Frequently Asked Questions and Answers about YOUWIN Nigeria
President Goodluck Jonathan flagged off a N50 billion seed fund for job creation under the scheme known as Youth Enterprise with Innovation in Nigeria (YouWin). His aim is to use the scheme to tackle youth unemployment in Nigeria. The president said during the commissioning of YouWin that his administration is committed to creating job opportunities for the youth by empowering them to become job providers and not job seekers.
He said the YouWin programme was conceived for the purpose who aims to create between 80,000 and 110,000 sustainable good jobs over the next four years. In order to help as many people as possible make use of this programe, here are the questions you may have. You will also find answers to them.
1. What is YouWiN Nigeria?
YouWiN stands for Youth Enterprise with Innovation in Nigeria. It is an innovative business plan competition aimed at job creation jobs by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas
2. Who can apply?
Every Nigerian aged 18-40 years that wants to start a business or expand their existing business
3. What types of businesses can apply?
The competition is open to all types of businesses as long it is viable and has a demonstrable capacity to create jobs
4. Must I be registered with CAC to apply?
For existing businesses, you must be registered with CAC. For new business ideas, you do not have to be registered with CAC. However, sponsors of new businesses that win awards in this competition will be required to register fully with CAC prior to receiving any award funds.
5. My business is a partnership, how many applications can I submit?
The number of application is limited to one per person.
6. Can I change my business idea if I have already submitted an application
No. It is advisable that you think through your application before your submit
7. Is there a limit to how many business ideas I can submit?
You can only submit one business idea
8. Is there an application fee for You Win?
Registration is free
9. How do I know if I am selected?
You will be notified once you register. If you are selected, you will also be notified of the next steps
10. I submitted a good business idea and I was not selected
The panel will decide the winners. However applicants who submitted good proposals that did not win awards may receive other support from the project
11. How much money can I apply for?
Award recipients will recieve between 1,000,000.00 (One million naira only), and N10,000,000.00 (ten million naira only), depending on their business needs.
12. Do I have to pay back the money?
No.. You are to use the money to start and or grow your business and employ Nigerian youth
13. How will my business be funded
You will be paid by installments based on pre-agreed project targets and employment creation over a one year period.
14. How long will this program last
The program will run for three consecutive years.
15. Since this is an equity grant from the government, does the government own a part of my business?
No. The grant is government’s contribution to your business. It remains your own fully.
16. How safe are my ideas?
Your ideas are safe. Everybody that has access to applications has signed a non disclosure agreement. It is also safe from potential internet hackers as the website is secured with the best internet security
17. I do not live in Nigeria, can I participate?
Yes. You can participate as long as you are a Nigerian and the business in located in Nigeria.
If you need more answers, please ask them using the comment form provided below. You will get response to your questions.