The Bank of Industry (BOI) has introduced a ₦2 billion entrepreneurship programme designed to help members of the National Youth Service Corps (NYSC) start or grow businesses. The initiative, known as the “N2bn BOI–NYSC Entrepreneurship Programme,” was formally launched in Abuja on Wednesday.
Under the programme, corps members can access loans up to ₦5 million each at a single‑digit interest rate of 9% per annum. The loans will be repayable over three years, with a three‑month moratorium on both principal and interest to ease the initial burden.
BOI’s Managing Director, Dr. Olasupo Olusi, speaking through the bank’s Executive Director for MSMEs, Mr. Shekarau Omar, said the scheme aims to shift youth from being job seekers to job creators. He emphasized that providing “targeted capacity building, affordable finance, and mentoring” will lead to more repayment, more employment, and business growth.
This new programme builds on earlier collaborations between BOI and NYSC, such as the Graduate Entrepreneurship Fund (GEF). The GEF had supported more than 3,000 graduates, financed 609 businesses, and disbursed over ₦1 billion in loans. “These numbers are not just statistics; they represent poultry farms, fashion houses, tech start‑ups, and creative studios brought to life,” Olusi stated.
He also praised the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its role in training corps members for self‑reliance. He noted the success of the programme will be judged by the number of approved businesses, jobs created, and enterprises that stay sustainable beyond the service year.
NYSC Director‑General Brigadier General Olakunle Oluseye Nafiu welcomed the funding, but urged BOI to increase the facility to ₦5 billion so that more beneficiaries could be reached. He called the loan scheme “not just credit. It is confidence,” stressing that the ideas of young Nigerians deserve investment.
The BOI–NYSC partnership dates to 2012, when the SAED programme was launched to promote youth entrepreneurship. To safeguard the initiative’s impact, the NYSC will put in place monitoring and evaluation mechanisms. The scheme is expected to fuel small business growth, deepen youth empowerment, and strengthen public‑private collaboration toward inclusive economic development.
