(Ecofin Agency) - • Nigeria LNG has awarded around $90,000 in grants to 28 young entrepreneurs in Rivers State
• The initiative is part of a broader SME-focused scheme addressing youth unemployment in Nigeria
• The VIBES program combines training, financing, and mentoring to foster sustainable startups

Nigeria LNG (NLNG) has invested around $90,000 (140 million naira) to support 28 young entrepreneurs in Rivers State as part of its drive to promote youth employment and entrepreneurship. Each beneficiary received a five-million-naira grant to either launch or grow their businesses. The initiative comes amid growing national concern over youth unemployment, which reached 6.5% in Q2 2024, according to the National Bureau of Statistics.

The grant disbursement followed a four-week training program that culminated in a business pitch competition. In addition to the 28 winners, another 42 participants are eligible for low-interest loans of up to one million naira under NLNG’s SME support framework.

The intervention is part of NLNG’s Vocational Innovation and Business Empowerment Scheme (VIBES), which targets key sectors such as agriculture, technology, services, and craftsmanship. The scheme seeks to build a resilient entrepreneurial ecosystem in Nigeria, where small and medium-sized enterprises (SMEs) contribute over 90% of business activity, 80% of jobs, and 45% of GDP, according to Vice President Kashim Shettima.

Originally launched in 2004 as the Youth Empowerment Scheme (YES), the rebranded VIBES program has so far trained more than 1,400 youths, though only 300 have succeeded in creating viable businesses. In response, NLNG has enhanced the program by combining financial support with mentorship and tailored technical assistance.

While the grant marks a crucial first step, the long-term success of these startups depends on sustained backing in areas such as market access, financial management, and business continuity planning. If the model proves effective, it may serve as a reference for other extractive sector firms—including Shell and TotalEnergies—which are already engaged in similar youth-focused initiatives.