BOI Launches N2bn Loan Scheme For NYSC Members

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The Bank of Industry (BOI) has inaugurated a N2 billion entre­preneurship programme offering affordable loans to National Youth Service Corps (NYSC) members.

Olasupo Olusi, the BOI man­aging director (MD), announced the initiative, tagged ‘N2bn BOI–NYSC Entrepreneurship Programme’, during an inaugu­ration ceremony on Wednesday in Abuja.

This comes a month after the Nigerian Consumer Credit Cor­poration (CREDICORP) part­nered with the NYSC to provide corps members with access to credit facilities of up to N200,000.

Represented by Shekarau Omar, the executive director for micro, small and medium enter­prises (MSME) at BOI, Olusi said the programme is part of efforts to tackle unemployment and pro­mote youth-led enterprises.

The MD said the initiative would enable beneficiaries to access up to N5 million each at a single-digit interest rate of 9 per­cent per annum.

Olusi noted that the loan is re­payable over three years, with a three-month moratorium on both principal and interest.

“The partnership between BOI and NYSC builds on earlier collaborations like the Graduate Entrepreneurship Fund (GEF), which trained over 3,000 gradu­ates, financed 609 businesses, and disbursed over one billion naira in loans,” he said.

“These numbers are not just statistics; they represent poultry farms, fashion houses, tech start-ups, and creative studios brought to life.

“When young people receive targeted capacity building, af­fordable finance, and mentoring, they repay, they employ, and they grow.”

The BOI boss lauded NYSC’s SAED department for empow­ering corps members through skills acquisition and entrepre­neurship training, noting that the new scheme will enhance the initiative’s impact.

He implored corps members to be entrepreneurial and disci­plined during their service year.

Olusi said the success of the initiative would be measured by the number of approvals grant­ed, jobs created, and businesses that continue to thrive beyond the NYSC service year.

On his part, Olakunle Nafiu, the NYSC director-general, com­mended BOI for the funding sup­port, asking the bank to expand the fund to N5 billion to reach more corps members.

According to Nafiu, the BOI and the NYSC have partnered since 2012 to foster youth entrepre­neurship and skill development through the SAED programme.

Nafiu added that the event reaffirms their shared vision of building livelihoods for over 400,000 corps members annually through the initiative.