BOI Unveils N2bn Loan Program for NYSC Members

-
BOI Unveils N2bn Loan Program for NYSC Members

Launch of N2 billion Entrepreneurship Programme for NYSC Members

The Bank of Industry (BOI) has launched a groundbreaking initiative aimed at empowering the youth through affordable loans and entrepreneurial support. This new programme, titled “N2 billion BOI–NYSC Entrepreneurship Programme,” was officially inaugurated in Abuja on Wednesday. The initiative is designed to provide National Youth Service Corps (NYSC) members with financial opportunities to start or expand their businesses.

Olasupo Olusi, the Managing Director of BOI, announced the programme during the inauguration ceremony. He emphasized that this initiative is part of a broader strategy to address unemployment and foster youth-led enterprises. The programme offers loans of up to N5 million per beneficiary, with a single-digit interest rate of 9 percent per annum. Borrowers will have three years to repay the loan, along with a three-month moratorium on both principal and interest.

A Strategic Partnership

This partnership between BOI and NYSC builds upon previous collaborations, such as the Graduate Entrepreneurship Fund (GEF). The GEF has already trained over 3,000 graduates, financed 609 businesses, and disbursed more than one billion naira in loans. Olusi highlighted that these figures represent real-world success stories, including poultry farms, fashion houses, tech startups, and creative studios.

He further explained that when young people receive targeted capacity building, affordable finance, and mentoring, they not only repay their loans but also create jobs and grow their businesses. This cycle of empowerment is central to the programme's goals.

Empowering Youth Through Training

Olusi praised the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its role in equipping corps members with essential skills and entrepreneurship training. He noted that the new scheme will amplify the impact of these efforts, encouraging corps members to be entrepreneurial and disciplined during their service year.

The success of the initiative will be measured by the number of approvals granted, the jobs created, and the businesses that continue to thrive beyond the NYSC service year. This focus on long-term growth ensures that the programme contributes meaningfully to economic development.

Expanding the Vision

Olakunle Nafiu, the Director-General of NYSC, commended BOI for its funding support and urged the bank to expand the fund to N5 billion to reach more corps members. According to Nafiu, BOI and NYSC have been collaborating since 2012 to promote youth entrepreneurship and skill development through the SAED programme.

The event reaffirmed their shared vision of building livelihoods for over 400,000 corps members annually through these initiatives. By combining financial support with training and mentorship, the partnership aims to create sustainable opportunities for the youth.

Key Features of the Programme

  • Loan Amount: Up to N5 million per beneficiary
  • Interest Rate: Single-digit rate of 9% per annum
  • Repayment Period: Three years with a three-month moratorium
  • Target Group: NYSC members
  • Partnership: BOI and NYSC

Future Prospects

As the programme gains momentum, it is expected to become a model for other similar initiatives across the country. The collaboration between BOI and NYSC demonstrates a commitment to fostering economic growth and reducing unemployment among the youth. With continued support and expansion, the initiative could significantly impact the lives of thousands of young entrepreneurs.


Comments

Post a Comment

Popular posts from this blog

Japan Firms Leverage Satellites and AI to Locate Abandoned Homes for Sale

-
Image
The Rise of AI-Powered Real Estate Discovery in Japan In Tokyo, a growing number of Japanese companies are leveraging satellite imagery and artificial intelligence to identify abandoned houses that could be repurposed or sold. This innovative approach is becoming increasingly vital as the country faces a rising number of deserted properties due to its aging population. Where Inc., a startup, offers a service that uses AI trained on tens of thousands of images to detect signs of aging roofs, such as rust and discoloration. These findings are then overlaid on satellite maps, helping users spot properties that may have been left unattended. One of Where Inc.'s users, Kotaro Yasue, recently discovered a two-story wooden house through this service. He was able to contact the owner via a real estate registry. It turned out that the house had been neglected for over a decade, and the owner was unsure how to proceed with its disposal. Yasue, who runs a house rental service company in G...
Read more

GEN Nigeria and Others Target Indigenous Firms with New Tech Fees

-
Image
Empowering Nigerian Entrepreneurs with AI Global Entrepreneurship Network (GEN Nigeria), in collaboration with Fidelity Bank Plc and other organizations, has called on young entrepreneurs in Nigeria to embrace new technologies, particularly Artificial Intelligence (AI), in their business operations. This initiative was highlighted during the Youth Entrepreneurship Dialogue, titled “Building the Future with AI: Technology, Talent, and Transformation Entrepreneurship,” which took place at the 2025 Global Entrepreneurship Week (GEW) in Lagos. Dr. Olawale Anifowose, the Managing Director of GEN Nigeria, emphasized that AI has become essential for local enterprises in Nigeria to boost productivity, drive innovation, and enhance competitiveness. According to Anifowose, this can be achieved by automating tasks, personalizing customer experiences through data analysis, and enabling entrepreneurs to develop and scale new products and services more efficiently. Enhancing Efficiency and Produc...
Read more

I Was Healthy Until a Dirty Habit Stopped My Heart

-
Image
A Rare Case of Cannabis-Induced Cardiac Arrest in a Young, Healthy Woman A 26-year-old woman from Georgia experienced a life-threatening cardiac arrest after smoking marijuana. The incident occurred when her fiancé discovered her unconscious on the bathroom floor, prompting immediate emergency medical intervention. Upon arrival at the hospital, doctors confirmed that she had suffered a cardiac arrest, where the heart suddenly stopped beating. The woman had no known pre-existing health conditions and tested negative for heart-related issues such as arrhythmia. However, she was found to have high levels of tetrahydrocannabinol (THC), the psychoactive compound in cannabis responsible for the "high" sensation. Doctors diagnosed her with ventricular fibrillation, a severe heart rhythm disorder that prevents the heart from effectively pumping blood and oxygen throughout the body. This led to what they described as a "cannabis-induced cardiac arrest." This case has rais...
Read more