Facility for Youth Development (FAYODE) is an organization whose main purpose is to provide development opportunities that can contribute to improved livelihoods for youth. A crucial factor for establishing our grant-giving facility is to ensure that beneficiaries eventually attain a self-sufficiency status and the ability to employ others. The FAYODE Foundation was officially incorporated in Nigeria as a not-for-profit organisation in January 2018 and became operational in June of the same year.
Our main goal is to generate a population of self-employed and self-reliant youth with improved livelihoods in rural communities of Africa.
FAYODE will align itself with two of the Sustainable Development Goals (SDGs), namely SDG1, “End poverty in all its forms everywhere” and SDG8, “Promote sustained, inclusive and sustainable economic and decent work for all”. FAYODE will thus become a platform that provides hope for young people in rural communities
Considering that SDG1 aims at “no poverty”, and the World Bank 2015 Report indicates that youth are 1.6 times more likely than elderly people to display entrepreneurial capacity, FAYODE will aim to develop the entrepreneurial capacities and abilities of disadvantaged youth, particularly rural youth, by providing financial support and mentorship for micro, small, and medium-sized enterprises (MSMEs) across different sectors of vocational development. This will facilitate a transition to self-employment and entrepreneurship opportunities, wealth creation, and ultimately, improve youth and community livelihoods.
A future where rural young women and men develop their entrepreneurial skills, become dignified and self-employed, and/or become employers of other youth, to sustainably contribute to the economy and social fabric of their communities.
At FAYODE, we believe we can promote entrepreneurship and skills’ development at local/rural level with technical assistance and provision of funds that are small, yet, important and necessary to propel development.
To contribute to the development of productive entrepreneurial capacity and talent among young people in sub-Saharan Africa, to enable them to generate sustainable incomes and livelihoods and contribute to the broader economic and social advancement of their communities.
We will address the problem of the rapidly growing population of poor and unemployed African young women and men, through training, mentoring, and empowering them to dignify the business of work and wealth creation within their communities, irrespective of the nature of an activity.
To provide financial support and mentorship to rural youth, to help them develop well-managed micro, small, and medium sized enterprises (MSMEs), become self-confident, and contribute to improved livelihoods in their families and rural communities.
In pursuing the goals of FAYODE, the facility will:
- Support the development of youth entrepreneurial capacities and talents.
- Support the creation of employment through MSME development among 5‒10 young women and men in the first 18 months.
- Establish a small community of practice of young rural entrepreneurs engaged in a few sectors of small business development.
- Expand the number of beneficiary youth engaged in a range of MSME across Nigeria within 36 months and within the West African subregion in five years for up to 25‒30 beneficiaries.
- Contribute to discouraging rural‒urban migration of young people.
- To promote and support entrepreneurial opportunities among young people (mostly rural) in Africa.
- To provide seed money for promising entrepreneurial ideas and micro, small and medium-sized enterprises (MSMEs) that revolves around the provision of vocational products and services.
- To contribute to reducing rural poverty, illiteracy, redundancy, crime and rural-urban migration.
- To promote the broader social and economic advancement of communities in Africa through the facilitation of job creation by its youth.
- Increased economic and social empowerment of rural youth through small business opportunities in their communities.
- Increased social cohesion amongst rural youth population through job creation, stable employment and business growth.
- Reduced rural-urban migration due to increased economic opportunities in rural areas and communities.
- Increased creation of local goods and services due to business growth in rural communities.