- The FG has flagged off the NEXIT/CBN Agri-Business Small and Medium Enterprises Investment scheme for exited N-Power beneficiaries
- According to the FG, of the 467,183 trainees who indicated an interest in the scheme, 75,600 will participate in the first phase of the orientation programme
- At the end of the five-day training, beneficiaries who qualify will receive loans up to N3m from the Central Bank of Nigeria (CBN)
The federal government in collaboration with the Central Bank of Nigeria (CBN), has concluded plans to give financial empowerment to 75,600 batches A and B beneficiaries of N-Power programme.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Farouq, said this at the inauguration of the NEXIT-CBN Agri-Business, Small and Medium Enterprises Scheme (AGSMEIS) on Monday, in Abuja.
AGSMEIS is an initiative of the Bankers’ Committee, to support and complement the Federal Governments’ efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.
The News Agency of Nigeria (NAN), reports that the event is designed to train beneficiaries, as part of strategy by the Federal Government to ensure that they actualise the objectives of N-Power initiative.
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NAN also reports that the 75, 600 beneficiaries are the first batch of the N-Power, out of 467,183 who applied for the training.
Farouq, who was represented by the Permanent Secretary in the ministry, Mr Bashir Alkali, said N-Power programme was a critical part of the National Social Investment Programmes domiciled in the ministry.
According to her, the initiative was designed to achieve the national objectives of poverty reduction and job creation in the country.
“The N-Power programme is keys to helping young Nigerians acquire and develop life-long skills that ensure they become solution providers and entrepreneurs in their communities.
Grace to Grass to Grace Story of Plantain Chips Businesswoman, Pamela Chukukere; she still has Plan B
Meanwhile, Legit.ng had reported that food inflation is gradually making Nigerians jobless as small businesses grapple with the aftermath of COVID-19 on cost of doing business in Africa's largest economy.
Small scale and medium ventures are the engine of Nigeria's economy. They account for 84% of the employment in the country, 96% of businesses, and contribute 48% of national GDP, according to PWC.
It was gathered that 90% of manufacturing jobs are within the SME community, while 50% of industrial jobs also belong to the same category of business.
Co-founder of Appzone, Obi Emetarom, failed in two businesses
Just like Pamela, almost all entrepreneurs have a failure story, and one of them his Obi Emetarom, the co-founder of Appzone, a financial software company.
Before Emetarom established Appzone with Emeka Emetarom and Wale Onawunmi in 2008, he had failed in two businesses, one of them being a table water distribution company.
After that business failed, Emetarom established another venture. This time, an airtime topup business which is enabled by a mobile app, and also has a kiosk.