In a bold move to combat youth unemployment and strengthen Nigeria’s small business ecosystem, the Bank of Industry (BOI) has launched a ₦2 billion entrepreneurship fund targeted at members of the National Youth Service Corps (NYSC).
The initiative, known as the “₦2bn BOI–NYSC Entrepreneurship Programme,” aims to transform corps members from job seekers into job creators by offering affordable loans of up to ₦5 million per beneficiary at a single-digit interest rate of 9% per annum.
The programme was officially unveiled on Wednesday in Abuja, signaling a renewed partnership between Nigeria’s leading development finance institution and the NYSC.
Affordable Financing to Empower Young Entrepreneurs
Speaking at the launch, BOI Managing Director, Dr. Olasupo Olusi, represented by the bank’s Executive Director for Micro, Small and Medium Enterprises (MSME), Mr. Shekarau Omar, explained that the loans would be 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.”
He noted that the initiative was part of BOI’s broader effort to deepen financial inclusion and support youth-led enterprises that can generate sustainable employment and innovation across key sectors.
Building on a Decade of Partnership
Olusi emphasized that the new fund builds on previous BOI–NYSC collaborations, notably the Graduate Entrepreneurship Fund (GEF), which trained over 3,000 graduates, financed 609 businesses, and disbursed more than ₦1 billion in startup loans.
“These numbers are not just statistics; they represent poultry farms, fashion houses, tech start-ups, and creative studios brought to life,” he added.
“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 praised the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) programme for equipping corps members with practical skills needed for self-reliance and post-service success.
NYSC Calls for Expansion to ₦5 Billion
In his remarks, NYSC Director-General, Brigadier General Olakunle Oluseye Nafiu, applauded the BOI for the initiative but urged the bank to expand the fund to ₦5 billion to reach a wider pool of beneficiaries.
“This event reaffirms our shared vision,” Nafiu said.
“We are not just building skills; we are building livelihoods for over 400,000 corps members who pass through the NYSC programme annually. This is not just credit — it is confidence. Confidence that the ideas of young Nigerians are worth investing in.”
The NYSC chief reaffirmed the corps’ commitment to strict monitoring and evaluation to ensure effective implementation and accountability throughout the programme’s lifecycle.
A Decade of Collaboration and Impact
The BOI–NYSC partnership dates back to 2012, when the SAED initiative was launched to encourage entrepreneurship and vocational skill acquisition among corps members.
Since then, the collaboration has evolved into a cornerstone of youth empowerment policy, providing funding, training, and mentorship to thousands of young Nigerians.
“Our corps members have become valuable contributors to the economy,” Nafiu noted, recalling that NYSC members in Lagos State alone generate over ₦14 billion in services annually.
Driving Economic Growth and Inclusion
Analysts describe the ₦2 billion BOI–NYSC fund as a strategic intervention that aligns with Nigeria’s push toward inclusive economic development, MSME growth, and youth empowerment.
The initiative is expected to stimulate small business creation, deepen entrepreneurship culture, and reduce unemployment among Nigeria’s youth population — currently estimated at over 60% of the workforce.
The BOI emphasized that programme success would be measured not only by loans disbursed but also by the number of sustainable businesses established, jobs created, and communities economically transformed through youth-led enterprises.
Bottom Line
The launch of the ₦2bn BOI–NYSC Entrepreneurship Programme marks a pivotal step in Nigeria’s journey toward empowering its youth through access to affordable finance, skill development, and enterprise creation.
With both institutions committed to collaboration and accountability, the scheme is poised to become a model for sustainable youth entrepreneurship in Africa.
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