Nõrrenberger,a financial services group,Thursday launched N500million Nõrrenberger entrepreneurship fund (NEF),to support young individuals Youth Corps members in actualizing their entrepreneurial dreams.
At a brief ceremony organized to mark to birth of Fund, Mr. Tony Ede, Group Managing Director Norrenberger, explained that the programme was aimed at impacting 5000 Corps members this year alone, and also to create 10 million jobs for Nigerians youths in the next five years.
He disclosed that NEF is not a loan but a grant which is meant to funding innovative ideas, technologies or products for startups with groundbreaking concepts.
He added that,after the selection which promises to very stringent, the first place winner of the NEF grant would go home with N7. 5 million, second place winner, N5.5 million, while the third place winner would be supported with N3.5 million.
To qualify, he said,one must be first a National Youth Service Corps (NYSC) member, must express interest by applying for the the fund at Nõrrenberger.com/nef, must have an entrepreneural ideas, stressing that the selection would be stringent.
He said successful candidates would not only be supported with capital but also with knowledge and skills that will help them succeed in making their ideas come to life.
“We are here to launch Norrenberger Entrepreneurship Fund (NEF). It is a fund is targeted at empowering young entrepreneurs across the nation.
“We are looking at N500,000 million to start with and we are also going to put in place a very stringent selection process. We are looking at impacting 5000 Corps Members this year. And every other year going forward. We are not just doing this alone.
“We have our partners, both multi lateral and national partners, supporting us to reach this goal. We envisage that in five years, we would have impacted one million Nigerian youths and we would have created 10 million jobs.
“It is not all about funding there needs to be some form of knowledge impactment and skills acquisition for these young entrepreneurs” he said.
Speaking, Mr Ibrahim Aliyu Bala, the Chairman, Board of Directors of Norrenberger, noted that entrepreneurship is, in many ways, the lifeblood of progress and the driving force behind economic growth and societal transformation hence the floating of the fund.
He said: “Today, we come together not merely to exchange greetings or pleasantries, but to spark innovation, creativity, and enterprise in us as a people.
“Entrepreneurship is, in many ways, the lifeblood of progress and the driving force behind economic growth and societal transformation. It represents the spirit of audacity, the courage to question the status quo, and the relentless pursuit of solutions to the world’s most pressing challenges.
“As we announce the launch of the Norrenberger entrepreneurship fund today, we must recognize that it is not just about allocating capital; it is about investing in human potential. It is about nurturing the ideas that have the power to reshape industries, disrupt the norm, and redefine what is possible. It is about creating an ecosystem where innovation thrives, where risks are taken, and where failures are learning points and stepping stones to success”.