Nörrenberger, an integrated financial services group, has unveiled its N500 million entrepreneurship/startup grants for 5,000 youths.
Tony Edeh, Managing Director, Norrenberger disclosed this during the entrepreneurship fund symposium in Abuja.
He said that the program’s aim is to empower young graduates, reduce unemployment, create wealth, and ensure national security.
According to Edeh, three main factors account for most entrepreneurs failing in businesses;
- Lack of funding
- Knowledge gaps, and
- Product/market dislocation
Funding challenges, he said, account for 40% of entrepreneur failures. Knowledge gap accounts for about 20%, and product/market dislocation accounts for 40%.
Product/market dislocation is when an entrepreneur wants to create a product that the market does not need.
He emphasized that “the only way we can contribute our quota towards eradicating insecurity, and instability is for us to empower our youths, when we empower them, we empower the private sector and when we empower the private sector we empower Nigeria’s ability to create jobs not just for the young, but for all.”
Edeh reiterated the company’s commitment to collaborating with the National Youth Service Corps (NYSC) in identifying youths with bankable business ideas.
The three candidates with the best ideas will be selected in this batch of the program.
Explaining the focus on NYSC members, he said;
“The reason why we are starting with corp members is that we feel that part of the foundation has been made while they were in school. And so what we want to do is to empower them to rejig their innovative spirit and to enhance their ability to compete in the marketplace.”
Nörrenberger is an industry leading integrated financial services group. They provide individuals and institutions with a comprehensive range of financial products and services.
Established in 2017 and based in Abuja, their products and services include Asset Management, Development Finance, Investment Banking, Pensions, Securities Trading, Insurance, Fintech and Digital Banking.
Chairman, Nörrenberger, Mr. Ibrahim Aliyu Bala, said the overall objective of the intervention is towards wealth creation for youths.