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Jonathan launches $50m Venture Capital Fund, fourth phase of YouWin

By BusinessNews Staff on November 19, 2014

President Goodluck Jonathan monday inaugurated a $50 million private equity fund for the expansion of business opportunities by the small and medium enterprises in order to boost job creation in the country.

Jonathan also launched the fourth phase of the Youth Enterprise with Innovation in Nigeria (YouWin) programme to boost entrepreneurship development and create more jobs for youths and accelerate economic development.

At the inauguration, the president expressed the federal government’s concern about businesses affected by militancy and acts of terrorism in the recent past. He added that the interventions would heal their wounds and revive their businesses.
According to Jonathan, the fund would help accelerate the growth of SMEs and economic development.

He explained that the fourth edition of the YouWin programme was approved following the enthusiastic response of youths to the scheme and the impressive level of success so far achieved by beneficiaries.
He noted that unemployment still constituted a big challenge not only in Nigeria, but for governments around the world, pointing out that no real development could occur without jobs.

Jonathan disclosed that his administration had put several initiatives in place to create jobs, chief of which was the YouWin scheme, where training and monetary support had been given to youths with innovative business ideas to improve their lives and create jobs in the economy.

He also revealed that over 22,000 jobs had been created alongside other indirect employments through the first phase of the YouWin intervention, adding that the fourth phase is expected to create additional 44,000 jobs.

According to the president, the venture capital support would have unprecedented impact on SMEs sector if government could work with other investors to meet the objectives of the fund.

Essentially, the fund is to be used to support few existing YouWin businesses which have the potentials for further expansion and job creation.
He also promised to ensure that the venture capital fund is void of interference by ensuring those who qualify get fundings on merit and not on man-know-man basis.

Furthermore, he said both the YouWin and venture capital support would further boost the creativity of young Nigerians.
The new enterprise fund, he added, would enable those that had won previous grants from the YouWin programme take their businesses to the next level.

According to Jonathan, the fund which needed a seed capital of about $50million would require hard work on the side of government.
Jonathan said if government strives hard, it could attract more investors to contribute to ongoing efforts no matter how small.

“This fund will identify and further empower a few of you, some who are here and some new people that will join us, that are interested in expanding what they already have through the you win or even starting new businesses”, Jonathan said.

“You will not need to know somebody to access it. Hopefully when the disbursement of the third phase commences and by the time the fourth phase takes we are expecting a minimum of would have had 44,000 jobs created by young Nigerians for young Nigerians. Eighteen thousand who did not directly benefit from the scheme were trained and were able to access fund from different sources”, he stressed.

[ThisDay]

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