Feb 18 • 00:55 UTC 🇳🇬 Nigeria Punch

FG unveils GROW Fund for 6,122 youth entrepreneurs

The Nigerian government launched the GROW Fund to provide financing for over 6,000 young entrepreneurs as a solution to their funding challenges.

On Tuesday, the Federal Government of Nigeria introduced the GROW Fund, an initiative aimed at providing affordable financing to over 6,000 young entrepreneurs who have received training through the Inspire, Create, Start and Scale programme. This initiative addresses the funding gap that micro, small, and medium enterprises in Nigeria consistently face. The launch took place in Abuja and was supported by several partners, including the German Society for International Cooperation and the Kaduna Business School. Minister of Youth Development, Ayodele Olawande, spoke at the launch, emphasizing the government's commitment to transforming youth training programs into tangible economic opportunities. He pointed out that access to finance has been a significant barrier for youth-led businesses, and the GROW Fund is specifically designed to tackle this issue. The initiative reflects the government's recognition of the essential role that young entrepreneurs can play in driving economic growth and innovation in Nigeria. The introduction of the GROW Fund is expected to catalyze entrepreneurial activity among youth, providing them with the necessary financial support to realize their business aspirations. By bridging the funding gap, this program aims to stimulate investment in the micro, small, and medium enterprise sector, fostering job creation and economic resilience in Nigeria. As the ministry implements reforms to enhance entrepreneurship, the success of this fund will be crucial in shaping the future landscape of youth entrepreneurship in the country.

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