Youth Ignite Initiative 2017: BOI, AGDC, FirstBank Supporting Nigerian Entrepreneurs


Innovate, Transform, Lead


BOI in Partnership with AGDC presents Youth Ignite Initiative - a platform where innovative ideas are brought to life.


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Application for Youth Ignite 2017 is Closed

About Youth Ignite

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.
- Objective

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 Program

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.

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

Funding


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).

Training


All selected applicants are required to attend a business boot camp to refine their business strategy

Community


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

  • 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.
Register Now
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 & 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.
Duration of the Programme

Loan cycle - 12 months (3 months’ moratorium, 9 months’ repayment)



Sponsors Profile

Bank of Industry

The Bank of Industry (BOI) is Nigeria's foremost development financing institution, charged with providing financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing industries. Carved out of the Nigerian Industrial Development Bank (NIDB) Limited in 2001, the bank has since transformed into an efficient and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy. The bank continues to work towards its vision “to be Africa's leading development finance institution operating under global best practices”.

 

Afterschool Graduate Development Centre

Afterschool Graduate Development Centre (AGDC) is a national career centre accredited by the Federal Ministry of Education in Nigeria, set up to create opportunities that give people access to a continuum of programs and services designed to develop their competencies, employability and entrepreneurial skills, as well as career awareness, enabling them to support themselves, increase their quality of life and contribute to Nation building. Its operations are driven along 4 main operating pillars, promote employability, ignite enterprise, career advisory and youth advocacy. AGDC is positioned as a “transformational vehicle” for helping individuals become more productive, employable, entrepreneurial and better able to define and pursue appropriate and rewarding career paths as either entrepreneurs and employees.

 

FirstBank Nigeria Limited

First Bank of Nigeria Limited (First Bank) is Nigeria’s largest financial services institution by total assets and gross earnings. With more than 10 million customer accounts, First Bank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries in other African countries and Europe and is one of the earlier banks that had adopted and has attained maturity level in technology-enabled learning initiatives.

 



Contact us
Names,
Addresses: 23 Marina Street, Lagos.
Telephone: 08178815176
E-mail: info@youthignite.ng
  •    youthigniteng
  •    @youthignite_ng