By Our Correspondent
Lagos, Aug. 13, ’26 (TNZ) The Zakat and Sadaqat Foundation (ZSF), on Wednesday in Lagos, strengthened the United Nations’ Sustainable Development Goal (SDG) by giving a N9 million lifeline to scores of small businesses in Nigeria.
TheNewsZenith reports that the foundation empowered young entrepreneurs to commemorate the International Youth Day (IYD).
IYD is an annual United Nations observance held on August 12 to celebrate the potential of youth highlights global youth issues. The 2026 Theme for IYD is: “Different Contexts, Common Aspirations”.
In line with the global perspective, the ZSF programme is themed “Empowering Youth Through Entrepreneurship for Sustainable Development.”
TheNewsZenith reports that this is aimed at supporting young Nigerians with viable business ideas and existing enterprises through funding, entrepreneurship training and mentorship.
ZSF, one of Nigeria’s leading Zakat agencies, has keyed into this global event by incorporating its Entrepreneurship Development Project (EDP) into its economic and humanitarian services since 2015.
Speaking at the event, the Executive Director, Prince Sulayman Olagunju, said ZSF awarded N9.4 million to outstanding young entrepreneurs in two categories of business plan competitions – Growth Track and Ideal Track.
Olagunju, noted that in the last 11 years ZSF has disbursed about N112 million to 223 entrepreneurs.
“Today’s gathering is more than the presentation of awards; it is a celebration of Allah’s blessings and the resilience of our youth.
“It is also a demonstration of the transformative impact of empowering individuals through entrepreneurship and sustainable livelihoods.
“Since the inception of the Entrepreneurship Development Project, the Foundation has remained steadfast in its mission to alleviate poverty by empowering young entrepreneurs.
“ZSF has provided the skills, mentorship, and financial support needed to establish and grow sustainable businesses.
“With the successful completion of this 11th edition, the Foundation has directly disbursed a cumulative total of ₦111,850,000 to 223 beneficiaries.
“We are equipping them with the resources to establish or expand their businesses.
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“This achievement reflects the Foundation’s commitment to fulfilling the Islamic principles of Zakat and Sadaqah as instruments of economic empowerment, social justice, and poverty alleviation,” TheNewsZenith quotes Olagunju as saying.
As the world commemorates IYD, the CEO reiterated the ZSF’s commitment to continue to invest in young people.
“Islam encourages productive work, lawful enterprise, and self-reliance, and today’s beneficiaries exemplify these noble values,” he added.
Also speaking, the Chairman of the ZSF, Prof. Tajudeen Yusuf, noted that the event was more than a ceremony for mere presentation of cheques or transferring funds.
“It is a ceremony of hope, empowerment and transformation. It represents our conviction that one of the most sustainable ways of addressing poverty is to empower people to create value, earn with dignity, and employ others,” TheNewsZenith quotes Yusuf as saying.
Quoting relevant passages from the Holy Qur’an, the chairman said that Allah, the Most High, established zakat as a fundamental institution to promote social justice and economic inclusion.
“The wisdom of zakat extends beyond meeting immediate needs. If properly administered, it should help restore dignity, reduce vulnerability and provide pathways towards economic independence.
“Our aspiration at the Zakat and Sadaqah Foundation is, therefore, not simply to keep giving assistance to the same people year after year.
“The greater success is achieved when yesterday’s recipient becomes economically independent, and, by the grace of Allah, becomes tomorrow’s giver of Zakat,” TheNewsZenith quotes Yusuf as saying.
Meanwhile, Mr Abdulwasiu Ayoola, the Lead Consultant for the 2026 EDP, told the gathering that his team received more than 1,600 applications for this year’s competition.
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According to Ayoola, the applicants first received free entrepreneurship training before those interested in funding proceeded to the next stage.
“More than 400 participants applied for funding after the training, with the applications subsequently screened down to about 200.
“The remaining applicants were assessed using established criteria and independent assessors before 15 finalists emerged,” TheNewsZenith quotes Ayoola as saying.
He said the panel conducted oral interviews for the finalists in June, before proceeding to the grand finale.
TheNewsZenith reports that three winning entrepreneurs, under Growth Track and five, under Ideal Track, received N1 million each, while consolation prizes of N200,000 went to seven runner-ups.
Growth Track winners are Abdul-Azeez Adam Abayomi with an agricultural supply business, Kadiri-Lawal Zainab Abike with a recycling business and Odunlami Nasiru Adebayo with a fish farming business.
Winners of the Ideal Track competition include Bello Khadijah Ayanfeoluwa with a crafts/wall decoration business, and Durodola Monsurat Olayinka with a catering services business.
Others are Murtada Hafsah, with a catering service business, and Adebare Surajah Titilayo, with a circular economy/waste-to-wealth business. (TNZ)
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