The Bank of Industry (BOI) has launched a N2 billion entrepreneurship initiative aimed at enabling National Youth Service Corps (NYSC) members to start and grow their companies.
The project seeks to reduce joblessness, foster creativity, and motivate the next generation of youth-driven businesses all across Nigeria.
Corps members will be able to borrow up to N5 million each at a single-digit interest rate of 9% per annum under the newly launched BOI–NYSC Entrepreneurship Programme. With a flexible payment plan spread over three years, beneficiaries will also have a three-month grace period before payback starts.
BOI’s Managing Director, Dr. Olasupo Olusi, was represented by the Executive Director for Micro, Small, and Medium Enterprises (MSME), Shekarau, at the official launch in Abuja. Omar said the project represents a planned attempt to move young Nigerians from job seekers to job creators. He said that this cooperation between BOI and NYSC builds on their past cooperation under the Graduate Entrepreneurship Fund (GEF), which started in 2015 and financed 609 companies, dispensed more than N1 billion in loans, and effectively taught over 3,000 graduates.
The News Chronicle learnt that corps members who have completed the Skills Acquisition and Entrepreneurship Development (SAED) course of the NYSC will especially profit from the new loan program, therefore giving them the capital and confidence to bring their business ideas to life. Many of the former GEF participants already have successful companies in agriculture, fashion, technology, and creative businesses, therefore demonstrating the great promise of Nigeria. Youth with access to funding and mentorship.
Olusi praised the NYSC and its SAED department for constantly providing young Nigerians with marketable abilities and entrepreneurial information. He highlighted that supporting youth empowerment is still a top priority for national growth for the BOI.
He said that the number of approved loans, sustainable employment generated, and the long-term viability of the sponsored companies would determine the program’s success. He says that such investments in young entrepreneurs are vital for the development of a more resilient, self-reliant Nigerian economy.
