In a bold move to curb youth unemployment and stimulate economic growth, the Bank of Industry (BOI) has announced a N2 billion entrepreneurship initiative tailored exclusively for members of the National Youth Service Corps (NYSC) across Nigeria.
Dubbed the “N2bn BOI–NYSC Entrepreneurship Programme,” the scheme offers serving corps members access to loans of up to N5 million each at an attractive single-digit interest rate of 9% per annum. Beneficiaries will enjoy flexible repayment terms spanning three years, including a grace period of three months during which both principal and interest payments are deferred.
At the official launch event held in Abuja on Wednesday, Shekarau Omar, Executive Director for Micro, Small and Medium Enterprises (MSME) at BOI, described the initiative as a strategic intervention to transition young Nigerians from job-seekers to job creators.
Representing BOI’s Managing Director, Dr. Olasupo Olusi, Omar highlighted the enduring partnership between BOI and NYSC, which builds upon previous successes such as the Graduate Entrepreneurship Fund (GEF). Launched in 2015, the GEF has so far trained over 3,000 graduates, financed 609 startups, and disbursed more than N1 billion in loans.
“These figures are far more than statistics; they represent thriving poultry farms, fashion houses, salons, technology startups, and creative studios nurtured by young entrepreneurs,” Omar said. “The core takeaway is unmistakable: targeted capacity building combined with affordable financing and mentorship drives repayment, employment, and growth.”
Omar also praised the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its pivotal role in equipping corps members with practical skills and entrepreneurial acumen, noting that the new loan programme is designed to complement SAED’s efforts.
“To all corps members, your service year is a launchpad, not a waiting room,” Omar advised. “Start small, plan meticulously, and maintain discipline in cash flow and compliance. With creativity and perseverance, you can become the next generation of entrepreneurs who will shape Nigeria’s economic future.”
The initiative is poised to provide critical financial support to thousands of young Nigerians, enabling them to harness their potential and contribute meaningfully to national development.
