BOI empowers NYSC members with N2bn loan scheme to boost entrepreneurship

By Lucy Ogalue

The Bank of Industry (BOI) has unveiled a two billion Naira entrepreneurship programme designed to provide affordable loans to National Youth Service Corps (NYSC) members.

The BOI Managing Director, Dr Olasupo Olusi said this at the inauguration of the fund on Wednesday in Abuja.

Olusi, who was represented by the Executive Director for Micro, Small and Medium Enterprises (MSME) at BOI, Mr Shekarau Omar, said that it was part of efforts to tackle unemployment and promote youth-led enterprises.

He said that the initiative was tagged the “2bn BOI–NYSC Entrepreneurship Programme”.

He said that it would enable the beneficiaries to access up to five million Naira each at a single-digit interest rate of nine per cent per annum.

According to the managing director, the loan is repayable over three years, with a three-month moratorium on both principal and interest.

He described the initiative as a practical step towards moving young Nigerians from job seekers to job creators.

“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.

“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,” he said.

He commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its role in training corps members to become self-reliant.

According to him, the new scheme will help to further strengthen the initiative’s impact.

“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.

“With creativity and determination, you can become the next generation of entrepreneurs shaping Nigeria’s future,” he said.

The BOI boss also appreciated to the NYSC Director-General, Brig.-Gen. Olakunle Nafiu, the Director of SAED, and other officials of both institutions for their roles in designing and implementing the programme.

He said that 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.

In his remarks, the NYSC director-general commended BOI for the funding support, urging the bank to expand the fund to five billion Naira to reach more corps members.

He recalled the longstanding partnership between BOI and NYSC, adding that the collaboration began in 2012 with the inauguration of the SAED programme, which laid the foundation for youth entrepreneurship and skill development.

“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.

“The new loan scheme underscores BOI’s responsiveness to one of the biggest challenges in the youth entrepreneurship ecosystem, access to affordable financing.

“This is not just credit, it is confidence. Confidence that the ideas of young Nigerians are worth investing in. BOI’s commitment ensures that good ideas do not die because of a lack of capital.”

The NYSC boss expressed the commitment of the corps to put in place strong measures to ensure that the programme delivered its intended impact.

The initiative is expected to stimulate small business growth, strengthen youth empowerment, and deepen public-private partnerships in driving inclusive economic development.