The African Guarantee Fund for Small and Medium-sized Enterprises, with the support of the African Development Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, has launched a training and mentorship programme for youth-led start-ups and micro, small and medium-sized enterprises in Nigeria.
It said in a statement that the African Guarantee Fund was implementing the year-long training and mentorship series expected to provide capacity-building support and coaching to 80 youth entrepreneurs across the country.
The statement said according to the Nigeria’s Ministry of Trade and Investment, more than 37 million micro-, small- and medium-enterprises accounted for more than 84 per cent of jobs in the country.
MSMEs also account for about 48.5 per cent of the gross domestic product and about 7.27 per cent of goods and services exported.
The programme organisers said the training and mentorship programme would boost the group’s contribution to Nigeria’s overall economic growth and development.
The Deputy Group Chief Executive Officer, AGF, Constant N’ZI, said, “Youths who comprised over 50 per cent of the Nigerian population have a critical role to play in the development of the country. The objective of AGF’s partnership with FRAGG is to build the capacity of youth entrepreneurs so that they are equipped to access financing for their sustainable growth.”
The statement said Fragg Investment Management Limited, the programme’s coordinating partner for Nigeria, would match programme participants with business coaches and mentors as well as teach them the technical skills needed to submit bankable business proposals. They could also be able to secure financing.
The consulting firm also aimed to link youth-led startup leaders to local financial institutions and private equity funds.
The Managing Director, FRAGG, Franklin Odoemenam, said, “Our team is committed to supporting the youth entrepreneurship and innovation initiative.
“This programme is in tandem with the values of FRAGG, which is entrenched in the triple bottom approach of people, profit, and the planet.
“We are pledging our organisations’ support in equipping Nigerian youth entrepreneurs with training that will position their businesses to be investor-ready, in order to access financing.”
The statement said the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund Youth-led
MSMEs training and mentorship programme was rolling out programmes in Ghana, Mali, Togo, and Zimbabwe in 2022.
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