The Bank of Industry (BOI) has launched a two billion naira entrepreneurship programme aimed at supporting National Youth Service Corps (NYSC) members with affordable business loans. The initiative, tagged the “2bn BOI–NYSC Entrepreneurship Programme,” was officially inaugurated in Abuja on Wednesday.
Speaking at the event, the managing director of BOI, Olasupo Olusi, represented by the executive director for micro, small and medium enterprises (MSME), Shekarau Omar, said the programme was part of ongoing efforts to reduce unemployment and encourage youth-led enterprises across Nigeria.
He explained that the initiative would enable beneficiaries to access up to five million naira each at a single-digit interest rate of nine percent per annum. According to him, the loan is repayable over three years with a three-month moratorium on both the principal and interest.
Olusi described the entrepreneurship programme as a practical step towards transforming 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,” he said.
He added that the numbers represented real impact across sectors such as poultry farming, fashion, technology start-ups, and creative industries. “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.
Olusi praised the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for continuously training corps members to become self-reliant. He emphasized that the new programme would strengthen the SAED initiative and further boost youth entrepreneurship in Nigeria.
“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,” Olusi said.
Nigeriastartupact.ng also reported that the BOI chief appreciated the NYSC director-general, Brigadier General Olakunle Nafiu, along with the SAED director and other officials of both organizations, for their contributions in designing and implementing the new loan programme.
He said the success of the initiative would be measured by the number of loan approvals granted, jobs created, and businesses that remain sustainable after the NYSC service year. The programme is expected to increase youth access to credit, promote small business growth, and contribute to national economic development.
In his remarks, the NYSC director-general, Brigadier General Nafiu, commended the Bank of Industry for its commitment to youth empowerment through the new loan fund. He called on the bank to expand the initiative from two billion to five billion naira to reach more corps members.
Nafiu highlighted the longstanding collaboration between the NYSC and BOI, noting that their partnership began in 2012 with the creation of the SAED programme, which focuses on skills development and entrepreneurship training for young Nigerians.
“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,” he said.
The NYSC boss also assured that strong measures would be put in place to ensure the programme delivers its intended impact. The initiative is expected to create jobs, stimulate small business development, and enhance public-private partnerships in promoting inclusive economic growth across Nigeria.