In a bold move to tackle youth unemployment and encourage entrepreneurship among young Nigerians, the Bank of Industry (BOI) has launched a ₦2 billion loan initiative exclusively for members of the National Youth Service Corps (NYSC).
The initiative, officially named the “₦2bn BOI–NYSC Entrepreneurship Programme,” was inaugurated in Abuja by BOI’s Managing Director, Dr. Olasupo Olusi, who was represented by the Executive Director for Micro, Small, and Medium Enterprises (MSME), Shekarau Omar.
According to the BOI boss, the programme aims to support corps members who have viable business ideas with affordable financing to help them transition from job seekers to job creators. Beneficiaries will be able to access loans of up to ₦5 million each at a single-digit interest rate of 9% per annum.
The repayment period is spread over three years, with a three-month moratorium on both principal and interest to ease repayment.
Dr. Olusi explained that the scheme builds on earlier collaborations between BOI and the NYSC, such as the Graduate Entrepreneurship Fund (GEF), which successfully trained over 3,000 young graduates, financed 609 businesses, and disbursed over ₦1 billion in loans.
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“These figures represent real stories, poultry farms, fashion brands, tech start-ups, and creative ventures brought to life by determined young Nigerians,” he said.
“When youths receive the right training, affordable finance, and mentorship, they don’t just repay loans, they build thriving enterprises and create jobs.”
He commended the NYSC’s Skill Acquisition and Entrepreneurship Development (SAED) department for continuously empowering corps members with practical skills and business training. Olusi added that the new BOI partnership would further enhance the impact of these efforts.
The BOI chief also urged corps members to embrace discipline, innovation, and a strong entrepreneurial mindset during their service year, stressing that the success of the initiative would be measured by the number of loans approved, jobs created, and businesses that endure beyond the service period.
Meanwhile, the NYSC Director-General, Brigadier General Olakunle Nafiu, applauded the BOI for its continued support and partnership. He called on the bank to expand the fund to ₦5 billion to accommodate more participants across the country.
Nafiu highlighted that the collaboration between BOI and NYSC, which began in 2012, has significantly advanced youth empowerment through the SAED programme.
He reaffirmed their shared commitment to building sustainable livelihoods for over 400,000 corps members annually through targeted entrepreneurship support and access to finance.
The launch of this new funding scheme comes just weeks after the Nigerian Consumer Credit Corporation (CREDICORP) announced a ₦200,000 credit facility for corps members further strengthening the government’s drive to promote youth financial inclusion and enterprise development.
