GEN Nigeria and DBN, Developing Entrepreneurship Ecosystem in Nigeria

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CEM REPORT, ENTREPRENEURSHIP | The factors vis-a-vis the challenges confronting the development of entrepreneurship ecosystem in all climes especially that of Nigeria requires contribution from different stakeholders either in the form of collaboration or outright partnership.

The Enterprise Development Center, EDC of the Pan-Atlantic University has been in the fore front harnessing resources, stimulating interests, recognizing innovations and establishing relationships toward the development of entrepreneurship ecosystem in Nigeria.

Establishment of the Global Entrepreneurship Network in Nigeria in 2017, became a strong mark and milestone achievement by the EDC, a platform that has  fostered Identification and projection into the global space, brilliant indigenous Nigerian businesses through different mentoring programs and competitions.

The key objective of GEN is to build one global entrepreneurial ecosystem. GEN connects entrepreneurs, investors, researchers, policy makers and other stakeholders in building a robust and thriving entrepreneurial sector.

Entrepreneurship World Cup, a global competition floated by the Global Entrepreneurship Network, (GEN) to identify and promote good business innovations, is a platform to achieve this objective.  Partnership with global brands such as MasterCard, Google, amazon and likes have aided the progress made since inception. In the same manner, country based GEN sustains their operation and through partnership with local organizations.

Managing Director of GEN Nigeria, Dr Olawale Anifowoshe who spoke to Continental Economy Magazine at the award presentation to the 2022 EWC national winners held on Tuesday  at Radisson Blu Hotel, Victoria Island, Lagos, recognized the impact its partnership with Development Bank of Nigeria has made so far on the successes of the Network.

He revealed that DBN has sustained their partnership with the Network for 2 years, providing the prize money for winners which are usually 2nd runner-up, 1st runner-up and the winner. At the presentation ceremony, DBN was on ground to hand over cheques to the different categories of winners.

Dr Anifowoshe said that the partnership with DBN has further reassured Nigerian entrepreneurs that there are organizations that appreciate good work and are ready to offer support to them. Therefore, GEN Nigeria is committed to work with DBN to provide a platform for Nigerians to scale their innovation.

He said, ‘’DBN has supported the Entrepreneurship World Cup for 2 years straight as part of their mission to support the ecosystem. This support has reassured entrepreneurs that there are organizations that are willing to support good ventures.

‘’DBN has truly demonstrated their nitch through this support and am grateful. The GEN Nigeria is committed to work with DBN to provide a platform for Nigerians to scale their innovation.’’

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

Objective of the Bank is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

At the end of 2022 national Enterprise World Cup, My Food Angels came top and received a cash some of half a million, while Creamson Technology and My Stash Inc received N300,000 and N200,000 being the second and third placed respectively, courtesy of DBN.

In addition to the star cash, My Food Angels has at its disposal a whooping sum of $100,000 in kind support from different global brands. The CEO, Olapeju Ommah will proceed to represent Nigeria at the global level.

Cash prizes were also presented to the winners of Youth Entrepreneurship Dialogue Competition. Eti farms won the star prize of N200,000 while Haqqumen Farms and Organic Natural Food who received N150,000 and N100,000 came 2nd and 3rd.

Providus Bank is another organization that has offered a remarkable support for GEN Nigeria. The Deputy Director of EDC, in her remarks while closing the award giving ceremony, gracefully appreciated both DBN and Provides Bank for their support and continued to solicit for more.

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