Forty young entrepreneurs in Edo State have been given the sum of N100 million by the state government to scale up their businesses.
The fund was approved by the Edo State Governor, Mr Godwin Obaseki, and is from the N2 billion credit facility provided for by the Central Bank of Nigeria (CBN) for Micro, Small and Medium Scale Enterprises (MSMEs).
Speaking during a visit to the beneficiaries, who are taking part in the Aspiring Entrepreneurs: Digital Benin Edition organised by FATE Foundation and Facebook, at the Edo Innovation Hub, in Benin City, the Edo State capital, Mr Obaseki said the state government would serve as collateral and guarantee for the loan which has a nine percent interest rate and 3 years repayment period.
He noted that in line with his campaign promise to create jobs for youths in the state, the state government was providing the enabling environment for young entrepreneurs to thrive.
The Governor commended Facebook and FATE Foundation for digital media training, adding that successful businesses around the world leverage Information Communication Technology (ICT) for growth.
According to him, “Many of the entrepreneurs here have the potential to set up their businesses and employ others. For us as government, we want to create the enabling environment for young people to take advantage of the resources available in the state to do things for themselves.”
He added that the state government is collaborating with FATE Foundation and Facebook to train thousands of people in digital skills, help youths develop entrepreneurial skills and link them to market.
The Executive Director, FATE Foundation, Mrs Adenike Adeyemi, said the entrepreneurs were being trained on wealth creation, digital marketing, business plans and models development, financial literacy, among others.
Adeyemi said the participants include 28 males and 12 females, who were drawn from agribusiness, beauty and fashion, consulting services, food and beverage, event management and healthcare.
Other sectors are manufacturing, project management and real estate, recycling and digital technology.
She noted that the organisation focuses on linking experienced entrepreneurs to young entrepreneurs for knowledge-sharing.
