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Trust Fund to Provide Capital, Mentorship for Small-Scale Business in Nigeria

Written by on May 11, 2021

More than 82 million Nigerians live on less than 408.71NGN ($1) a day, according to the National Bureau of Statistics. Rapid population growth outstrips economic growth, which stands at about 2 percent. The United Nations estimates that Nigeria will have a population of 400 million by 2050. Nigeria was already struggling to shake off the effect of a 2016 recession before the coronavirus pandemic hit economies worldwide.

“In Nigeria, 40.1 percent of total population were classified as poor. In other words, on average four out of 10 individuals in Nigeria has real per capita expenditures below 137,430 naira ($352) per year,” the nation’s statistics office said.

In April 2021, Lengdung Tungchamma, Jos based social entrepreneur announced that he and some of his friends through the Small Business Trust Fund are looking forward to providing capital for people to start small-scale businesses.

Mr Tungchamma stated that, ‘beyond just providing capital, we want to provide mentorship, a support network, and practical business skills. In other words, we want to create an ecosystem that makes small-scale businesses thrive. Some small-scale businesses have failed simply because the founders didn’t have 1,000 naira to meet a specific need. We don’t want that to ever happen again. Some have failed because they could not, for several reasons, be consistent.’

‘Others have failed because they simply didn’t even start in the first place. Still, yet, some have failed because they didn’t have basic business practices such as simple accounting. Almost every small-scale business started in the poorest parts of the world is not just the business of individuals, they become the lifeline of whole families. By creating/supporting small-scale businesses, we are empowering families.’

‘Many challenges come with starting a business however we have seen that solving this three could have a major effect on business owners. With capital someone can start a business, with mentorship he or she can receive advice that will be helpful, and with motivation and a good dose of business practices, he or she can set foundations for a long-term sustainable business’, he said.

The Trust Fund is receiving donations from the public to kickstart its mission. According to Lengdung Tungchamma, ‘all money received will be used specifically for small-scale businesses. As soon as you donate, you will be added to a WhatsApp group or an email list that will receive regular updates about how these funds are being used and how it is changing the lives of the recipients, and of course the challenges. All the funds raised will be LOANED to small business owners to be returned with a 5% interest after 6 months. The interest rate is attached to the Trust Fund can continue to grow (We do not hope to be asking for donations every time).Our goal is to raise 500,000 Naira’

To support the Trust Fund, you can donate in Naira here. You can also donate in dollars.

If you are unable to access the links, donate to the following account details: To send in USD,

1442553215 Access Bank Lengdung Tungchamma

For donations in Naira, send to, 0069344085 Lengdung Tungchamma Access Bank

The team can be contacted via 08166756617 or 08078995079.

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