African Guarantee Fund empowers 80 young Nigerian entrepreneurs

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The African Guarantee Fund (AGF), with support from the African Development Bank’s Multi-Donor Youth Entrepreneurship and Innovation Trust Fund, has empowered 80 young Nigerian entrepreneurs through capacity building.

The Fund, in collaboration with FRAGG Investment Limited, has also launched a training and mentoring program for start-ups and youth-led 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.

Read also: Entrepreneurship: young people explained how not to miss opportunities

Constant N’ZI, Deputy CEO of the AGF Group, 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 eligible for 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,” he added.

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.

The African Small and Medium Enterprises Guarantee Fund (AGF) is a non-banking financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa by providing financial institutions with guarantee products and capacity development assistance specifically aimed at supporting SMEs in Africa.

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