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How NASIMS expect N-Power beneficiaries to spend the N3 million that may be disbursed to them soon

T.I Ukende
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Honourable Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq.

The Central Bank of Nigeria (CBN) has set aside the some of N3 million for every successful beneficiary from the ongoing Nexit Training across Nigeria.

NASIMS expect whoever might benefit from the package to put the money immediately to use in order to maximize profit from it rather than spending on luxury and not have anything to show for it in the near future.

Some of the Trainees are trained on POS business while some are being trained on other business ventures that are lucrative. CBN expects them to understand the concept of employment, how to give employment to job seekers, what to expect from your employees and the types of employment to give to those that might come to you for jobs.

It is important to study both the employment rate and unemployment rates before starting up the business which you are being trained for.

Employment rate in Nigerian between 2014 – 2020

The employment rate in Nigeria according to Wikipedia is averaged 83.68 percent from 2014 until 2020, reaching on all time high 93.60 in the fourth quarter of 2014 and a record low of 66.70 percent in the fourth quarter of 2020. 

Why it is you may not likely get your desired job

Getting a well paid job or any job in Nigeria is almost an insurmountable task for job seekers with no connection to people in the concerned areas. You have to know people or someone at “the top”. Job seekers who know people in high positions are more likely to get the job than a qualified person for the job. 

READ ALSO: CBN explained why 75,600 Npower batches A and B beneficiaries will get N3 million loan each

Giving to this unfortunate situations, many people are finding their way out, as it is said that “when life give you lemons make lemonade” while some are getting money through illegal means, there are are a lot more getting it through legit entrepreneurship. 

Types of businesses that may offer jobs

Substantially, entrepreneurship is categorized into four main types: small businesses, scalable startups, large companies and social entrepreneurship.

Even small businesses require great minds and good thinking, for one to start a small business they must have had a goal to reach at the end of the day. A small business is usually a privately owned corporation, partnership or sole proprietorship with fewer employees. 

Examples of this small businesses includes, rice retailing business, photography, baking, food vendors etcetera.

A scalable business or company is one that can preserve or better the profit margins while sales volume increases. Scalability, whether it be in a financial context or within a context of business artifice, portray a company’s proficiency to grow without being cramped by its structure or available resources when faced with heightened production. 

Scalable startups includes blogs, subscriptions, investing, digital designs. 

Large companies includes Google, Airtel Africa, Apple etc.

Social entrepreneurship is the process by which individuals, startups and entrepreneurs develop and fund solutions that directly address social issues. A social entrepreneur, therefore, is a person who explores business opportunities that have a positive impact on their community, in society or the world.

So therefore, N-Power beneficiaries of batches A and B must realize that they are going to become employers of labour in one way or the other in Nigeria.

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