The Future Project has initiated a programme, in collaboration with Microsoft Nigeria, aimed at engaging youths in small and medium scale businesses to accelerate economic development through enterprise development and technology.
Speaking on the aim of the programme, Bukonla Adebakin, Deputy Chief Operating Officer, The Future Project, said it is targeted at empowering 2,500 youths to build socially responsible enterprises in their communities.
Adebakin further stated: “According to the National Bureau of Statistics (NBS), out of a total youth labour force of 38.2 million (representing 48.7 percent of total labour force in Nigeria of 78.48 million), a total of 15.2 million of them were either unemployed or underemployed in Q1 2016 representing youth unemployment rate of 42.24 percent. This leaves employment rate high and having young people practically with no opportunities to participate in the markets; an irony in a predominantly youth nation.”
“Accelerate LABS will be activating the Small and Medium Scale Engine to accelerate economic development through enterprise development and technology incubation. The goal of this project is to equip 2,500 youths (Across the 6 geo zones in Nigeria) by building socially inclined, high profit, and highly competitive enterprise capable of impacting theGross Domestic Product (GDP) of the country.”
In his remark, Olusola Amusan, Citizenship Lead, Microsoft Nigeria, said: “Microsoft, through our YouthSpark initiative seeks to empower the youth population of Nigeria to imagine and realize their full potential by connecting them with greater opportunities for education, employment and entrepreneurship, helping them create a real impact for a better tomorrow.”
According to the organizers, each geopolitical zone would be represented by a host state that will serve as a hub to incubate these businesses. “Accelerate Labs will be in three streams, with each stream running for three months. Each stream will include three weeks training session, four weeks mentoring session, three weeks research and practice and a demo day for pitching of business ideas to prospective investors,” they added.
