The Bank of Industry (BOI) has unveiled a ₦2 billion entrepreneurship programme aimed at transforming Nigeria’s youth into job creators. In partnership with the National Youth Service Corps (NYSC), the initiative offers affordable loans to corps members to launch and grow businesses across key sectors.
One of BOI’s madate is to provide affordable Loans for young entrepreneurs in Nigeria. Under the BOI–NYSC Entrepreneurship Programme, eligible corps members can access up to ₦5 million at a 9% annual interest rate, repayable over three years with a three-month grace period. This financial lifeline is designed to ease entry into Nigeria’s competitive business landscape and reduce youth unemployment.
BOI Managing Director Olasupo Olusi, represented by Shekarau Omar, Executive Director for MSMEs, highlighted the programme’s roots in earlier initiatives like the Graduate Entrepreneurship Fund (GEF). That fund trained over 3,000 graduates, financed 609 businesses, and disbursed more than ₦1 billion in loans.
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BOI emphasized that the impact of its previous youth entrepreneurship programmes goes beyond numbers. The bank’s earlier initiatives helped launch real businesses, ranging from poultry farms and fashion brands to tech ventures and creative studios. According to BOI, when young Nigerians are equipped with the right mix of training, mentorship, and affordable financing, they not only repay their loans but also create jobs and build sustainable enterprises.
The programme complements NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department, which equips corps members with practical business skills. BOI’s new loan scheme adds critical financial backing to this training, helping turn ideas into viable enterprises.
BOI and NYSC will track success through:
- Number of loans approved
- Jobs created
- Businesses sustained beyond the service year
NYSC Director-General Olakunle Nafiu praised BOI’s support and urged expansion of the fund to ₦5 billion to reach more of Nigeria’s 400,000 annual corps members. This initiative follows a recent partnership between Nigerian Consumer Credit Corporation (CREDICORP) and NYSC, which provides corps members with access to personal credit facilities, signalling a broader national push to empower youth through financial inclusion.