About 5,000 youngsters are to benefit from the N500m entrepreneurship fund unveiled in Abuja by Norrenberger, an integrated financial services group.
According to the firm, the fund would serve as start-up grants for beneficiaries to reduce unemployment in Nigeria, create wealth and ensure national security.
Speaking at the Entrepreneurship Fund Symposium in Abuja, the Managing Director, Norrenberger, Anthony Edeh, pointed out that most entrepreneurs fail in business due to funding challenges, knowledge gaps, and product/market dislocation. “We know that funding accounts for 40 per cent of why entrepreneurs fail,” he said.
“There’s also the challenge of the knowledge gap, which accounts for about 20 per cent and product/market dislocation, whereby you want to produce a product that the market does not need. This also accounts for 40 per cent of failed entrepreneurs.
“So, one way we can contribute our quota towards eradicating insecurity, and instability is for us to empower our youths. When we empower them, we empower the private sector and when we empower the private sector, we empower Nigeria’s ability to create jobs, not just for the young, but for all.”
He further explained that the company was collaborating with the National Youth Service Corps to identify youths with bankable business ideas.
