The African Guarantee Fund will Empower 80 Young Entrepreneurs
The African Small and Medium Enterprises (AGF) Guarantee Fund, with support from the African Development Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, has launched a training and mentorship program for youth-led start-ups and micro, small and medium enterprises in Nigeria.
The African Guarantee Fund is implementing the year-long training and mentorship series which is expected to provide capacity building support and mentorship to 80 young entrepreneurs across the country.
According to the Nigerian Ministry of Trade and Investment, over 37 million micro, small and medium enterprises account for over 84% of jobs in the country. Micro, small and medium-sized enterprises also represent around 48.5% of gross domestic product and around 7.27% of exported goods and services. The organizers of the program said the training and mentorship program will enhance the contribution of this group to Nigeria’s overall economic growth and development.
AGF Group Deputy CEO, Constant N’zi, said: “Young people, who represent more than 50% of the Nigerian population, have a vital role to play in the development of the country. The objective of AGF’s partnership with FRAGG is to build the capacity of young entrepreneurs so that they are equipped to access financing for their sustainable growth.
Fragg Investment Management Limited, the program’s coordinating partner for Nigeria, will connect program participants with business coaches and mentors, and teach them the technical skills needed to submit bankable business proposals – plans more likely to succeed. get funding. The consultancy also aims to connect young startup leaders with local financial institutions and private equity funds.
“Our team is committed to supporting the Youth Entrepreneurship and Innovation initiative. This program goes hand in hand with FRAGG’s values, which are rooted in the triple bottom approach of people, profit and planet,” said FRAGG Managing Director Franklin Odoemenam. “We pledge the support of our organizations to equip young Nigerian entrepreneurs with training that will position their businesses to be investor ready, to access finance.”
The Training and Mentoring Program for Micro, Small and Medium Enterprises, Multi-Donor Trust Fund Training and Mentoring Program for Youth Entrepreneurship and Innovation is rolling out programs in Ghana, Mali, Togo and Zimbabwe in 2022.