The Bank of Industry (BOI) has launched a N2 billion entrepreneurship programme aimed at providing affordable loans to members of the National Youth Service Corps (NYSC) as part of broader efforts to tackle youth unemployment and promote small business growth.
The initiative, titled the “N2bn BOI–NYSC Entrepreneurship Programme,” was unveiled on Wednesday in Abuja.
Speaking at the event, BOI Managing Director, Dr. Olasupo Olusi, represented by the bank’s Executive Director for Micro, Small and Medium Enterprises (MSME), Mr. Shekarau Omar, said the fund was designed to support corps members with access to credit of up to N5 million each at a single-digit interest rate of 9% per annum.
From Job Seekers to Job Creators
According to him, the loans are repayable over three years, with a three-month moratorium on both principal and interest.
“This programme represents a practical step towards moving young Nigerians from job seekers to job creators,” Olusi said.
“When young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow.”
BOI–NYSC Partnership Builds on Previous Entrepreneurship Schemes
Olusi noted that the new scheme builds on earlier collaborations between both institutions, including the Graduate Entrepreneurship Fund (GEF), which trained over 3,000 graduates, financed 609 businesses, and disbursed over N1 billion in loans.
“These numbers are not just statistics; they represent poultry farms, fashion houses, tech start-ups, and creative studios brought to life,” he said.
“To our corps members, your service year is a launch pad, not a waiting room. Start small, plan well, and stay disciplined about cash flow and compliance.”
He also commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its sustained role in training corps members to become self-reliant.
The BOI boss emphasized that the programme’s success would be measured by the number of businesses approved, jobs created, and enterprises that remain sustainable beyond the service year.
NYSC Seeks Expansion of the Fund to N5 Billion
In his remarks, NYSC Director-General, Brigadier General Olakunle Oluseye Nafiu, praised BOI for the funding initiative and urged the bank to consider expanding the loan facility to N5 billion to reach more beneficiaries.
“This event reaffirms our shared vision. We are not just building skills; we are building livelihoods for over 400,000 corps members who pass through the NYSC programme annually,” Nafiu said.
“This is not just credit — it is confidence. Confidence that the ideas of young Nigerians are worth investing in.”
Where it Began
He recalled that the BOI–NYSC partnership began in 2012 with the launch of the SAED programme, which laid the foundation for youth entrepreneurship and skill development across the country.
The NYSC chief further assured that the corps would implement strict monitoring and evaluation mechanisms to ensure the initiative achieves its intended impact.
The N2 billion entrepreneurship fund is expected to stimulate small business growth, deepen youth empowerment, and strengthen public-private partnerships in driving inclusive economic development.
What You Should Know
Recently, the NYSC revealed that the activities of Corps Members in Lagos State contribute services valued at more than N14 billion annually.
- According to a statement by the service, the Director General of NYSC, Brigadier General Olakunle Nafiu, disclosed this during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, at the Government House, Marina.
- According to Nafiu, the figure is a minimum monetary estimate of the impact of the 44,000 Corps Members deployed across the state.