FGN-ALAT Digital Skillnovation Scheme
FGN-ALAT Program: Interested and qualified Nigerians are invited to apply for the 2023-2024 Nigeria FGN-ALAT Digital Skillnovation Program.
In today’s fast-changing world, our youth’s potential remains one of our most valuable assets, and cultivating this potential is central to the FGN-ALAT Digital Skillnovation Program. This comprehensive initiative, the result of a strategic partnership between Wema Bank and the Federal Government of Nigeria’s Office of the Vice President, aims to provide our young minds with a diverse set of skills and opportunities tailored to their individual aspirations and market realities.
The FGN-ALAT Objectives
Beyond just skill acquisition, the program is expected to have a nationwide macroeconomic impact. We are investing in the larger story of national progress by empowering our kids; we are stimulating job creation, boosting innovation, and paving the way for a more affluent future. We make a strategic investment in the nation’s future with each participant we teach, coach, or incubate, ensuring that Nigeria remains at the vanguard of the global digital economy.
Brief Program Details
Sponsor(s): Federal Government of Nigeria
Benefits: Training | Mentorship | Loan
Eligible Country: Nigeria
Application Deadline: Open
Full Benefits of the FGN-ALAT Program
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 our learning program where theory meets practice
- Community of learners: Join our vibrant community of learners and mentors who inspire growth.
- Expert-led workshops: Explore our workshops led by industry experts and thought leaders.
- Mentorship: Grow and develop your skills with the best mentorship
- Innovation hub: Step inside our innovation hub, where groundbreaking ideas are turned into viable businesses.
- Tailored solutions: See how our customized solutions cater to the specific challenges and goals of each startup
- Sustainable growth: Learn how we help startups 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
Eligibility Requirement for the FGN-ALAT Program
Eligibility for Angel Investment
Below is 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
- GEOGRAPHIC MARKET: Nigeria
- 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.
Eligibility Criteria for Grants
Below are the eligibility requirements 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.
Apply Also: NITDA N5 Million Naira Grant for Nigerians
Eligibility for Loans
Below are 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
How to Apply
Interested and suitable qualified candidates should apply via the Apply Button below.
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.
Visit the FGN-ALAT Official Website for More Information