The room was lit up by eager youth, ready to change society with their ideas, as winners of the Be A Millionaire from the central region converged on January 28th at Hotel Africana Kampala to receive their award money. The 57 were part of the 100 champions of the business entrepreneurship competition that was launched in November last year. Nile Breweries launched “Be a Millionaire” to help youth cope with the economic ravages of the covid-19 related shutdowns, by either starting new small scale enterprises or re-opening stalled ones. “The pandemic has predictably left some small enterprises closed; youth laid off from jobs, and potential entrants into the job and business market barely able to start,” said David Valencia, the Nile Breweries Country Director.
The guest of honour at the event, Mondo Kyateka, Asst. Commissioner for youth, Ministry of Gender, Youth and Social development, applauded the BAM imitative, and challenged youth to be innovators irrespective of their financial circumstances. Sharing his own personal experience of entrepreneurship, he encouraged the winners to harness the power to partnerships among themselves and with companies like NBL. According Onapito-Ekomoloit, Nile Breweries Legal and Corporate Affairs Director giving affected youth a kick-start to finance their ideas will not only impact their lives, but our communities and the country at large.“We are here to offer practical business solutions on how one can weather the effects of the covid pandemic. We purpose to create a better world. We will change society when good ideas can be brought to life,” he said.
Nile Breweries partnered with Enterprise Uganda to receive and vet business proposals from youth across Uganda on how they can use 1M to create a sustainable business. Successful entrants were selected from all regions across the country. A training session on best business practices facilitated by Enterprise Uganda Ltd preceded the award ceremony. According to trainer Brian Sembajjwe, to sustain a business, an entrepreneur must be knowledgeable about different aspects of operations among others, thus the need for mentorship and training.
“We appreciate that every business and individual may have varying challenges but there are crucial foundational generalities that are faced by all, and those are the ones we are here to address,” said Rosemary Mutyabule, Director Business Advisory and Consultancy Service, Enterprise Uganda. A recent report by Economic Policy Research Center analysing the effects of the pandemic on Uganda’s private sector, returned a gloomy near-future for the investment environment hence the need to tread cautiously.
The report forecasted that 3.8 million workers would temporality lose their jobs if the pandemic persists through the first quarter of 2021. Whereas approximately 0.6 million will be permanently out of employment. Data reveals that while the country’s unemployment rate is hovering around 9.2%, the unemployment rate of youth aged between 18-30 years is 13.3% and they constitute 78% of the total population. The situation could have worsened. According to the government revelation in April 2020 that approximately 4,200 companies closed in the first month of the pandemic-induced lockdown. According to Mr. Onapito, these and many other aspects informed NBL’s investment in a campaign that seeks to boost the low end job market that employs most youth. Nile Breweries will give money to the remaining 43 winners at events in Mbarara and Gulu soon.