The Bank of Industry (BoI) on Monday unveiled a N2 billion entrepreneurship programme for National Youth Service Corps (NYSC) members across the country.
The initiative aimed at providing affordable loans to the corps as part of efforts to tackle unemployment and promote youth-led enterprises.
The programme, tagged “N2 billion BOI–NYSC Entrepreneurship Programme,” will enable serving members to access up to N5 million each at a single-digit interest rate of nine per cent per annum, and repayable over three years, with a three-month moratorium on both principal and interest.
Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, described the initiative as a practical intervention designed to move young Nigerians from job-seekers to job-creators.
He said the partnership between the bank and NYSC builds on previous collaborations such as the Graduate Entrepreneurship Fund (GEF), first launched in 2015, which trained over 3,000 graduates, financed 609 businesses, and disbursed more than N1 billion in loans.
Presented at the occasion by Executive Director, Micro, Small and Medium Enterprises (MSME) at BoI, Shekarau Omar, the MD said, “These numbers are not just statistics, they represent poultry farms, fashion houses, salons, tech start-ups, and creative studios brought to life.
“The core lesson is clear: when young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow.”
He commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its ongoing efforts in training corps members to become self-reliant, noting that the new loan scheme would complement SAED’s objectives.
He said, “To our corps members, your service year is a launch pad, not a waiting room,” Omar advised. “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 further expressed appreciation to the Director-General of the NYSC, Brigadier-General Olakunle Nafiu, the Director of SAED, and other top officials at the bank for their contributions toward designing and operationalising the programme.
He assured 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.
He said, “The Bank of Industry remains committed to empowering Nigeria’s youth and building a stronger, more resilient economy.”
The new scheme is expected to stimulate small business growth, strengthen youth empowerment, and deepen the impact of public-private partnerships in driving inclusive economic development.
In his remarks however, the NYSC DG emphasised the importance of investing in youth for the nation’s future, highlighting the strategic nature of such investments.
He stated further that not investing in youth is a greater risk, noting that the collaboration between NYSC and BoI was an investment for the nation’s destiny.
He commended BoI for the funding and urged the bank to scale up the intervention to N5 billion so that more corps members can benefit from the initiative.
Nafiu recalled the long-standing partnership between NYSC and the Bank of Industry, saying this dates back to 2012 with the skills acquisition and entrepreneurship development programme.
He said, “This event is a reaffirmation of a shared vision between two great institutions: the NYSC, which symbolises the nation’s faith in its youth, and the Bank of Industry, which has for decades stood as a pillar of Nigeria’s industrial development and enterprise growth.
“For us at the NYSC, this partnership is not new. As far back as 2012, when we launched the Skills Acquisition and Entrepreneurship Development (SAED) programme, the BOI stood by us as a technical partner. Together, we designed and implemented the Graduate Empowerment Fund (GEF), which successfully ran three cohorts and provided crucial business start-up capital for corps entrepreneurs.”
James Emejo
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