FGN-ALAT SkillNovation Program 2024 (Benefit)
GRANTS

FGN-ALAT SkillNovation Program 2024 (Benefit)

FGN-ALAT SkillNovation Program 2024| Welcome to FGN-ALAT SkillNovation Program 2024 in this page, We will highlight the benefit of the programme as well as explaining the FGN-ALAT SkillNovation Program in details, Read through.

The FGN/ALAT Digital

SkillNovation Program for MSMEs is a holistic initiative, birthed from a strategic partnership between Wema Bank and the Federal Government of Nigeria, through the Office of the Vice President, aims to equip young minds with a versatile set of skills and opportunities tailored to individual aspirations and market realities
Beyond mere skills acquisition, the program is designed to create a ripple effect of socioeconomic benefits across the nation. By empowering we the youth, not just to fostering individual successes; but also investing in the broader narrative of national progress, promoting job creation, boosting innovation, and paving the way for a more prosperous future.
With each of us participanting in this training, the government hope to mentor, or incubate, making a conscious investment in the nation’s future, ensuring that Nigeria remains at the forefront of the global digital economy.
Furthermore, this program underscores Wema Bank’s commitment to driving positive change and sustainable development in Nigeria.
It’s a testament to a belief in the boundless potential of the Nigerian youth. By creating a platform that seamlessly blends training, mentorship, and practical entrepreneurial experiences, the government is building bridges to a future where every young Nigerian has the tools, knowledge, and support to make their mark in the world. In addition to empowering young entrepreneurs, the program is also aimed at catering to career-driven professionals, offering a tailored pathways to sharpen skills and navigate the complexities of the modern, digital-oriented workplace with confidence and competence.
At its core, the FGN-ALAT Digital Skillnovation Program is more than just a training initiative – it’s a comprehensive ecosystem designed to foster innovation, growth, and success, shaping the next generation of Nigerian entrepreneurs and professionals, according to the designing ideas.
Benefits
DESIGNED TO REVOLUTIONISE THE WAY YOUNG ENTREPRENEURS AND EMPLOYEES INTERACT WITH TECHNOLOGY
  • Training: Guiding growth through shared knowledge and experience.
  • Business Incubation: Fostering startups for success
HANDS-ON LEARNING
  • Explore learning program where theory meets practice
COMMUNITY OF LEARNERS
  • Join vibrant community of learners and mentors who inspire growth.
EXPERT-LED WORKSHOPS
  • Explore program workshops led by industry experts and thought leaders.
  • Mentorship: Grow and develop your skills with the best mentorship
INNOVATION HUB
  • Step inside provided innovation hub, where groundbreaking ideas are turned into viable businesses.
TAILORED SOLUTIONS
  • Customized solutions cater to the specific challenges and goals of each startup
SUSTAINABLE GROWTH
  • Startups can learn how to build strong foundations for sustainable growth and long-term success.
  •  Access to Market: Connecting products, expanding reach
  •  Grants: Funding for innovative ideas
Funding for innovative ideas – Recognizing the financial constraints many startups and SMEs face, the FGN-ALAT Digital Skillnovation Program provides a unique opportunity for participants to access grants. But these aren’t just funds; they’re a vote of confidence, an endorsement of the entrepreneurial spirit.
The grants are designed to alleviate some of the initial financial burdens startups and SMEs face, allowing them to focus on innovation, scaling, and making a meaningful impact in their respective sectors.
THE ELIGIBILITY CRITERIA FOR ANGEL INVESTMENT AND VC FUNDING
  • BUSINESS TYPE: Open to technology-enabled businesses in all sectors of the economy, but priority will be given to businesses in agriculture, retail, housing and property, clean solutions, transportation and logistics, data and infrastructure, privacy and security, and energy innovation
  • BUSINESS STAGE: Only businesses at the seed stage and early stage will be considered
  • MAXIMUM TICKET SIZE PER BUSINESS: $100,000
  • MAXIMUM VALUATION: $2 million post-investment valuation cap
  • VENTURE SCALABILITY AND TEAM: The business should demonstrate a scalable solution and possess a team that showcases strong potential, commitment, and dedication
ETHICAL AND LEGAL STANCE: Businesses should align with ethical standards and have no legal constraints or controversies.
Participants who meet these criteria stand a higher chance of being connected to angel investment and VC funding opportunities.
THE ELIGIBILITY CRITERIA FOR GRANTS
  • SECTOR FOCUS: Open to tech-enabled businesses in any sector of the economy, with the priority sectors being agriculture, retail, housing and property, clean solutions, transportation and logistics, data and infrastructure, privacy and security, and energy innovation
  • GRANT AMOUNT: Applicants can get up to N500,000 in grants
  • DEVELOPMENT STAGE: The business should be in its early stages, showing promise for scalability and impact
  • OPERATIONAL MARKETS: $100,000
  • MAXIMUM VALUATION: The business must be operational in Nigeria and its product or service must be targeted at the Nigerian market
  • TEAM ASSESSMENT: There should be evidence of a strong, committed team behind the business, possessing the potential to execute the business idea and plan effectively
  • ETHICAL AND LEGAL STANDARDS: Businesses must adhere to high ethical standards and comply with relevant legal regulations in their operations
Participants who meet these criteria stand a higher chance of being connected to grant opportunities. However, please note that there will be a transparent and competitive process to determine the beneficiaries.
THE ELIGIBILITY CRITERIA FOR LOANS
  • SECTOR FOCUS: Open to tech-enabled businesses in trade and commerce, healthcare, education, agriculture, and clean energy
  • LOAN REQUIREMENT: Applicants can get loans of up to N5 million
  • BUSINESS STAGE: The business should be in its early to mid-stage, demonstrating some track record and potential for growth
  • OPERATIONAL MARKETS: The business must be based in or primarily serve the Nigerian market
  • REPAYMENT CAPACITY: Evidence of a stable revenue stream or a solid business plan projecting the ability to repay the loan within the stipulated time
  • CREDIT HISTORY: A satisfactory credit history or, for newer businesses, a personal credit check of the founders may be required
  • COLLATERAL OR GUARANTEES: Depending on the loan size and terms, some form of collateral or personal guarantees might be required
  • ETHICAL AND LEGAL STANDARDS: Businesses must operate with integrity, adhering to the relevant laws and regulations of their industry and region
Participants who meet these criteria stand a higher chance of being given loans. However, please note that there will be a transparent and competitive process to determine the beneficiaries.
And so if you are a participant, I advise you utilise the information shared for good and act upon the benefits.

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