Speech by Dr. Ahmed Adamu during the official Launch of N500 million Youth Entrepreneurship and Students Grant by NYPF in Lagos, Nigeria.

Dr. Ahmed Adamu presenting the speech during the launch
of N500 million YESGrant in Lagos, Nigeria.

Speech by Dr. Ahmed Adamu during the official Launch of N500 million Youth Entrepreneurship and Students Grant by NYPF in Lagos, Nigeria.

on Tuesday 22nd March 2016 at Four Point by Sheraton Hotel Victoria Island, Lagos, Nigeria

I am happy to be here to witness history in the making, it gives me great pleasure to see the dream we aspire comes true. Today, young people are taking the lead to help themselves by themselves. This is what we have been waiting for, to see young people not waiting for what someone or government can do for them, they are now doing something for themselves. This is the real leadership, where young people are saving and sacrificing from their income to help their colleagues and improve their lives through entrepreneurship and educational grants. This is not a loan, but a grant, we must therefore thank and congratulate the Nigerian Young Professionals Forum (NYPF) for initiating this grant. We thank the leadership of the NYPF, especially its founder, Moses Siasia, who has been a Young Politician and Young Professional (YP, YP) for the courage of launching this grant called “Young Entrepreneurship and Students Grant (YESGrant).

I have travelled wide across the world, especially among the Commonwealth Nations, where I have led the young people that numbered up to 1.2 Billion from these countries, and in all these countries, I have not seen this kind of direct youth-led entrepreneurship and educational grants. I am happy that this is coming from my own country. Congratulations once again.

This shall serve as motivation to other young people, so that young people can become real leaders. Like I keep saying, leadership is not about government positions, while other young people are out there spending their resources on sycophant political activities, here we have young people investing on their generation. This should be highly appreciated to encourage and inspire others. This project is exceptional, because it extends further to help students pay for their tuition fees. This project clearly showed that, it is not politically motivated, as no election is taking place right now, and no intention of using it to earn political advantage.

Having appreciated this achievement, I have some suggestions on how to effectively improve on the efficiency of this investment. Since our targets is to encourage young entrepreneurs, then we have to protect them, and make them compete with only local entrepreneurs. This can be achieved by banning importation of all kinds of products and services that Nigeria can produce, so that the competition will be between local producers, which will help enhance the quality of local products.

There is need for deliberate investment on the right psychology and cognition of young people. A self-motivated and productive minds engage in productive ventures even without support. So, the efficiency of this project depends on the cognition and perception of the beneficiaries. If the beneficiaries are after luxury or status, no matter how much they receive, they cannot get out of poverty/unemployment. So the beneficiaries shall develop passion and interest in productive ventures, so that with little support they can reinvest and grow patiently.

This also brings about the need to identify the interest and the choice of the beneficiaries. Without interest, there is no passion, once there is no passion, there is no sustainability. Therefore, before disbursing this money, there is need to engage in an independent survey without the participants knowing the purpose of the survey. This is the way we can have them declare their real business interest, their exact economic condition and their capital base requirement, and once we have this information, the disbursement will be made based on their interest, economic condition and capital scope of their chosen business. There is no need to restrict the selected types of businesses, the choice of the business shall be identified by the applicants themselves.

If this survey is conducted, we can then develop the indicators that we can use to evaluate the success and impact of this project. The emphasis shall not be on the number of beneficiaries, but the number of sustainable businesses created. Similarly, the rural poor applicants who cannot operate the computer or access the internet shall be accommodated. More than 60% of the unemployed are unschooled and from rural communities, so emphasis shall be made to the rural poor and uneducated youth, as they have less propensity to be employed and more likely to engage in crimes.

To beneficiaries, they should not think that this grant is aimed at making them rich, it is provided to allow them start now and grow in the future. They should never assume that they will be rich quick. It took perseverance to succeed. They shall not compete in luxury and status, they should not try to upgrade the standard of their living immediately, and they shall have the culture of reinvestment.

I would like to thank the Heritage Bank for believing in young people and for agreeing to partner with the young people in this project. I congratulate the NYPF for launching this N500 million entrepreneurship and educational grant. Congratulations, we wish you successful disbursement of this grant.

Thank you

Dr. Ahmed Adamu,

Petroleum Economist and Development Expert,

Pioneer Global Chairperson, Commonwealth Youth Council,

University Lecturer (Economics), Umaru Musa Yar’adua University, Katsina,