Godfrey Okoye University, Enugu, says it has disbursed ₦7 million as seed capital to 140 student business groups under the Student Training for Entrepreneurial Promotion-Sustainability initiative of the Directorate of Entrepreneurship.

The director of the DoE, Christopher Uwakwe, announced this while addressing the programme’s beneficiaries in Enugu on Monday.

Mr Uwakwe said that the seed fund would serve as startup capital to support various innovative business ideas developed by the student groups.

According to him, each business group comprises five students, who are self-selected and required to focus on one primary Sustainable Development Goal, including SDGs 8 and 12, which emphasises decent work and responsible production and consumption.

He encouraged the beneficiaries to develop products and services that were people, planet and profit-oriented.

Mr Uwakwe said that each group was expected to return only the seed capital, while keeping the profit for business growth.

He also said that since the programme began in 2018, it had achieved an over 95 per cent loan repayment rate, a success he attributed to effective student participation and the initiative’s reliability.

“We are not interested in their profit. What matters is the return of the seed capital so that others can benefit. They should be motivated by the legacy they are leaving for future students,” Mr Uwakwe said.

He, however, warned that in the rare cases of failure, the directorate conducts thorough business forensics.

“Entrepreneurship is not a walk in the park. Things can go wrong even when you try your best. But when a group is inactive, produces nothing, and suddenly the money disappears, we must account for where it went,” Mr Uwakwe said.

He said that the programme promotes group dynamism, tolerance, and teamwork, adding that sustainable businesses thrive on strong partnerships.

He disclosed that many past beneficiaries had continued their ventures, with some expected to evolve into university alumni companies.

Mr Uwakwe announced that the university would host a ‘Town and Gown’ event on December 4, where they would showcase their business ideas and potentially attract investors.

He urged the members of staff to take a greater interest in the programme by starting businesses or becoming trainers.

He described the vice-chancellor of the university, Christian Anieke, as an entrepreneurial leader whose innovation led to the implementation of STEP-S in the institution.

Mr Uwakwe said, “The university is the only one in West Africa currently adopting this model, with over 250 universities in Nigeria applying to join.”

He said the programme equips students with knowledge, practical skills and confidence for an entrepreneurial career.

“Students gain practical skills in identifying opportunities, developing marketing strategies, overcoming barriers, registering a business, and more,” he said.

(NAN)