The Zakat and Sadaqat Foundation (ZSF) awarded business grants to 20 young Nigerian entrepreneurs at the recently concluded 2024 Business Plan Competition, held on August 29 at Westwood Hotel, Ikoyi, Lagos. Ten entrepreneurs received N1 million each, while ten others were awarded N200,000 each as runners-up. This 9th edition of the annual competition saw over 800 participants.
During the disbursement ceremony, Prince Sulaiman Olagunju, Executive Director of ZSF, disclosed that the foundation has disbursed N100 million to 189 young entrepreneurs over the last eight years, aiming to support youth businesses and alleviate poverty. He emphasized the importance of using the grants wisely, as they are considered a trust meant to serve their original purpose.
The event also marked the inauguration of the ZSF Entrepreneurship Alumni, a network of past and present winners of the competition. Prince Olagunju described the alumni as a story of transformation and a source of inspiration for other young people.
Chairman of the Technical Team for the competition, Alhaji Rasak Agboola, encouraged the winners to give back to society, highlighting their indirect responsibility to create jobs, pay zakat, and support corporate social responsibility initiatives.
Economic analyst Dr. Muda Yusuf, who chaired the event, praised the competition for addressing youth unemployment, stating that it taps into the resourcefulness and creativity of young Nigerians. He urged the winners to develop entrepreneurial mindsets and leverage their talents for value creation and income generation.
The foundation’s program continues to foster innovation and economic growth, helping young entrepreneurs build sustainable businesses that contribute to Nigeria’s overall development.
