreneurship Challenge, which has proved its invaluable social benefit as an entrepreneurship development and job creation platform since its inception receives applications from thousands of serving NYSC Corp members. These business plans are then evaluated based on their originality, marketability, future employability potential of the product, and knowledge of the business.  Speaking during the grand finale in Akwa Ibom State, Unity Bank’s Head of Retail and SME Banking Group, Dr. Opeyemi Ojesina said the Unity Bank Corpreneurship Challenge has earned its pride of place in Nigeria as one of the country’s foremost business incubation platform and entrepreneurship development.  He said, “Unity Bank has sustained this Corpreneurship Challenge for the past five years, and throughout the period we have witnessed the tremendous impact it has had on youth empowerment and job creation in the country.  And I believe that the innovative approach to entrepreneurship which the programme has adopted has enabled us to seamlessly integrate financial support, mentorship, and skill development to foster the growth of aspiring entrepreneurs.”  He added, “At its core, the initiative addresses the unique challenges faced by small and medium-sized enterprises, as they recognize the sector as the backbone of economic development. And Unity Bank’s commitment to financial inclusion is exemplified through tailored financial solutions that empower corp members to actualize their business dreams.”  Ojesina further explained that “the mentorship provided to participants adds unparalleled value, as it connects corp members with seasoned professionals who provide insights, guidance, and a roadmap for success,” emphasizing how Unity Bank recognizes that true empowerment extends beyond financial assistance to honing entrepreneurial skills”.  The Corpreneurship Challenge has earned the Bank national recognition for its impact on youth empowerment and job creation, just as the scheme continues to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition.    In partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED, the initiative prominently features a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500,000 cash in the business grant.    So far, Unity Bank has invested over N100 million in the initiative which has now produced 148 winners since it was launched.  

$750m NG-CARES Programme Doing Well- World Bank

The World Bank has aid that the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme is doing well in addressing poverty in the country. Prof. Foluso Okunmadewa, World Bank Task Team Leader for NG-CARES, stated this in an interview with newsmen on the sidelines of Mid-Term Review Mission meeting held on Wednesday in Abuja. Okunmadewa said that the bank had so far disbursed over 300 million dollars, assuring that all the remaining resources would be released within the next eight months. “We are quite happy about what has happened to the programme. It is still very active in all the 36 states of the Federation and the Federal Capital Territory (FCT). “And they are all very eager to get even into the next phase of the programme because caring for the poor and vulnerable in Nigeria is still the thing that government is concern about “Each state of the federation have been encourage to put together a set of interventions into one programme that totally cares for the poor and vulnerable.” The don recalled that the programme became preeminent immediately after the COVID-19 crisis, where both the livelihood and the lives of people were threatened. “And so government was responsive enough at the federal and state levels to put this programme together and the world bank gladly agreed to support it. “Now two and half years after it was being put in place we have felt is good to take a look at how fair is the programme going. “And particularly how well is the world bank assistance, whether it is relevant or not and whether it is achieving the desire results. “Of course, I will like to say that it is doing well now but after a very difficult start. It had a challenging start, had a slow start but now it has pick up and it is even almost exceeding the expectations “To the extent that there is clearly a desire to continue the programme at the government level and also the world bank to also support the next face of it.” Earlier, the National Coordinators of NG-CARES, Dr Abdulkarim Obaje, said that the programme had so far impacted into the lives of over three million Nigerians. Obaje said the 36 states and the FCT have contributed between N88 billion to N90 billion since the inception of the programme. He explained that the instrument of operation and strategy put into the designed of the programme emphasised on community participation. He also said that the emphasised of the programme had moved from COVID-19 to deploying the resources of the community to address their peculiar needs. “The programme is doing very well now and there is increase phase of disbursement and the programme is also becoming more popular among the poor and vulnerable the nation. “And then top government functionaries at the federal are also beginning to ask questions to become interested in what the NG-CARES is doing. “This is a positive development, it is a programme that relatively young as a programme but it has inherited other programme that have been existing for quite sometime.” Also, Mr Sonny Ekedayen, the Commissioner of Ministry of Economic Planning, Delta state, said NG-CARES is one programme whose relevance we are just discovering that is even more today than it was when it started. “I am very proud to say that my state delta is very active in the programme and one of those forerunners who signed on to this programme newly when it came in. “And we have domesticated it in our state for which we have not only gotten commendation from the world bank but also from the National Coordinating body. “Even our citizens too are now looking at it as a veritable means of state intervention.”

AfDB, IDB, IFA Inject $1bn To Fund Nigeria’s SAPZs

The Africa Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development have voted $1billion to deliver special agro-industrial processing zones in 24 States of Nigeria. This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in the country. Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, in a statement said the President of AfDB, Dr Akinwumi Adesina, disclosed this in the United States. Adesina spoke at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa. Vice-President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue. In a speech titled, “From Dakar to Des Moines”, Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries. He said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains. “Food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food. “The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones. “The bank has mobilized additional co-financing of 661 million dollars, for a total commitment of $1.5 billion.” Adesina said that the bank was deploying effective partnerships at scale, adding that currently it is implementing 25 Special Agro-industrial Processing Zones in 13 countries. “The AfDB and the International Fund for Agricultural Development provided $520 million for the development of eight special agro-industrial processing zones in Nigeria. “The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.” Adesina regretted that while much progress had been made in African agriculture, 283 million people still go to bed hungry, about a third of the 828 million people that suffer hunger globally. He described the Norman Borlaug International Dialogue World Food Prize 2023, as a journey and narrative combining the power of science, technology, policies and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself with pride. Adesina thanked Vice-President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event. He said that their presence was an indication that Africa had the political will and was fully ready to tackle food insecurity as well as make hunger history on the continent. Earlier, Shettima, who spoke on the Tinubu administration’s initiatives for food security, said the quality of present leadership in Nigeria and the rest of Africa would drive transformation in agriculture and other sectors. He said, “A nation falls or rises fundamentally due to the quality of its leadership. “Right now, Africa is blessed with quite a handful of quality leaders that have the drive, passion and skills set to redefine the meaning and concept of modern leadership. “President Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well. “Just to mention a few of the African leaders that are distinguishing themselves in leadership.” Shettima assured the gathering of investors and stakeholders in the agricultural sector that Tinubu was a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership. He added, “Be rest assured that there will be a change in the fortunes of the Nigerian nation and by extension, the African continent in the next couple of years because Nigeria is an anchor nation.” On wheat production, Shettima said the target of Nigeria towards wheat production was to achieve 50 per cent self sufficiency in the next three cycles. He said, “It is inconceivable that we are the second largest wheat importer in the world. Luckily, we have already procured the heat tolerant variety of wheat seeds. “And we are going to drive that process by supporting the farmers with the heat tolerant variety, agricultural extension services, fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle. “We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation. “All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees and crop insurance.” On rice production, Shettima said the major challenge for Nigeria was the insufficiency of paddy rice. He said that Nigeria had adequate milling capacity, adding, “but, we need to produce three to four million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum. “We have 75 million hectares of arable land and most of it suited for rice cultivation. “We will provide our farmers with certified seeds, fertilizer, extension services, the digitlisation of services, inputs, finance and market information. ”Our target is to achieve self sufficiency in rice latest by 2027.” The vice-president, who spoke on SAPZs, reiterated the Tinubu administration’s commitment to providing an enabling environment for investors in the zones. He said government would create an SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.

Google Opens N75m Hustle Academy Fund For Nigerian SMBs

Google on Thursday called for applications for the Hustle Academy SMB Fund, a N75 million equity-free fund dedicated to the Nigerian Small and Medium Businesses (SMBs). Head, Brand and Reputation, Sub Saharan Africa, Google, Mojolaoluwa Aderemi-Makinde, said in a statement, that the initiative would offer N5,000,000 to 15 Nigerian small business owners. Aderemi-Makinde said that this initiative cemented Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria. She said that SMBs formed the backbone of Nigeria’s economy but consistently grapple with challenges, notably the perennial obstacle of securing vital funding. Aderemi-Makinde said that according to the World Bank, African SMBs faced a staggering finance gap of $330 billion. She said that additionally, only 25 per cent of SMBs in Africa had access to bank loans, a percentage that sharply contrasted the 50 per cent observed in developed economies. ‘’Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy. ‘’We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians,’’ she said. According to her, Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses. Aderemi-Makinde said that it was in order to raise the necessary capital to take their businesses to the next level. She said that since its inception, the programme had graduated over 4,000 SMBs in Nigeria, with a notable 74 per cent  from the first-year reporting marked business growth. According to her, the fund earmarks a N75 million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. She said that this commitment was further enriched with tailored mentorship, ensuring these businesses were primed for success. Also speaking, Product Marketing Manager and the Hustle Academy Programme Lead at Google, Sinmisola Nojimu-Yusuf, said that the Hustle Academy Fund provided SMBs with the resources and support they needed to succeed. Nojimu-Yusuf said: ”Wth equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive.” She said that Google  was committed to supporting the Nigerian entrepreneurial ecosystem, and the fund was a key part of that commitment. According  to her, to be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. She said that SMBs should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy. According to her, previous participation in the Hustle Academy programme is an added advantage. Nojimu-Yusuf said that applications for the fund would open on Tuesday and close on October 12th. She said that detailed insights into the fund and application procedures are on ‘google/hustleacademyfund’. Google’s mission is to organise the world’s information, make it universally accessible and useful. 

585 SMEs get N150k livelihood grants each in Kogi

Kogi has given N150,000 each to 585 beneficiaries in its 21 local government areas to expand their businesses. The beneficiaries, mainly petty traders, artisans and small business owners got the grants after receiving training under the state’s “Livelihood Grants’’ programme on how to expand their businesses. Mr Kehinde Olorunmosunle, Head of Delivery Platform for Social Transfer and Livelihood Grants, told newsmen in Lokoja on Saturday that the beneficiaries were between 18 years and 35 years of age. He described the beneficiaries as agile people that are able to run around and do businesses. “They are petty traders, artisans, hair dressers, bakers, and fashion designers, among others. “The training is meant to continue to remind the beneficiaries on the need to use the money judiciously. “The beneficiaries had earlier been trained on what was expected of them and their businesses before getting the money. “We went into their communities to confirm the authenticity of their various businesses before releasing the grant to them. “Immediately the money was given to them, we also moved into the communities to monitor how they applied the funds,’’ he said. Olorunmosunle advised beneficiaries to use the grants judiciously and not to divert them to frivolities. He expressed appreciation of the Kogi government for the timely release of funds that had enabled Kogi citizens to benefit from the grants. He also commended the Federal Government and the World Bank for the initiative, saying it had yielded tangible results in Kogi. Some of the beneficiaries, Mr Musa Abah, Miss Rejoice Thomas, and Miss Medinat Kabiru thanked the World Bank, and the federal and Kogi governments for the gesture.