YOUWIN: Nigerian Government shortlists 6,000 applicants out of over 24,000 applicants

Over 500 applications were received from Nigerians in the Diaspora among the 24,000 who applied to participate in the Federal Government youth entrepreneurship programme, YOUWIN.

Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala disclosed this at an agreement signing ceremony between the Federal Ministry of Finance, Youth Development and ICT and participating banks, in Abuja, on Wednesday.

The huge interest shown by the applicants at home and abroad, the Minister said, was a vote of confidence on the programme by Nigerian youths.

YOUWIN was launched in October last year by President Goodluck Jonathan to provide jobs for 80,000 and 100,000 unemployed youths.

The jobs will be created through businesses created by the 3,600 youths with brilliant business ideas who will be identified through YOUWIN and directly supported to realize their entrepreneurial ideas over the next three years.

At the signing ceremony were representatives of the 6,000 applicants selected on merit from the 24,000 applications received. The eventual winners will receive between one million to ten million naira, training, support for equity in their business, introduction to banks for additional credit and mentoring.

The minister thanked the participating banks, development partners, including the World Bank and DFID as well as SMEDAN, Bank of Industry and some private sector organisations, for their financial and other support for YOUWIN.

Minister of State for Finance, Dr Yerima Ngama urged participants in the programme to make the best use of the opportunity in order to encourage others while urging the sponsors not to waiver in their support.

Representative of the participating banks, Mr Aigboje Aig-Imoukhuede, MD of Access Bank throwing more light into banks’ equity contribution, said participants can access their funds within 72 hours of qualification and at zero charges

He said banks will add value to YOUWIN by providing volunteers and mentoring and provide an opportunity for the banking industry to engage a segment of the population normally excluded from banking activities. Spokesperson for the participants, Mr Henry Eyo said he and his colleagues were excited in YOUWIN because it affords them an opportunity to fund their aspirations.

“It is a new feeling having government listening to people who have business ideas. This programme is very rich and there is much more to gain than finance. We have acquired confidence and the skill to develop an idea that can sell. We are glad to belong to the group of Nigerians who believe that this programme will work”, he said.

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10 thoughts on “YOUWIN: Nigerian Government shortlists 6,000 applicants out of over 24,000 applicants

  • Ubong David

    (February 3, 2012 - 3:26 am)

    The YouWin program have selected 6000 recipients out of the 24000 applications received both at home and in the diaspora. Well, I congratulate those that have been chosen for the program and urge Federal Government to give room for other applicant to participate in next edition. Entrepreneeurs boost every economy. Government alone cannot create jobs for citizenry. Young people have business ideas and must be supported. Once again, I wish those that have made it well and I strongly appeal to them to justify the mandate of their selection. With this Nigeria youth can compete with their contemporaries globally.

  • Seun Osewa

    (February 3, 2012 - 5:52 pm)

    I applaud this initiative because it's better than almost anything else that could have been done with the "youth development" money. However, let us not forget that, at best, the success of the ventures funded under this program will be abysmal compared to what an experienced venture capitalist or a group of angel investors would achieve with the same amount of capital.

    When you put billions of public funds into the hands of academics and bureaucrats and ask them to fund good ideas, it sounds great, but it won't do anywhere near as much good as you would expect, because the operators have nothing to gain if the ventures succeed and nothing to lose if they fail.

    Private investors lose their ability to invest when they invest unwisely. If the money is yours, you lose the money, and if it's for your clients, they lose it and you are fired. This natural selection process weeds out dreamers and wishful thinkers and rewards rational and realistic investors with more capital. In the absence of such accountability, it's almost impossible for anyone to make wise investment decisions, no matter how sincere.

  • Victor

    (February 4, 2012 - 11:17 am)

    YOUWIN is a good project mapped out for the youths by the President Jonathan administration. It is a good stride in the right direction. If governments in the past have pushed their attention to the youths of Nigeria, the level insecurity and poverty in the land would have been eradicated to the barest minimum.

    However, I am appealing that the entire exercise does not turn out to be a scheme for enriching few individual who are in charge of the project. Poor Nigerian youths with good ideas must be favored to keep the country growing.

  • Taiwo babatunde

    (February 4, 2012 - 7:11 pm)

    Thanks u alot

  • Tosin

    (February 5, 2012 - 5:31 am)

    Seun’s criticism is cool, still this a very fine program. It signals to Nigerians that they should think business-wise (the signals in Nigeria have not been so clear in the past – more “rent-seeking” and “job-seeking”.) Trying and failing is part of the game in business-building anyway. And there is great value in supporting “new” businesses not just old successes.

  • Nweze Chidozie

    (February 6, 2012 - 12:33 pm)

    Some of us that couldn't scale through on this YouWin program, is there any chance of giving us another opportunity to apply?

  • Emmanuel onochie

    (February 17, 2012 - 7:43 pm)

    When is the next batch of youwin starting.i mean new applicant.

    • Ekagha John Michael

      (March 23, 2012 - 3:59 am)

      I love the program, l to apply but b4 l could do that, the date had closed. So when is the next batch for applying going to come? Ekagha John Michael.

    • Ekagha John Michael

      (March 23, 2012 - 4:19 am)

      It's a very nice once again. And l wish after this one is concluded, another better one in a more dynamic way should be given opportunity, that will better more of our interested youths immediately for quick application.

  • James

    (February 25, 2012 - 12:56 pm)

    I think this is a great optorpunity for we young enterprenures that do not have money to establish a business;in order to achieve our aims.I say a great kudos to the organizers of this contest.keep it up.

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