About the 2017 BOI/AGDC/First Bank Youth Ignite Initiative for Nigerian Entrepreneurs
- About the 2017 BOI/AGDC/First Bank Youth Ignite Initiative for Nigerian Entrepreneurs
- Benefits: What’s the deal?
- How to Apply for the Initiative
Innovate, Transform, Lead!
BOI in Partnership with AGDC and First Bank presents Youth Ignite Initiative – a platform where innovative ideas are brought to life.
March 13th 2017
In light of the recent economic downturn, development strategies that create new jobs and support the growth of businesses are of greater need than ever.
Microenterprises play a critical role in this quest as they account for a larger share of newly created jobs. However, only a fraction of these start-ups survive for more than two years or even develop into the high-growth firms.
Amongst the biggest barriers to their sustained growth are lack of access to training, development support, and access to funding. The “Youth Ignite” Project (under the Bank of Industry’s (BOI) Microenterprise Finance Program) seek to address these challenge by supporting 1 million entrepreneurs to create 5 million jobs over the next 5 years.
Microenterprises will be provided training, single-digit interest loans and ongoing support during the course of the 5 years.
Entrepreneurs are required to do the either of following:
- Consider ways people conduct businesses in their state or community and devise a more effective way to achieve better results; or
- Develop a solution to a problem(s) in their community or area of influence; or
- Seek to command [more] business value from a skill they already possess or trade they are involved in.
The main objective of the project is to create new jobs through entrepreneurship by supporting 1 million entrepreneurs over the next 5 years to create 5 million jobs.
Prerequisites for the contest
Who we are looking for: Talented, creative and dedicated young people who have an existing business or idea that they believe in and are committed to bringing to life.
Benefits: What’s the deal?
Accepted participants will gain access to loan of up to Two Hundred Thousand naira (N200, 000) as well as skilled expertise to help them with their business strategy and growth. Shortlisted ideas/business to will access the following:
Entrepreneurs selected to take part in Micro Enterprise funding are automatically qualified to receive a single-digit interest loan capped at Two hundred thousand naira (N200, 000).
All selected applicants are required to attend a business boot camp to refine their business strategy.
All selected participants automatically become part of a community of change-makers, pioneers, explorers, problem-solvers and venture builders. To ensure the experience is enriching for all participants, we carefully select the right type of people to join this network. Within the network, we facilitate information sharing, resource sharing, peer feedback, and continuous exchange.
How to Apply for the Initiative
- Interested entrepreneurs should visit www.youthignite.ng
- Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on this website.
- All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.
Proposed amount for project funding
Entrepreneurs upon meeting the required criteria and judges review would have access to a “loan” value as required by their businesses capped at N200,000.00 (Two Hundred Thousand Naira) to start or grow their businesses. Successful businesses that are able to prove their concept (through the amount of jobs created, revenue generated, etc.) are then able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000)
Terms and Conditions
- Applicants must be of Nigerian nationality
- Applicants must be between the ages of 18 – 35.
- Failure to verify age will result in the application being declined.
- Applications must articulate a specific business problem to solve or opportunity to address.
- Applicants must be clear on the benefits from the loan.
- Employees of Bank of Industry, FirstBank, AGDC, Digital Jewels Limited, etc. and their families are not eligible to apply.
- The Judges’ decisions are final.
Loan cycle – 12 months (3 months’ moratorium, 9 months’ repayment)