Bilaad Realty Nigeria Ltd. has provided grants to young entrepreneurs and called for increased private-sector funding for Micro, Small and Medium Enterprises (MSMEs) to boost job creation.
Dr Sadiq Abdullahi, Chairman and Coordinating Trustee of the company, made the call at the fifth edition of the organisation’s Gem Hunt project, themed “Roots to Riches: Building Nigeria’s Next Generation of Entrepreneurs.”
Abdullahi said MSMEs and the broader informal sector contributed more than 60 per cent of Nigeria’s Gross Domestic Product (GDP) and accounted for between 80 and 90 per cent of employment.
He said many small businesses, despite their contribution to the economy, faced challenges including high energy costs, limited access to the digital economy, inadequate mentorship and poor access to credit.
He said the project provided an opportunity to identify young entrepreneurs with innovative ideas and explore ways of supporting them to overcome these challenges.
Abdullahi said the businesses presented at the event covered five broad areas, including information technology, renewable energy, agriculture, commodity trading and fashion.
He identified funding, market linkages and mentorship as key interventions needed to help young entrepreneurs expand their businesses.
According to him, many entrepreneurs have viable and investable ideas but cannot access conventional bank loans because of collateral requirements.
He therefore urged oil companies, banks, telecommunications firms and other profitable businesses to establish or increase Corporate Social Responsibility (CSR) and impact investment funds targeting small businesses.
“Government, whether national or subnational, is limited to three things: territorial defence, regulation and foreign policy. Most development efforts are done by the organised private sector,” he said.
Abdullahi said BILAAD Development Trust had reached more than 2,000 people through initiatives including entrepreneurship programmes, Ramadan feeding programmes and local and foreign scholarships.
He said Nigeria had no shortage of talent but needed to address gaps in funding, mentorship, energy and information technology infrastructure.
The chairman commended partners supporting the project and urged corporate organisations to increase support for young entrepreneurs and the MSME sector.
Also speaking, Mrs Asabe Ahmed, former Minister of State for Agriculture and Food Security, commended the young entrepreneurs for developing skills and businesses despite limited access to sponsorship and scholarships.
Ahmed urged individuals and organisations to support the contestants beyond the competition through funding and mentorship to enable their businesses to grow.
“This is also an opportunity for each and every one of us to reach out to these other kids and see what we can do to help their startups or at least encourage what they are already doing,” she said.
She said supporting young entrepreneurs could have a significant multiplier effect, adding that the contestants had demonstrated resilience by identifying gaps in their communities and developing solutions.
Earlier, Dr Usman Bassi, Chief Executive Officer of BILAAD Realty Nigeria Ltd., said entrepreneurship was critical to addressing unemployment, poverty and brain drain in Nigeria.
Bassi said the contestants demonstrated that local challenges could be converted into opportunities for wealth creation.
He commended the participants for developing indigenous solutions and promoting local content, especially in areas related to sustainability and climate change.
He urged partners to support the entrepreneurs to build sustainable businesses.
Bassi said entrepreneurs did not require huge capital to start, noting that most contestants sought between N1 million and N2 million to scale their businesses.
“It’s not about the money; it’s the idea and the resilience,” he said.
According to him, a small financial intervention could help young entrepreneurs expand their businesses, create jobs and contribute to addressing challenges in society.
Some beneficiaries expressed appreciation to BILAAD and its partners for providing them with opportunities to showcase their businesses and access support.
