The Youth Enterprise with Innovation in Nigeria (You WiN!) Programme is a collaboration of the Ministry of Finance, the Ministry of Communication Technology (CT), and the Ministry of Youth Development that will launch an annual Business Plan Competition (BPC) for aspiring young entrepreneurs in Nigeria, in line with the Federal Government’s drive to create more jobs for Nigerians. The programme will be implemented in partnership with Nigeria’s private sector, who will be requested to provide funding support.
Objectives of the programme
The main objective of the Youth Enterprise with Innovation in Nigeria (You WiN!) Programme is to generate jobs by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas that will lead to job creation. The programme will provide aspiring youth with a platform to show case their business acumen, skills and aspirations to business leaders, investors and mentors in Nigeria.
Specific Objectives of the Programme include to:
- Attract ideas and innovations from young entrepreneurial aspirants from Universities, Polytechnics, Technical colleges, and other post-Secondary institutions in Nigeria;
- Provide a one time Equity grant for 1,200 selected aspiring entrepreneurs to start or expand their business concepts and mitigate start up risks;
- Generate 80,000 to 110,000 new jobs for currently unemployed Nigerian youth over the three years during which the three cycles will be implemented;
- Provide business training for up to 6,000 aspiring youth entrepreneurs spread across all geo-political zones in Nigeria;
- Encourage expansion, specialization and spin-offs of existing businesses in Nigeria; and,
- Enable young entrepreneurs to access a wide business professional network and improve their visibility.
All applicants for the Business Plan Competition will be required to satisfy all of the following criteria to be eligible for consideration:
- YouWiN is an equity contribution to your business. It is therefore NOT A LOAN but a grant.
- Award recipients will be paid according to the needs of the business and specific mile-stones stated in the business plan.
- Award recipients must be registered with CAC before disbursment of funds even though they do not need to be registered to apply. You/wiN will support the registration process.
- Award recipients will opperate accounts using their registered companies with any of the participating commercial banks prior to disbursment.
- Award recipients must sign a grant agreement with the managers of YouWiN before disbursment of funds.
- The applicant is a proven citizen of Nigeria, no older than 35 years (proof of identity international passport/voters card)
- The applicant is proposing a business venture within the national borders of Nigeria, and with the intention of employing Nigerian citizens.
- The proposed venture does not entail the production and distribution of weapons, alcoholic beverages, tobacco or/and gambling, or any activities that is in contradiction with the Nigerian constitution
- Applicants have prepared an innovative business concept summary
- The promoter should be willing to make an equity contribution in kind, but does not need to have long experience in managing a business
- The applicant must choose to participate in one award pool. There are 6 regional pools on the basis of geo political zone as identified by market in which the applicant wishes to do business.