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This competition, a brainchild of the CBN, falls under the corporate social responsibility umbrella and aligns with the principles of NEEDS. Its objective is to ignite the entrepreneurial drive of the corps members, fostering the adoption of entrepreneurial concepts and ideas. The Annual Venture Prize Competition plays a pivotal role in reducing reliance on white collar jobs, thereby triggering economic growth, local technology development, and job creation.

This competition is exclusively open to active corps members in each batch throughout the year. It is divided into two categories: State and National. All legal business concepts, excluding commerce, are eligible to participate. Interested corpers are required to submit a business proposal to the state level for comprehensive examination by the state Inter-Agency Selection Committee. The committee will select three winners who will receive the following prizes at the state level:

– 1st Prize: N200,000.00
– 2nd Prize: N150,000.00
– 3rd Prize: N100,000.00

Next, the Department will receive ten exceptional proposals from each Development Finance Office, and they will be further evaluated by the National Selection Committee to determine the national winners. The national winners will be awarded the following prizes:

– 1st Prize: N1,000,000.00
– 2nd Prize: N750,000.00
– 3rd Prize: N500,000.00

All winners will be honored with Certificates of Merit, connected with banks for project sponsorship, and invited to attend a course at one of the Entrepreneurship Development Centers (EDCs).

Below are the draft procedures for the Annual Venture Prize Competition:

1. Identify a Need or Problem
To qualify for this lucrative award, you must possess a viable business concept or idea. There must be an existing need or market that you intend to fulfill or satisfy. Your idea can either be innovative or an improvement on an existing venture, providing added value to the lives of the people.

2. Conduct a Comprehensive Business Analysis
A critical analysis of your business is necessary. You must evaluate its profitability, durability, and legality. Make sure you have a profound understanding of the proposed venture.

3. Craft a Marketable and Extraordinary Business Plan/Feasibility Report
Once you have determined the viability and profitability of your business idea, compose an exceptional business plan. The plan should adhere to the statutory format, which includes:

– Business Plan and Corporate Directive (Vision, Mission, Objectives, etc.)
– Operational Strategies (Uniqueness of the Organization)
– Strategic Plan and Objectives
– Projected Outreach, Market Share, and Marketing Strategy
– Financial Projection/Strategy
– Sustainability Strategy
– SWOT Analysis
– Risk Identification and Mitigation Strategies
– Economic and Social Justification (Business Benefits to Society)
– Environmental/Infrastructural Analysis (Assessment of Proposal’s Potential Environmental Impact)
– Management Structure, etc.

Your business plan acts as your representative, as you won’t be present when it undergoes evaluation. In fact, your feasibility report is your gateway to the award process. Thus, ensure that your business plan stands out.

If you lack the knowledge to write a business plan, seek assistance from a proficient individual. If you choose to hire a professional, actively participate in the preparation process to gain understanding. Avoid engaging professionals who are geographically distant, as they may solely provide a finished product without imparting knowledge. You could be required to defend your proposal before the Committee.

You can add a unique touch to your business plan by incorporating pictures, PowerPoint slides, and audiovisual CDs to enhance clarity.

4. Submit Your Proposal
Ensure timely submission of your proposal. It should be delivered either to the Head, Development Finance Office, located in the CBN branch within your state of service, or to the Director, Development Finance Department, Corporate Headquarters, Abuja. Make sure your proposal includes your NYSC call-up number, contact address, and phone number. Maintain regular contact with the Committee office to stay informed. Stay updated with daily news and current publications for hints regarding the Annual Prize Competition.

Components of a Winning Proposal:
– The business must require a starting capital ranging from one hundred thousand to a million naira, aligning with the prize money range.
– The business must be legal. Familiarize yourself with the list of legal businesses provided by the Corporate Affairs Commission. Avoid dealing with contraband goods.
– The business must be based in Nigeria, as the objective of this program is to boost the Nigerian economy rather than foreign economies.
– The business must have the potential to employ Nigerian citizens, including yourself and other unemployed individuals.
– You must demonstrate a commitment to prioritize the business over a white collar job. This competition is exclusively for passionate entrepreneurs, not those planning to abandon the business once they secure a white collar job.
– Your proposal must highlight the profit potential of your business. One of the initiative’s objectives is to stimulate economic growth, so your proposal must establish the business’s capacity for profitability.
– Your proposal will be highly regarded if it focuses on using and developing local technology.
– The competition covers all business concepts except commerce. Commercial activities entail significant risks. Your business idea should involve the production of superior goods at competitive prices and within optimal time frames, rather than focusing on buying and selling finished goods.
– The cost of your products must be competitive. Your goods or services should be exceptional yet affordable.
– Your business idea should incorporate unique elements that differentiate it from competitors or improve upon areas where they may be lacking.
– Your proposal stands a higher chance of being approved if your business utilizes locally sourced raw materials.

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Ihab Salloum