How Nigerians Will Benefit from Nexford University’s ‘Entrepreneurship Scholarship’With $200, 000 Startup Funding


Nextford University says it has concluded plans to train and empower entrepreneurs in Nigeria with an ‘Entrepreneurship Scholarship’ program and a $200,000 startup funding to boost their businesses.

Nexford's Country Manager, Nigeria, Olamidun Majekodunmi in a statement Tuesday said there would be an Open Day on September 21 at Oriental Hotel in Lagos for entrepreneurs to showcase their ideas.

Themed 'Entrepreneurs Breaking Barriers', the open day would see entrepreneurs winning scholarships and subsequently, getting funds for their businesses.

"Entrepreneurs will have the chance to pitch ideas at Nexford’s Open Day and win scholarships and funding for their businesses. Registration is free at nexford.org/lagos”, the statement said.

Though the scholarship program can be accessed globally, Ms Majekodunmi said the majority of seats are reserved for Africa, mostly Nigerians.

She said the institution’s focus on Nigeria is based on the country’s huge entrepreneurship potentials and emerging markets.

According to Ms Majekodunmi, Nexford, a next-generation online higher institution is equipping entrepreneurs in Nigeria to reduce unemployment crisis bedeviling the country.

“A high percentage of seats are reserved for Nigerians because we believe entrepreneurship is the only way out of Nigeria’s unemployment crisis”, the official said.



Knotty unemployment Crisis

Nigeria’s unemployment rate has increased from 18.8% in 2017 to 23.1%, according to data from the National Bureau of Statistics (NBS) released on December 2018. The report revealed that Nigeria now has 20.9 million people who are unemployed, a figure that rose from 17.6 million.

Entrepreneurship has been identified as a watershed to unemployment challenges as it is globally recognized for the role it plays in job creation and the economy.

The United States Small Business Administration reported that small business added 1.9 million net new jobs in 2018.Forbes found that the global startup economy also generated $2.8 trillion in economic value since 2017. 

Millions of young Nigerians who are taking up businesses and learning various skills are still faced with the challenge of resources and adequate business skills.  

“We are here to equip young entrepreneurs with the right skills for business and then empower them. It is not enough to have a business idea. You need business acumen and resources to implement them”, the country director explained.

The university, in the statement, said the United Nations projects that Nigeria will be the third most populous country by 2050 with nearly 400 million people. “We can’t create jobs fast enough to meet this demand of the labor force. Empowering entrepreneurs to create the jobs of the future is the only way out of Nigeria’s unemployment crisis.

“Low-income countries such as Nigeria and Zambia have the highest entrepreneurship rates in the world. For high-value entrepreneurship to occur, quality matters more than quantity. Therefore, a country needs to have the best entrepreneurs, not necessarily the most”, it noted.



Benefits of Nexford Scholarship Program

In an earlier statement, Fadl Al Tarzi, Nexford's Chief Executive Officer said the scholarship program presents entrepreneurs with the opportunity to launch their business ideas, get ahead in their career, improve their prospects and influence those around them.

According to Ms Majekodunmi, scholarship recipients can go for either bachelors or master’s degree program with 30 per cent discount off their tuition fees.

Scholarship graduates will have the chance to pitch their startup idea. Every year, Nexford will fund five scholarship graduates at $10,000 each.

“Once you complete the program, you write a business plan and if your business is sound, you will win a start-up funding of $10, 000 to start your own business”, said the country director.

Nexford classrooms are 100 per cent online, where Artificial Intelligence (AI) and machine learning is used to offer global learners a personalized experience. The school’s curriculum is designed based on mastery of competencies relevant in the workplace.

 “We have a competency-based model different from the normal classroom where everybody enters and graduate together. Here, students scale on their own competency”, the official noted.



About Nexford

Nexford is a global online American university, headquartered in Washington DC.

"Nexford university operates a ‘glocal’ model with a curriculum that is globally relevant but also locally tailored”, the release stated. “The MBA final project allows learners to focus on their local business in their immediate environments and also allows students to graduate in Washington DC and access their global network."

The country director said hundreds of Nigerians have enrolled since the program was launched in the country in February.

“The good thing is that the students are mixing up with other students across the globe through the online classes which expose them to other cultures and presents opportunities for business, friendships and networking”, she explained.

Nexford Entrepreneurship Scholarship applications are open until September 15.

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