ABUJA (SundiataPost) – President Goodluck Jonathan on Monday launched a $50m Venture Capital Fund also known as the YouWin Small and Medium Enterprise fund.
It was part of the launching of the fourth round of the Youth Enterprise With Innovation in Nigeria (YouWin) programme which is expected to create additional 1,500 entrepreneurs.
Jonathan said the new enterprise fund would enable those who have won previous grants from the YouWin programme take their businesses to the next level.
He said the fund, which needed a seed capital of about $50 million, would require hard work particular on the side of government, adding that it has the capacity to attract more investors to contribute to ongoing efforts no matter how small.
According to him, “This fund will identify and further empower a few of you, some who
are here and some new people that will join us, that are interested in expanding what they already have through the YouWin or even starting new businesses”, he said.
The President further noted that the new fund would be managed by independent fund managers known as Capital Ventures Fund alongside the government and “you will not
need to know somebody to access it”.
Jonathan stressed that the fund which will identify and invest in a few enterprises,
will be highly competitive as selection will be strictly on merit.
He lauded the efforts of the Minister of Finance and Coordinating Minister of the economy, Dr. Ngozi Okonjo Iweala, who has so far successfully coordinated three batches of the YouWin programme, stating that from available records the first and second editions of the YouWin created 22,000 jobs.
“Hopefully when the disbursement of the third phase commences and by the time the fourth phase takes off we are expecting a minimum of 44,000 jobs created by young Nigerians for young Nigerians”, he said.
He disclosed that 18,000 participants who did not directly benefit from the scheme were trained and were able to access fund from different sources.
Earlier in her remarks, Okonjo-Iweala, disclosed that disbursements for the third phase of the programme would commence shortly as the hitches have been cleared.
She said the programme, which is three years old, selected Nigerians based on the merit of their business plans.
The minister added that another 1,500 entrepreneurs would be supported with grants between N1 million and N10 million to enable them improve or run their businesses and expand and create jobs.
YouWin entrepreneurial scheme, kicked off in 2011. It is designed for entrepreneurs aged between 18 and 45 years. It has an objective of creating thousands of jobs by helping winners to strengthen and expand existing businesses as well as turn innovative ideas into solid businesses.
The second round of the YouWin programme was wholly dedicated to women
in the country, while the third rounds were open to both men and women.
