Federal Government yesterday launched a $50million Venture Capital Fund also known as the YouWin Small and Medium Enterprise fund. Further was the launched of the fourth round of the Youth Enterprise with Innovation in Nigeria (YouWin) programme expected to generate self employment for 1500 entrepreneurs.
YouWin was launched in 2011 as job creating entrepreneurial scheme designed for entrepreneurs aged between 18 and 45 years to access funds to boost their businesses.
President Goodluck Jonathan while launching the $50 million programme, explained that it would enable beneficiaries, those who had won previous grants of YouWin programme to take their businesses to the next level.
He said, “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 YOUWIN or even starting new businesses.”
Assuring that access to the fund would be through fair and transparent process which does not need anyone to lobby to get it, the President explained that the new fund would be managed by independent fund managers alongside the government.
President Jonathan commended the Minister of Finance and Coordinating Minister of the economy, Dr. Ngozi Okonjo Iwealafor successfully coordinating three batches of the YouWin programme which has created 22,000 YOUWIN jobs from the first and the second programme.
According to the President, “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”