BANK OF INDUSTRY/FIRST BANK OF NIGERIA YOUTH IGNITE INNOVATION PROGRAMME FOR ENTREPRENEURS: BUSINESS FUNDING OPPORTUNITY

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Youth Ignite Innovation Programme

The Youth Ignite Innovation Programme (under the Bank of Industry’s (BOI) Microenterprise Finance Program) seeks to address the funding challenge faced by small business owners 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 one of the following:

  • Consider ways people conduct businesses in their state or community and devise a more effective way to achieve better results
  • Develop a solution to a problem(s) in their community or area of influence
  • Seek to command [more] business value from a skill they already possess or trade they are involved in.

Who we are looking for

The Youth Ignite Innovation Programme targets 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

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

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 comprising carefully selected accomplished professionals from all walks of life.

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.) will then be able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000)

Eligibility

  • 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)

Deadline for submission of applications: March 13, 2017

More information can be found by visiting the Youth Ignite Innovation Programme website

Good Luck!

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