Mr. Anita Dennis
In a renewed push to tackle youth unemployment and drive small business growth, the Bank of Industry (BOI) has launched a N2 billion entrepreneurship fund for members of the National Youth Service Corps (NYSC).
The initiative, known as the ‘BOI–NYSC Entrepreneurship Programme,’ was unveiled recently in Abuja, marking another milestone in Nigeria’s quest to empower young people through enterprise.
Speaking at the launch, Dr. Olasupo Olusi, BOI’s Managing Director, who was represented by Mr. Shekarau Omar, Executive Director for micro, small, and medium enterprises (MSMEs), said that the scheme would provide corps members access to loans of up to N5 million each at a single-digit interest rate of 9% per annum.
According to him, the loan is repayable over three years, with a three-month moratorium on both principal and interest – a structure designed to give young entrepreneurs room to establish their ventures before repayment begins.
“This programme represents a practical step towards moving young Nigerians from job seekers to job creators,” he said. “When young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow.”
Building on a Decade of Partnership
The new fund builds on the long-standing collaboration between BOI and the NYSC, which began in 2012 with the Skills Acquisition and Entrepreneurship Development (SAED) programme. The partnership has produced earlier schemes such as the Graduate Entrepreneurship Fund (GEF) – a project that trained more than 3,000 graduates, financed 609 businesses, and disbursed over N1 billion in loans.
“These numbers are not just statistics; they represent poultry farms, fashion houses, tech start-ups, and creative studios brought to life,” Dr. Olusi said. “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 further emphasized that the success of the N2 billion programme would not be measured by disbursements alone, but by the sustainability of the businesses and the number of jobs created.
NYSC Seeks Expansion to N5 Billion
In his remarks, Brigadier-General Olakunle Oluseye Nafiu, Director-General of NYSC, welcomed the BOI’s initiative as a bold step towards youth empowerment. He, however, called on the bank to expand the fund to N5 billion to accommodate more beneficiaries.
“This event reaffirms our shared vision,” he 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.”
Brigadier- General Nafiu reiterated the NYSC’s commitment to strict monitoring and evaluation mechanisms to ensure that the loans achieve their intended impact, noting that the SAED department continues to play a critical role in training corps members for self-reliance.
Driving Inclusive Economic Growth
The N2 billion entrepreneurship fund is expected to stimulate small business growth, strengthen the entrepreneurship ecosystem, and deepen collaboration between public institutions and the private sector.
For Nigeria, where youth unemployment remains one of the most pressing socio-economic challenges, initiatives like the BOI–NYSC Entrepreneurship Programme offer not just hope, but a pathway to sustainable economic inclusion.
A Glimpse of NYSC’s Economic Footprint
Recently, the NYSC revealed that the activities of corps members in Lagos State alone contribute services valued at over N14 billion annually. Brigadier -General Nafiu, who disclosed this during a courtesy visit to Governor Babajide Sanwo-Olu, explained that the figure represents the minimum monetary estimate of the 44,000 corps members deployed across the state.
With the BOI partnership now revitalized, the NYSC’s drive to transform corps members into employers of labour is gaining fresh momentum — turning the service year from a mere rite of passage into a springboard for economic empowerment.
