A 25-year-old graduate of Medicine and Surgery at the Iyana Ipaja National Youth Service Corps (NYSC) orientation camp in Lagos was among half-a-dozen corps members in the state and Abuja that received a grant for successfully pitching their business idea in Unity Bank’s Corpreneurship Challenge, weekend.
Adebayo Abigail, a medical doctor from Osun-based private higher institution, Bowen University, won N500,000 for pitching an online clothing store for women’s wear, while the second and third place winners in the 19C stream one batch in Lagos received N300,000 and N200,000, respectively.
The pilot stage of the partnership between the mid-tier lender and the Skills Acquisition Entrepreneurship Development (SAED) programme of NYSC aims at promoting the entrepreneurial spirit of the Nigerian youth was held across camps in Lagos, Abuja, Edo and Ogun State, although the business pitch took place in only two states.
“I am currently a medical doctor but the economic situation of Nigeria is not so good and I cannot rely on salary, which is why I decided to go into the clothing business,” Abigail said, who explained she started the young business with N9,300 and made a profit of N50,000 in the first month of operation.
“I heard about this opportunity to expand my business and grabbed it,” she said.
Coined from the words “Corper” and “Entrepreneurship,” the Corpreneurship Challenge is a novel Entrepreneurship Development Initiative aimed at promoting the entrepreneurial capabilities of Youth Corp members during their one-year compulsory service to the nation.
The idea is to aid skill acquisition that will enable Corp Members embrace entrepreneurship through cultivating a spirit of self-sustenance, innovation, creativity, business acumen and relevance, Unity Bank said.
Youth unemployment in Nigeria reached an all-time high of 38 percent in the second quarter of 2018 and dropped slightly to 36.5 percent in the third quarter of 2018, where Nigeria’s unemployment rate hit record-high, latest data from the Nigerian Bureau of Statistics show.
“Unemployment is not a spiritual problem or a natural disaster but a man-made problem that can be solved by addressing the root cause. One way is to encourage entrepreneurship early and catch people young,” said Abiodun Folawiyo, CEO of Shoespeed Interglobal Services Limited and a judge at the business pitch.
Adetola Adebowale, founder, Wapa Textile and Garment Manufacturing who was also a member of the three-person panel of judges disagreed with the notion of inadequate funding for business ideas.
Instead, Adebowale said ideas have to be bankable and the education system can help if final-year students were made to present project works that could be converted into viable businesses upon graduation.
“The initiative by Unity Bank is a very laudable one because today white-collar jobs are no longer available and those lucky to have such jobs have to remain on their toes to keep it,” said Sunday Aroni, the Lagos State coordinator of the NYSC. “I would encourage other corporates to emulate this.”
The winners of the business challenge competed by 10 Corp members in the finals will enjoy mentorship from Unity Bank as well as a salary for a year.
The runner ups in Lagos camp are Adesina Bolowatife and Jaja Godsgift Opuine while Adeniyi Ifedayo, Peace Okiri and Ogunride Eunice came first, second and third respectively in Abuja camp.
