Norrenberger Financial Group launches 500 million Naira fund

Norrenberger Financial Group launches 500 million Naira fund

Norrenberger Financial Group has taken a significant step to empower young entrepreneurs by launching a N500 million fund aimed at providing crucial financial backing to those with innovative business ideas. The integrated financial services group, Norrenberger, has officially introduced this entrepreneurship fund, with a primary goal of assisting 5,000 ambitious young individuals through a N500 million startup grant

During the entrepreneurship fund symposium in Abuja on Thursday, Tony Edeh, the Managing Director of Norrenberger, announced a visionary program to empower young graduates, thereby contributing to the reduction of unemployment, the generation of wealth, and the enhancement of national security. Mr. Anthony Edeh, the company’s Managing Director/Chief Executive, further emphasized that this initiative is directed towards young entrepreneurs across the entire country.

Tony Edeh, addressing a significant issue, highlighted that the primary causes of entrepreneurs’ failures in businesses often revolve around funding challenges, knowledge gaps, and product/market dislocation. Speaking at the launch of the Norrenberger Entrepreneurship Fund Symposium, themed “Investing in Nigerian Youth to Drive Entrepreneurship: Opportunities and Challenges,” he elucidated that this fund constitutes a grant intended to support 5,000 members of the National Youth Service Corps (NYSC) in 2023 and the years to come. Notably, the Fund is specifically tailored to benefit approximately 5,000 youth corps members, who must undergo a rigorous application process to access the fund.

Furthermore, during a post-launch interaction with journalists, Mr. Tony Edeh, the Managing Director/Chief Executive Officer of Norrenberger, unveiled the ambitious vision of the Fund, aiming to impact 1 million youths within five years, ultimately generating 10 million jobs in the process.

Highlighting critical factors contributing to entrepreneurial failures, he emphasized, “We know that funding accounts for 40 per cent of why entrepreneurs fail, there‚Äôs also a knowledge gap which accounts for about 20 per cent and product/market dislocation, whereby you want to produce a product that the market does not need. This accounts for 40 per cent of failed entrepreneurs.” With a comprehensive approach to address these issues, he continued, “So, what we are doing is that apart from creating capital, we are creating an enabling environment that would allow these individuals to gain the kind of skills they need to run their business, and at the end of the day, we crown it all with capital, with the fund that they need to power their ideas.”

Elaborating on the company’s approach, Edeh disclosed their ongoing collaboration with the National Youth Service Corps (NYSC) in identifying promising youths with viable business concepts. Notably, he mentioned that within this program’s current batch, three individuals with the most promising ideas will be chosen for support. Justifying their focus on corps members, he stated, “The reason why we are starting with corps members is that we feel that part of the foundation has been laid during their education. We aim to empower them, reignite their innovative spirit, and bolster their competitiveness in the market. In the grand scheme of things, we strongly believe that these efforts will contribute to reducing unemployment, fostering wealth creation, and ensuring our national security.”

Phala Vanessa, the Nigeria Country Director of the International Labour Organization (ILO), underscored a fundamental objective of the United Nations, which is to facilitate the creation of quality employment opportunities for the populace. Vanessa highlighted that numerous small businesses are grappling with limited access to funding, despite the diverse range of available funding avenues, including government grants, venture capital, angel investors, invest investors, crowdfunding platforms, business incubators, accelerators, and targeted entrepreneurial competitions. She pointed out a significant challenge faced by these businesses, operating within the informal sector, where decent work opportunities, access to funding, and market entry options have historically been limited. In response, she emphasized a conscious effort to expand support for women entrepreneurs in the informal sector, with the ultimate goal of transitioning them into the formal sector, thus granting them access to the full spectrum of decent work opportunities available.

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