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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched the Building Resilient Young Nigerian Entrepreneurs (BRYNE) Project to expand entrepreneurship support for young Nigerians seeking to start, grow or scale their businesses.
The initiative was unveiled on August 14, 2026, as part of activities marking International Youth Day 2026.
The BRYNE Project is designed to address one of the major challenges confronting young entrepreneurs: limited access to appropriate business support at different stages of their entrepreneurial journey.
Through the initiative, young Nigerians will be connected to entrepreneurship training, incubation, mentorship, financing opportunities, market access, business formalisation, investment and other business development services.
SMEDAN said the project will support young entrepreneurs across different sectors and stages of business development, while creating pathways for them to access resources and networks that can improve the sustainability and growth of their businesses.
Four Components of the BRYNE Project
The BRYNE Project consists of four major components designed to provide young entrepreneurs with practical and financial support.
1. SMEDAN Incubation Programme
Under the incubation component, SMEDAN plans to support 600 young entrepreneurs annually, with particular attention to sectors including fashion, woodwork and agriculture.
The programme will leverage SMEDAN’s Industrial Development Centres to provide participants with enterprise development support and other resources aimed at strengthening their businesses.
The incubation initiative is expected to help young entrepreneurs develop their ideas, improve their business operations and build enterprises capable of achieving sustainable growth.
2. Campus Enterprise Engagement Platform
SMEDAN also plans to work with the Federal Ministry of Education to take entrepreneurship support directly to tertiary institutions across Nigeria.
The Campus Enterprise Engagement Platform will provide participating students with practical business workshops, business advisory services, networking opportunities and exhibitions where student-owned businesses can showcase their products and services.
The initiative is expected to reach up to 3,000 participants per participating campus, giving students greater exposure to entrepreneurship and business development opportunities while still in school.
3. BRYNE Digital Connect
The digital component of the project, known as BRYNE Digital Connect, will use online platforms to provide entrepreneurship education and connect young business owners to wider opportunities.
The platform is expected to support innovation, youth-led businesses and grassroots enterprises while creating opportunities for young entrepreneurs to connect with other business owners and participate in online business communities.
It will also provide access to relevant business information and potentially help entrepreneurs reach wider markets.
4. Weekly Startup Hackathon
Another major component of the BRYNE Project is a weekly startup hackathon designed to engage 5,000 young entrepreneurs.
A total of 52 winners are expected to emerge from the hackathon, with each winner receiving ₦250,000 in seed funding to support their business.
The funding is expected to provide selected entrepreneurs with additional capital to develop their ideas, improve existing operations or scale their businesses.
Who Can Benefit From BRYNE?
The initiative is designed to support young Nigerians at different stages of their entrepreneurial journey.
Potential beneficiaries include young people who have business ideas but need support to turn them into viable enterprises, existing business owners seeking funding or additional business development assistance, and entrepreneurs looking for mentorship and access to markets and investors.
The project will also cater to young Nigerians who need assistance with business formalisation, access to business information and opportunities to explore local and international markets.
Through SMEDAN and its partners, participants may gain access to mentorship, investors, funding opportunities, markets, formalisation services and export-related opportunities.
Application Portal Yet to Be Announced
Despite the launch of the BRYNE Project, SMEDAN has not yet announced a general application deadline or dedicated application portal for the programme.
Young Nigerians interested in participating are therefore advised to exercise caution and avoid unofficial websites, individuals or platforms requesting payment in exchange for access to BRYNE opportunities.
Applicants should rely on official SMEDAN communication channels for announcements concerning application windows, eligibility requirements and registration procedures.
The launch of BRYNE comes at a time when young Nigerians continue to seek greater access to finance, skills, markets and business development support, particularly as entrepreneurs navigate rising operating costs and a challenging business environment.
With its focus on incubation, campus entrepreneurship, digital engagement and seed funding, the initiative is expected to create additional opportunities for young Nigerians to build and strengthen businesses across the country.
NNPC Limited/FIRST E&P JV Launches Multi-Year Grant Programme for High-Impact Nigerian NGOs
FMCG Retailers Protest NAFDAC Sachet Alcohol Ban
Business
BOI to Channel More Funding to Manufacturing, Power and Agribusiness in 2026
The Bank of Industry (BOI) has unveiled a 2026 financing strategy that will direct 80 per cent of its lending to large enterprises towards priority sectors as the development finance institution seeks to accelerate Nigeria’s industrial recovery.
The strategy places sectors including power, manufacturing, agribusiness, pharmaceuticals and digital infrastructure at the centre of the bank’s 2026 lending plans.
BOI disclosed the strategy in its 2025 Annual Development Impact Report, describing 2026 as a “strategic inflection point” in its 2025–2027 transformation agenda.
The bank said the strategy is designed to address major constraints affecting businesses and the wider economy, including high inflation, foreign exchange shortages, rising energy costs, weak infrastructure and low industrial productivity.
Under the strategy, 35 per cent of BOI’s total funding will be allocated to micro, small and medium enterprises, while 80 per cent of financing for large enterprises will go to priority sectors.
The bank will also allocate 30 per cent of large enterprise financing to infrastructure projects and dedicate 15 per cent of its financing to women-owned businesses.
In addition, 20 per cent of MSME financing will target young entrepreneurs, while 10 per cent of funding will support green projects and 15 per cent will go towards digital and information technology initiatives.
According to the report, the 2026 strategy is intended to move BOI from broad lending towards targeted capital deployment in sectors considered critical to Nigeria’s economic transformation.
“BOI’s ambition is to double its asset base by 2027 while delivering industrialisation, job creation and economic resilience,” the report stated.
The bank identified power and electricity, transport and logistics, manufacturing, agribusiness, pharmaceuticals and digital technology as transformational sectors capable of improving productivity and reducing the country’s dependence on imports.
BOI said it plans to finance power generation, transmission and distribution projects, as well as industrial parks and logistics corridors.
It will also use guarantees and blended finance mechanisms to reduce risks associated with private-sector investment in critical infrastructure.
The bank expects increased investment in these areas to help businesses deal with some of their biggest operating challenges, particularly high energy costs, inefficient transportation networks and dependence on imported inputs.
Manufacturing and agribusiness will also receive significant attention under the 2026 financing strategy.
BOI said financing food processing, manufacturing, pharmaceuticals and other productive sectors could help expand export-oriented industries while reducing demand for foreign exchange used to purchase imported goods and industrial inputs.
The bank believes that stronger domestic production could contribute to improved economic resilience by reducing import dependence and creating additional opportunities for businesses to participate in local and international value chains.
The strategy comes against the backdrop of persistent financing challenges facing Nigerian businesses, including high interest rates, collateral requirements, energy costs, infrastructure gaps and currency instability.
BOI noted that these challenges continue to constrain investment and make it difficult for many businesses to expand beyond survival-level operations.
MSMEs will remain a major focus of the bank’s financing strategy, with 35 per cent of total funding earmarked for the sector.
The bank said it plans to use digital lending platforms and partnerships with commercial and microfinance banks to improve access to finance for smaller businesses.
Through these initiatives, MSMEs are expected to gain access to lower-collateral working capital, sector-specific credit products and faster loan approval processes.
BOI said the approach is intended to address some of the major barriers preventing small businesses from accessing formal financing.
The bank will also dedicate 20 per cent of its MSME financing to young entrepreneurs, potentially creating additional opportunities for youth-led businesses seeking capital to start, expand or scale their operations.
Women-owned businesses will receive 15 per cent of the bank’s financing allocation, while green projects will account for 10 per cent of funding.
The bank is also positioning 2026 as a major year for its internal digital transformation.
According to the report, BOI will deploy centralised data systems, automated loan tracking, digital dashboards and end-to-end online lending processes.
The digital infrastructure is expected to improve the speed and efficiency of loan processing while allowing the bank to monitor the impact of its financing more effectively.
BOI described 2026 as its “digital take-off year”, stressing that a stronger digital backbone would be necessary to support the scale of financing planned under the transformation agenda.
The bank’s broader objective is to double its asset base by 2027 while contributing to industrialisation, job creation and economic resilience.
However, the success of the strategy will ultimately depend on how effectively the planned financing translates into productive investment, stronger businesses and measurable economic outcomes.
With Nigerian businesses continuing to contend with high operating costs, infrastructure constraints and financing difficulties, BOI’s 2026 strategy could play an important role in determining whether targeted development financing can help strengthen domestic production, reduce import dependence and create more sustainable growth opportunities.
For MSMEs and larger businesses alike, the critical question will be whether the increased focus on priority sectors results in greater access to affordable capital and tangible improvements in productivity and business growth.
Business
The NNPC Limited/FIRST Exploration and Petroleum Development Company Limited Joint Venture has launched a new multi-year grant program, Impact FIRST: Heritage, to provide sustained funding and long-term partnership support to high-impact Nigerian non-governmental organizations.
The programme was unveiled at the inaugural Impact FIRST: Heritage Grant Presentation Ceremony held recently in Ikoyi, Lagos, with representatives of the Joint Venture, beneficiary organisations, development stakeholders and members of the media in attendance.
Impact FIRST: Heritage builds on the flagship Impact FIRST grant programme launched in 2024 to support innovative Nigerian NGOs addressing critical social challenges.
Since its launch, Impact FIRST has supported 15 organisations whose interventions have reached more than 20,000 beneficiaries across Nigeria.
Unlike the annual Impact FIRST programme, which provides one-off grants to a wider pool of eligible organisations, Impact FIRST: Heritage adopts a long-term partnership approach.
The new programme provides multi-year funding to previous Impact FIRST beneficiaries that have demonstrated strong institutional governance, measurable social impact, sustainable programme delivery and the capacity to responsibly scale their interventions.
Following a rigorous assessment process, five organisations were selected as the inaugural beneficiaries of the Heritage programme.
They include The IREDE Foundation, which provides prosthetic limbs and support services for child amputees; Asido Foundation, which supports the rehabilitation and reintegration of people living with severe mental health conditions; and Cerebral Palsy Centre, which provides long-term care and support for people living with cerebral palsy.
Also selected are the Health and Development Support Programme, which delivers eye-care interventions and sight-restoring surgeries for underserved communities, and Health Emergency Initiative (HEI), which expands access to emergency healthcare services and supports first-responder capacity development.
Speaking at the ceremony, Executive Director, Corporate Services, FIRST E&P, Emmanuel Etomi, described Impact FIRST: Heritage as an important evolution in the Joint Venture’s social investment strategy.
He said the programme would enable the selected organisations to scale their interventions, strengthen their institutional capacity and create greater value for vulnerable and underserved communities.
“Today, we celebrate five exceptional organisations whose work continues to improve lives, strengthen communities, and create opportunities for some of Nigeria’s most vulnerable and underserved populations,” Etomi said.
He added that providing long-term support to organisations with proven performance and measurable results would help them expand their impact and deliver greater value to the communities they serve.
Representing the Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Olanrewaju Igandan, at the event, Advisor, Community Relations, NUIMS, Usman Mohammed-Bello, said the shift from annual corporate giving to a multi-year grant framework reflects a more strategic approach to social investment.
According to him, the model aligns with the broader imperatives of sustainable development and creates an opportunity for stronger long-term social impact.
He also commended FIRST E&P for the initiative and reaffirmed NUIMS’ commitment to supporting collaborative efforts that promote social value creation and national development priorities.
Responding on behalf of the beneficiary organisations, Executive Director of Health Emergency Initiative, Pascal Achunine, expressed appreciation to the NNPC Limited/FIRST E&P JV for selecting the five organisations for the programme.
Achunine said the support represented more than financial assistance, describing it as a vote of confidence in the work being carried out by organisations within Nigeria’s social sector.
He said the beneficiaries would use the opportunity to deepen their interventions and extend their reach to more people in need.
The launch of Impact FIRST: Heritage signals a shift towards longer-term corporate social investment partnerships, with the NNPC Limited/FIRST E&P JV seeking to strengthen proven interventions rather than providing only short-term funding.
Through the program, the Joint Venture aims to expand access to critical services and support sustainable development outcomes across areas including healthcare, education, economic empowerment and community development.
The initiative also highlights the growing role of strategic partnerships and sustained funding in enabling Nigerian NGOs to strengthen their operations, scale proven solutions and deliver lasting impact in underserved communities.
Business
Tens of thousands of Fast-Moving Consumer Goods (FMCG) retailers across Nigeria are protesting the enforcement of the National Agency for Food and Drug Administration and Control (NAFDAC) ban on sachet alcohol below 20cl, saying the policy is threatening their businesses and livelihoods.
The retailers said the enforcement has disrupted their daily cash flow, led to the seizure of merchandise and forced some small kiosks and shops to close amid the country’s economic challenges.
During a recent protest at NAFDAC’s office in Ibadan, Oyo State, members of the Concerned Drink Sellers, Distributors and Traders Across Nigeria said the confiscation of their stock had caused significant financial losses.
The traders said many had invested borrowed funds into their businesses and are now struggling to repay their loans because of declining sales.
Oluwatosin Adebisi, spokesperson for the association, appealed to President Bola Ahmed Tinubu, NAFDAC Director-General Professor Mojisola Adeyeye and lawmakers across the 36 states to consider the impact of the enforcement on small businesses.
The traders also rejected claims that they contribute to underage alcohol consumption, insisting that they do not sell alcoholic products to minors.
“We don’t sell alcohol to minors as we also know the implications as parents. Our means of livelihood should not be taken away as sacrifice to what we are not responsible for,” the association said.
A retailer, Adekemi Lateef, argued that responsibility for minors’ exposure to alcohol should not be placed solely on retailers, calling for a broader approach that considers parental responsibility.
The retailers are seeking government intervention, saying the enforcement has placed additional pressure on small businesses already struggling with rising operating costs and reduced consumer purchasing power.
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