This contest is an initiative of the CBN as part of its corporate social responsibility and in line with the principle of the National Strategy for Empowerment and Economic Development (NEEDS). It is designed to unleash the entrepreneurial spirit of youth corps members during their year of service and encourage them to absorb entrepreneurial concepts and ideas. The main objective of the Annual Company Awards Contest is to reduce dependence on administrative work, which would stimulate economic growth, the development of local technology and the generation of employment.
It is open only to serving corps members in each batch of a given year. The Award is in two categories (State/National) and covers all business legal concepts except commerce. Interested bodies are expected to submit a statewide business proposal for critical review by the state’s Interagency Selection Committee, where three winners typically emerge. Prize money for state prizes is;
– 1st Prize: N200,000.00
– 2nd Prize: N150,000.00
– 3rd Prize: N100,000.00
The top ten proposals from each Financing for Development Office are sent to the Department and undergo further scrutiny by the National Selection Committee to select the national winners, who are tied to the next prize money.
– 1st Prize: N1,000,000.00
– 2nd Prize: N750,000.00
– 3rd Prize: N500,000.00
All winners will receive Certificates of Merit, links with banks to sponsor their projects, and invitations to participate in a course at any of the Business Development Centers (EDC).
Venture Award Annual Contest Draft Procedure.
Identify a need or problem
To be a participant in this millionaire prize you must have a business concept or idea. There must be a need or market that you are willing to fill. Your business idea can be innovative or an improvement on an existing concern that would add value to people’s lives.
Carry out an in-depth business analysis
You must perform a critical analysis of the business. The profitability, durability and legality of the business must be verified. You must have a good understanding of the proposed business.
Create a business plan/business feasibility report and exceptional
After making sure the business idea is viable and profitable, come up with a winning business plan. The plan must be written in accordance with the legal format. The format is as follows:
1. Business Plan and Corporate Directive (Vision, Mission and Objectives, etc.)
2. Operational Strategies (Singularity of the Organization)
3.Strategic Plan and Objectives
4. Projected scope, market share and marketing strategy
5. Financial Projection/Strategy
6. Sustainability Strategy
7. SWOT analysis
8. Risk identification and mitigation strategies
9. Economic and Social Justification – Business Benefits for Society
10. Environmental Analysis/Infrastructure (Assessment of the Likely Impact of Environmental Factors of the Proposal)
11. Management structure, etc.
Your business plan is your representative. You will not be present when you are examined. In fact, your passport to the award process is your feasibility report. Therefore, you need to make sure that your business plan is outstanding.
If you don’t know how to write one, contact someone who is thoroughly skilled at writing business plans. If you’re hiring a professional to help you write the plan, make sure you’re part of the preparation process. That’s it; be part of the preparation process. This is to allow you to learn and understand everything in the report.
It is not advisable to hire a professional who is far from you. This is true because it will simply give you a finished job without educating you. You may be asked to defend the proposal before the Committee.
You can also make your business plan unique by adding images, PowerPoint slides, and audio-visual CDs to clarify your business points.
Submit Proposal
Make sure you submit your proposal within the stipulated time. It should be sent to the Head of the Development Finance Office, at the CBN Branch in the Service State or to the Director, Development Finance Department, Central Bank of Nigeria, Corporate Headquarters, Abuja. Also make sure that the proposal bears your NYSC call number, contact address, and phone number. Be sure to follow up on the proposal by visiting the Committee office for information. You should also listen to the daily news and read the current dailies for new tips on the Annual Prize Contest.
Components of a winning proposal
– The initial capital of the company should be from one hundred thousand to one million naira: Since the lowest prize money is N100,000.00 and the highest is N1,000,000.00, let your company be from type that can be started with the minimum of the smallest amount of prize money and the maximum of the jackpot.
– The business must be legal: There are businesses that are illegal in Nigeria. Be sure to go to the Corporate Affairs Commission for full lists of legal businesses. There are also some goods that are smuggled into Nigeria.
– The company must be a resident of Nigeria: The sole objective of this program is to show off the economy of Nigeria and not foreign countries. Therefore, the company must be located in Nigeria.
– The company must have the tendency to employ Nigerian citizens: The company must have the ability to employ you and other unemployed Nigerians.
– You must show that you will not leave the business for a white-collar job: This contest is only for entrepreneurs. Consequently, if you intend to start the business with the intention of leaving immediately, get a white collar job, this program is not for you. It is strictly for passionate entrepreneurs.
– You must demonstrate that the business would be profitable. One of the objectives of this initiative is to stimulate economic growth. Therefore, the proposal must demonstrate that your business has the ability to generate profit.
– Your proposal will receive massive attention when it is oriented to the use and development of local technology.
– This program covers all business concepts except trading. Business activities are very risky. Your business idea should not be the buying and selling of finished products. Rather it should be able to produce better goods at a competitive price and time.
– The cost of your products must be competitive: Your goods or services must be exceptional but affordable.
– Your business idea must contain something good that your competition is not doing or is not doing well.
– Your proposal will be extended if your company uses locally produced raw materials