In a landmark move to empower young entrepreneurs, the Nasarawa State Government has launched a N1 billion funding initiative aimed at supporting business start-ups and promoting self-reliance among the youth. Governor Abdullahi Sule made the announcement during the graduation ceremony for the first batch of 50 participants in Lafia, the state capital.
A Collaborative Effort
The funding initiative is a collaborative effort between the Nasarawa State Government and Interweave Solutions International. Both parties contributed N500 million each, bringing the total fund to a substantial N1 billion. Governor Sule highlighted that the initiative aligns with the goals of President Bola Tinubu’s Renewed Hope Agenda, particularly in driving entrepreneurship, reducing unemployment, and addressing youth restiveness.
Empowering the Youth
Governor Sule explained that the 50 initial beneficiaries, selected from 13 Local Government Areas in Nasarawa State, underwent comprehensive training in modern business strategies. Unlike traditional loans, these beneficiaries will receive grants to launch and sustain their ventures, giving them the financial freedom to start their businesses without the pressure of repayment.
“This initiative is designed to provide a solid foundation for entrepreneurship in our state,” Governor Sule said. “We are fostering a culture of self-reliance among our youth.”
Sustaining Youth Empowerment
Yakubu Kwanta, the Commissioner for Youth and Sports Development, emphasized that this program is part of the state government’s long-standing commitment to youth empowerment. He pointed out that over 70% of Nasarawa’s population consists of young people, making initiatives like this critical for the state’s socio-economic development. Since 2019, the state government has launched multiple programs aimed at uplifting its youthful population.
Kwanta also reassured the public that robust monitoring mechanisms are in place to ensure the proper use of funds, safeguarding the success of the program.
Transparent and Structured Disbursements
The pilot group of 50 beneficiaries has been organized into five cooperatives, with each cooperative consisting of 10 members and registered under a business name. Dr. Exodus Esuku-Ibor, the Country Director of Interweave Solutions International, commended the state government for its proactive stance on youth empowerment.
Each cooperative now has a bank account in its registered name, ensuring the funds are deposited directly into the account. Disbursements will be made in phases, based on each cooperative’s progress, to guarantee transparency and prevent misuse of the funds.
“This approach ensures that the grants are used for their intended purpose—creating sustainable businesses,” Dr. Esuku-Ibor noted.
Future Phases and Growth
As the pilot group progresses, the program will expand in phases, offering training and support to other groups of entrepreneurs in the coming months. This phased approach ensures that the initiative can reach and empower as many youths as possible across the state, fostering long-term economic growth.
