The Ishk Tolaram Foundation has awarded N5m in business grants to selected youth entrepreneurs under its Alumni Business Grant initiative.
The Programme Director of the Foundation, Oje Ivagba, disclosed this at the Alumni Business Grant Awards held recently in Lagos.
According to him, the grant is aimed at supporting alumni of the Foundation’s vocational training programme who are already running nano businesses to help them transition into small businesses by providing funding to acquire advanced tools and equipment needed to scale.
“We have trained over 1,300 young Nigerians since the launch of the Each Skills Up vocational programme in 2021. However, we discovered that even after training, many of our alumni are unable to grow their businesses due to the high cost of technical tools,” Ivagba said.
“This grant is our way of deepening our contribution to their journey and being the kind of support system they need, especially given the complexities of accessing funding at their level,” he added.
He revealed that the Foundation is supporting 18 awardees this year with funding tailored to their specific needs, with individual grants up to N300,000.
He also noted that the Foundation is seeking partnerships with like-minded organisations and financial institutions to scale the initiative and reach more young people.
Additionally, Abiola Oyeneye, the programme manager of the foundation, explained that the selection process was inclusive, encompassing various skills such as fashion design, plumbing, carpentry, masonry, and cutting across genders.
“The application process was kept simple and accessible, understanding the varying literacy levels of our alumni. We received several applications which went through a three-stage process: application, review by a panel of four judges, and a final in-person interview to assess their business ideas and commitment,” Oyeneye said.
He noted that over 60 per cent of the Foundation’s alumni have already started or expanded businesses but still face limitations due to lack of tools and financing.
“Many of them borrow or rent essential tools to take on jobs. With this support, they can now own these tools, increase their capacity, take on more jobs, and improve their income and social impact,” she added.
In his goodwill message, the Director of the Youth Development Department at the Ministry of Youth and Social Development, Saka Abdulateef, commended the Foundation’s efforts in empowering young people in practical, sustainable ways.
“This initiative is a shining example of meaningful youth empowerment. Empowering our youth with skills and also supporting them to scale is the type of intervention we need to replicate across the country,” Abdulateef stated.
He urged the beneficiaries to utilise the grants responsibly to grow their businesses, create jobs, and contribute positively to their communities.
In his remarks, the South-West Zonal Director of the Industrial Training Fund, Awoniyi Omoniyi, commended the Foundation for its commitment to youth development and skills empowerment.
He noted that initiatives like the alumni business grant align with ITF’s mandate to promote technical and vocational training across the country.
The Foundation said it trains over 500 young people annually, with a growing alumni base exceeding 2,000. It expressed its commitment to continue supporting at least 50 high-performing alumni each year, with possibilities of expansion through collaboration.
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