The Zakat and Sadaqat Foundation has awarded business grants totaling N12 million to 20 young entrepreneurs at the 2024 Business Plan Competition. The event, held on August 29 at Westwood Hotel, Ikoyi, Lagos, saw ten star prize winners receive N1 million each, while 10 others received N200,000 each as runners-up.
The competition, which is in its ninth year, aims to support young people in growing their businesses. Executive Director of Zakat and Sadaqat Foundation, Prince Sulaiman Olagunju, stated that the foundation has disbursed N100 million to 189 entrepreneurs over the past eight years.
The event also saw the inauguration of the ZSF Entrepreneurship Alumni, a network of past and present winners of the business plan competition. Prince Olagunju encouraged beneficiaries to use the grant wisely, noting it is a trust that must serve its original purpose.
Top economic analyst, Dr. Muda Yusuf, described the Business Plan Competition as a laudable project, especially in light of the high level of youth unemployment in the country. He emphasized the need for young people to develop an entrepreneurial mindset and leverage their talents and strengths to create value and earn income.
Dr. Abdullah Shuaib, a director on the board of Jaiz Takaful Insurance Limited, advised Nigerian youths to contribute their quota to the revamp of the country’s economy. He encouraged them to refocus their energy on the reconstruction of the country.
One of the star prize winners, Hikmah Olatunji, expressed gratitude for the grant, which she said would contribute to the growth of her business in terms of revenue and visibility. She aims to become a major distributor of underwear in the next year.
The Zakat and Sadaqat Foundation’s initiative is a commendable effort to support young entrepreneurs and promote economic growth and development in Nigeria.
