The Bank of Industry (BOI) has unveiled a ₦2 billion loan scheme targeted at National Youth Service Corps (NYSC) members to promote entrepreneurship and self-reliance among Nigerian youths. The initiative is designed to help corps members transition from job seekers to job creators through access to affordable financing for viable business ideas.
Speaking during the launch in Abuja, the Managing Director of BOI, Dr. Olasupo Olusi, represented by the Executive Director for Micro, Small and Medium Enterprises (MSMEs), Shekarau Omar, said the programme aims to nurture entrepreneurship during the service year. He explained that each eligible corps member could access up to ₦5 million at a single-digit interest rate of nine percent, with a repayment period of three years and a three-month grace period.
Olusi described the initiative as part of BOI’s ongoing collaboration with NYSC to address youth unemployment by supporting innovative and sustainable business ventures. He noted that similar partnerships in the past had helped thousands of young Nigerians establish successful enterprises across the country.
The NYSC Director-General, Brigadier-General Olakunle Nafiu, commended BOI for its commitment to empowering young people and urged corps members to take full advantage of the opportunity. He emphasized that the scheme aligns with NYSC’s Skill Acquisition and Entrepreneurship Development (SAED) programme, which encourages self-employment and creativity among corps members.
Nafiu called on BOI to consider expanding the fund to ₦5 billion to accommodate more beneficiaries, describing the initiative as a crucial investment in Nigeria’s economic future. He assured that the NYSC would implement effective monitoring systems to ensure accountability and the sustainability of the funded businesses.
