Abuja – An ICT Expert, Mr Nurudeen Faozey, on Sunday in Abuja called on the Federal Government (FG) to create start-ups to aid small ICT companies to address youth unemployment.
The News Agency of Nigeria (NAN) reports that start-up usually refers to a company, a partnership or an organisation designed to rapidly develop scalable business model.
Faozey, who is the Director of Sleekchip Technologies, made the call in an interview with the News Agency of Nigeria (NAN).
Start-up companies often deploy advanced technologies such as Internet, communication and robotics.
These companies are generally involved in the design and implementation of the innovative processes of the development, validation and research for target markets.
The term became internationally widespread during the dot-com bubble when a great number of dot-com companies were founded.
He said that to address youth unemployment, the first thing government need to do was to create start-ups for young ICT graduates.
“For example in Europe and other developing countries, government gives out loans to the unemployed without collateral , with interest rate that is not even up to zero percent.
“They are given lengthy period to pay back and what they do over there is that interest begins after a year on the loan.
“Our government needs to emulate such practice and at the same create a rigid platform and start-up for the companies.
He said that government should also establish incubator centres where these youths can receive mentorship and know what is expected from them in doing their businesses.
Faozey said that in most cases the incubator centers gives space to these young ICT companies to operate their business.
“The centres provide internet services, electricity and also provide an opportunity for them to be contacted by people willing to do business with them.
“Even if they do not have telephones people can reach them through the general phone at the incubation center and at the same time it provides finance.
The expert said that government can also change its policies toward giving subsidy through The Universal Service Provision Fund (USPF) to the small companies instead of focusing on big companies. (NAN)
