1000 youths to receive N500m YESGrant

In a bid to support young Nigerian entrepreneurs, a new scheme YESGrants has been unveiled by the Nigerian Young Professionals Forum in partnership with Heritage Bank. Under the scheme, which was launched recently at the Four Point Hotel, Lagos, over 1000 Nigerians will this year be beneficiaries of N500 million Grant seed capital set aside for young Nigerian entrepreneurs and students.

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

Speaking during the launch, Chairman, 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 other sectors of the economy.

“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 revolutionise it,” he said.

The Managing Director of Heritage Bank, who was represented at the event by the Head of Marketing Strategy, Mr. Obioma Emenike, is optimistic that the initiative would lead to start-ups and give a boost to economic growth. He called on entrepreneurs to use their network to encourage their friends and colleagues apply for the loan.

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, specialisation 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 N2 million annually as grant.

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

Based on the plan, students studying in Nigeria will receive up to N500, 000, while those studying in the United Kingdom will receive up to 3,000 pounds and those studying in the United States will receive up to 5,000 dollars annually.

To apply for the YESGrant, interested individuals are to log on to www.yesgrant.com and must be between the ages of 18- 40. He/she must be a registered member of the Nigerian Young Professionals Forum (NYPF) and must 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.