How we Plan to Empower 1850 Entrepreneurs and Employ 5550 with N3.7Billion Only - Victor Alexander Okhuese, Founder GENX

Victor Alexander Okhuese, Founder GENX

The Nigerian economy is a rich thriving and progressive economy and one of the fastest growing in Africa, however, the major challenge besetting it is its inability to spread active funds for productivity to the teeming population of unemployed and financially unempowered dependent community. At GENX, one of our core aims is human capacity development and empowerment, however, over the past years, we have discovered from meeting and training entrepreneurs in the various clusters available at GENX for the growth of the economy in Africa, that access to finance has always been the major setback of harnessing great ideas and innovation. 

Moreso, a recent intervention put in place by the Bank of Industry in collaboration with the Federal Government to salvage this challenge by disbursing loan of N10Billion quarterly to 1,200 entrepreneurs has been a mirage.

Therefore, we came up with a set goal that we could work with the Federal Government or any Non-governmental organization, Internation Non-governmental organization, Seed Investor, Angel Investor to disburse loan/grant of N3.7Billion to 1850 Entrepreneurs, 50 from each state of the Federation and the Federal Capital Territory.

The Global Entrepreneurship Network Exchange will collate and access pitch from each state and select loan/grant winning pitch from 50 entrepreneurs from each state and engage the entrepreneurs in a series of training and assessment after which they shall be placed as Apprentice CEOs under established business for a period of 6 Months. 

Thereafter, the funds will be disbursed and monitored to avoid inappropriate usage and their businesses mentored.

The final goal, however, is to create about 5550 Jobs, and this will be achieved after the funded entrepreneurs have employed 3 each after a space of 1 year.