BOI presents N2b empowerment loan scheme for NYSC members
The Bank of Industry (BOI) has unveiled a N2 billion entrepreneurship programme aimed at providing affordable loans to National Youth Service Corps (NYSC) members as part of efforts to tackle unemployment and promote youth-led enterprises.
The initiative, known as the “N2 billion BOI–NYSC Entrepreneurship Programme,” would enable serving corps members to access up to N5 million each at a single-digit interest rate of nine per cent per annum, repayable over three years, with a three-month moratorium on both principal and interest.
Speaking at the launch yesterday in Abuja, BOI’s Managing Director, Dr Olasupo Olusi, represented by the Executive Director for Micro, Small and Medium Enterprises (MSME), Shekarau Omar, described the project as a practical intervention to “move young Nigerians from job-seekers to job-creators.”
He said the partnership between BOI and NYSC builds on previous collaborations such as the Graduate Entrepreneurship Fund (GEF), first launched in 2015, which trained over 3,000 graduates, financed 609 businesses, and disbursed more than N1 billion in loans.
“These numbers are not just statistics; they represent poultry farms, fashion houses, salons, tech start-ups, and creative studios brought to life.
“The core lesson is clear: when young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow,” he added.
Olusi commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its ongoing efforts in training corps members to become self-reliant, noting that the new loan scheme would complement SAED’s objectives.
He also expressed appreciation to the NYSC Director-General, Brigadier-General Olakunle Nafiu, Director of SAED and other top officials of the bank for their contributions toward designing and operationalising the programme.
The MD promised that the success of the initiative would be measured by the number of approvals granted, jobs created, and businesses that continue to thrive beyond the NYSC’s service year.
“The Bank of Industry remains committed to empowering Nigeria’s youth and building a stronger, more resilient economy,” Olusi stated. The NYSC DG emphasised the importance of investing in youth for the nation’s future, highlighting the strategic nature of such investments.
