The Bank of Industry (BOI) has launched a N2 billion entrepreneurship programme aimed at supporting National Youth Service Corps (NYSC) members with affordable loans to promote youth-driven enterprises and tackle unemployment across the country.
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Unveiled on Wednesday in Abuja, the initiative allows serving corps members to access loans of up to N5 million at a 9% annual interest rate, with a repayment period of three years and a three-month moratorium on both principal and interest payments.
Speaking at the launch, the Executive Director for Micro, Small and Medium Enterprises (MSME) at BOI, Shekarau Omar, said the programme was designed to “move young Nigerians from job seekers to job creators,” describing it as a practical response to the growing need for youth empowerment.
The initiative builds on earlier collaborations between the BOI and the NYSC, including the Graduate Entrepreneurship Fund, which similarly targeted young graduates with innovative business ideas.
According to BOI, the programme’s objective is to equip corps members with the financial support and training needed to establish sustainable ventures during and after their service year. The bank said it would track the impact of the scheme through indicators such as loan approvals, job creation, and business sustainability.
The scheme also complements the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) programme, which provides corps members with training in various vocational and business skills.
Officials from both BOI and NYSC expressed optimism that the partnership would play a major role in reducing youth unemployment and fostering a generation of financially independent young Nigerians.
