Bank_of_Industry_Nigeria-1.webp
The Digest:

The Bank of Industry (BOI) has launched a N2 billion entrepreneurship program to provide affordable loans to members of the National Youth Service Corps (NYSC).

Key Points:
  • The 'N2bn BOI–NYSC Entrepreneurship Programme' offers loans of up to N5 million per corps member.
  • The loan features a single-digit interest rate of 9% per annum, making it highly accessible.
  • Beneficiaries have a three-year repayment period with a three-month moratorium on both principal and interest.
  • The scheme builds on a previous partnership, the Graduate Entrepreneurship Fund, which disbursed over N1 billion.
  • The BOI's Managing Director stated that the program aims to finance businesses such as poultry farms, tech start-ups, and creative studios.
  • The NYSC Director-General commended the initiative but requested an expansion of the fund to N5 billion to reach a larger number of people.
  • Success will be measured by the number of businesses approved, jobs created, and enterprises that thrive beyond the service year.
This program represents a significant financial intervention to harness the potential of young graduates and directly combat unemployment through entrepreneurship.

Sources: TheCable