Lovetvnews Nigeria reports that Nigerian lender, Unity Bank Plc has committed over N30 million to empower National Youth Service Corps (NYSC) members through the Bank’s flagship Youth entrepreneurship development initiative known as Unity Bank Corpreneurship Challenge.
The sum includes N4 million won by beneficiaries on four separate editions across four states and N10 million won by beneficiaries across the 10 states in the latest edition.
This online news medium learnt that the Corpreneurship Challenge, specially designed to targets corps members has produced no fewer than 48 winners across 14 NYSC camps in 13 states and the Federal Capital Territory since inception in 2019.
The Director-General of the NYSC, Brig.-Gen Shuaibu Ibrahim in a recent meeting with the Managing Director of Unity Bank Plc, Mrs Tomi Somefun commended the bank for providing financial grants to the corps members.
He said the pilot project of the “Corpreneurship challenge” had created opportunities for self-employment and wealth creation and would reduce the number of unemployed graduates.
My appeal to you is to be determined, remain focused and fan into flame the training that you have acquired for your empowerment, as it would later translate to societal development,” the DG has said.
“Be prudent in your spending, avoid indolence and be committed to what the Unity Bank has done for you,” he added.
The initiative was piloted across four locations; Lagos, Ogun, Edo and Abuja, but has now expanded to six other locations including Akwa Ibom, Kano, Sokoto, Enugu, Sokoto and Osun.
Each of the locations produces winners of business grants of N200,000 for the second runner ups; N300,000 business grants for the first runner ups and a star prize of N500,000 for the overall winners.
The initiative has attracted massive interest and participation among the corps members, as over 10,000 applications have been received over the period.
The contestants’ business plans which usually come from any sector such as fashion, fish production, poultry farming, retail chains, piggery, beverages, etc. are assessed on originality, marketability, future employability potential of the product and knowledge of the business.
Speaking during the last edition which held across ten locations, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr Olufunwa Akinmade, said the competition has proved to have a great impact on youth empowerment in the country.
“The Unity Bank Corpreneurship Challenge has a very positive impact, not only for the corps members but for the entire youth population in Nigeria.
It is a way to support the young men and women who are just graduating from university to grow.
“You will agree that it is not easy today to come out of the university and get a paid job, and so at this stage, it is good that the corps members imbibe that culture of entrepreneurship, and then with the financial support that they get from Unity Bank and the knowledge that they have acquired through the competition, they will be able to grow from job seekers to employers of labour.”
Mr Akinmade reiterated that “The grants are not a loan and the winners are expected to channel the funds to profitable ventures to achieve the objectives of the scheme.”
Going down memory lane, Mr Akinmade recalled that what started in 2019 with a pilot in four states have now expanded to six additional states and is well on its way to achieving national coverage.
He said: “We started Corpreneurship Challenge in 2019, with a launch in Lagos and in three other states which included Edo, Ogun, and Abuja. So, today we have expanded it to ten locations, and it has been hugely successful.
“This is a programme that will stand the test of time, but all we are doing is to support NYSC corps members to start their own business no matter how small and then grow with it. Unity Bank will continue to be part of their journey, to offer them a start-up capital as well as business mentorship.”
Ecobank Partners Future Face Africa On Model Search Competition
FG Bans SS1, SS2 Students From Participating In WASSCE, NECO, NABTEB
Sanwo-Olu Charges Nigerian Navy, Others On Internal, External Security
Details Emerged Of How Davido’s Photographer Died After Boat Mishap In Lagos
Ecobank Nigeria MD Makes Case For Eurobond Market
First Bank Expands International Money Transfer Network, Reinforces Commitment To Customer Service
Akande-Sadipe Commiserates with Dr. Florence Ajimobi Over her Mother’s Demise
Flooding Lagos declares zero tolerance for dirty markets
OFBJP Felicitates With Modi At 71, Lauds PM Over Remarkable Achievements In India
Gbenga Daniel advocates systemic approach to restructuring
Breaking3 weeks ago
LAGOS ANNOUNCES SCHOOL RESUMPTION SCHEDULE FOR NEW ACADEMIC SESSION
Breaking2 months ago
Breaking: Nigeria Is A Victim Of Leadership Disaster- Rev. Aniagwu
Entertainment3 weeks ago
Finally, Tuface Reacts To Cheating Allegations By Annie Idibia
News9 months ago
GAY: Nigerian Man, Ayo Unveils His Partner
News4 months ago
Read Details Of How Prophet TB Joshua Died
News3 months ago
Breaking: Finally Obasanjo Speaks About President Buhari’s Death
Breaking1 month ago
Shocking: Chevron CMD Divorce Throws Wife, 8-Year Old Daughter Out Of Matrimonial Home…
Breaking3 months ago
BREAKING: Farouk Lawan, Disgraced Sentenced To 7 Years In Prison For Bribery