Popular Nigerian businessman and philanthropist Prince Omoha Nduka has disbursed N25 million as part of an empowerment project for young entrepreneurs in Nigeria.
The disbursement is part of the foundation’s annual non-refundable seed capital grants program, aimed at supporting young male and female entrepreneurs to boost socio-economic development and eradicate poverty in the country.
The 2024 beneficiaries were selected from a pool of over 3,500 applicants based on their innovation, performance, and potential for growth to create jobs and reduce poverty. These entrepreneurs also received training in online business, mentorship, and coaching.
The 102 selected beneficiaries, drawn from all 36 states and the Federal Capital Territory (FCT), include both new startups and existing small businesses. Each entrepreneur will receive a grant of N250,000.
Speaking at the event, the President and Founder of the Prince Omoha Foundation, Prince Omoha J. Nduka, stated, “To you, young African entrepreneurs – work hard, dream big, and stay focused. You must continue to think of the impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, success will ultimately come your way. The future of our nation is in our hands. What we do as entrepreneurs will go a long way in lifting Nigeria and Africa out of poverty. I am glad that our female entrepreneurs are doing very well, with 54% representation this year.”
Prince Omoha added, “To Nigerian leaders – these young, intelligent, energetic, hardworking, resilient Nigerians are ready to go. We need to keep creating the right enabling environment for our young ones to succeed. We must realize that their success is a success for all of us on the continent. We must prioritize them because nations and continents that prioritize their people succeed. To my fellow business leaders, let us realize that in the 21st century and beyond, it is about impact, legacy, and how we work together to empower people out of poverty. It is such a great feeling to see 102 young Nigerian males and females commence their entrepreneurial journeys today.
“These grants are not just financial support; they’re a vote of confidence in the innovative spirit of Nigerian entrepreneurs. There’s no better way to celebrate life than by empowering others”, Prince Omoha stated during the event.
Also speaking at the event, the Executive Director of The Prince Omoha Foundation, Mrs. Chioma Ugwu, noted, “Today, we have trained over 100 times more young African entrepreneurs than we did from 2018 to 2023 combined. Today, we will be paying out 25 million naira directly to Nigerian entrepreneurs from across 36 states of the country, including the FCT. This is impact. We are not giving out this money because we have much, but because we are committed to it. This money doesn’t come from any support organization or donations. It was made possible by aligning with the Prince Luxury Group (PLG) Corporate Social Responsibility (CSR). We advise you all to use this seed with goodwill and for its intended purpose to ensure more people are employed and empowered through these funds.”
The Prince Omoha Foundation is a private nonprofit organization founded by Nigerian entrepreneur and philanthropist Prince Omoha J. Nduka. Established in 2018, the foundation aims to empower young entrepreneurs across Nigeria and Africa, with the goal of enhancing opportunities for social change through strategic investments that improve health and well-being, promote quality education, and broaden economic empowerment opportunities, as well as supporting orphanages as a way of giving back to society.
The foundation serves as the CSR arm of the Prince Luxury Group, contributing over 100 million naira in charitable funds across Nigeria and Africa