50 startups get N10 million grants from Lafarge

Building materials company, Lafarge Africa, in partnership with Cuso International, a non-profit development organisation, has provided N10 million grants to 50 youth startups in their host communities in Cross River.

Speaking on the development, Lafarge Africa’s Plant Manager, David Brown, said the funds were made available for startups through the grants, in order to sustain entrepreneurship and reduce unemployment.

Brown added that the grants would leave positive footprints through skills’building, improve livelihood and impact the society positively.

(READ MORE: Lafarge Africa Plc set to issue ₦100 billion bond)

The grants: The beneficiaries of the grants who hail from Akamkpa, Akpabuyo, Calabar Municipality and Calabar South local government areas of the state were 32 females and 18 males, who made it out of from the initial list of 200 applicants.

They are expected to set up businesses in fishery, poultry, oil palm processing, renewable energy and cassava processing.

What you should know: There are multiple grants available for startups – saving them money, lowering costs and helping them to grow their businesses. Most small business grants are awarded to help launch a start-up or new business with the aim of generating jobs and stimulate the economy.

Why this matters: Without doubt, self-employment and entrepreneurial activities have increased significantly in the world today. People opted for their own bosses either due to lack of lack of employment or personal fulfillment.

[READ ALSO: EXPLAINED: The reasons why many Nigerian startups fail]