The Bank of Industry (BOI) has launched a N2 billion loan scheme to support National Youth Service Corps (NYSC) members in starting and growing their own businesses, as part of efforts to reduce unemployment and promote youth entrepreneurship in Nigeria.
The initiative, tagged the “N2bn BOI–NYSC Entrepreneurship Program,” was officially unveiled on Wednesday in Abuja. It will enable serving corps members to access loans of up to N5 million each at a 9 percent annual interest rate, repayable over three years, with a three-month moratorium on both principal and interest.
Speaking at the launch, BOI Managing Director, Olasupo Olusi, represented by the Executive Director for Micro, Small and Medium Enterprises, Shekarau Omar, said the programme is designed to transform corps members from job seekers to job creators.
“This is a practical step towards empowering young Nigerians with the resources and confidence to build successful enterprises,” Omar said.
He noted that the new programme builds on the long-standing collaboration between BOI and NYSC, including the Graduate Entrepreneurship Fund introduced in 2015, which trained over 3,000 graduates, financed 609 businesses, and disbursed over N1 billion in loans.
“These figures represent real success stories of poultry farms, fashion houses, tech start-ups, and creative studios,” Omar added.
“When young people are equipped with the right training, affordable funding, and mentorship, they succeed, employ others, and grow.”
He encouraged corps members to make the most of the opportunity, describing the service year as a “launch pad for innovation and enterprise.”
The BOI executive praised the NYSC Skills Acquisition and Entrepreneurship Development (SAED) department for its continued efforts in empowering young Nigerians and noted that the success of the new loan scheme would be measured by the number of viable businesses and jobs created.
On his part, NYSC Director-General, Brigadier-General Olakunle Nafiu, described the program as a “strategic investment in Nigeria’s future,” stressing that youth empowerment is critical to national growth and stability.
“This initiative reaffirms the shared vision of two great institutions of the NYSC, which represents the nation’s faith in its youth, and the BOI, which has consistently championed industrial and enterprise development,” Nafiu said.
He recalled that the NYSC–BOI partnership dates back to 2012 with the launch of the Skills Acquisition and Entrepreneurship Development (SAED) program, designed to promote self-reliance among corps members.
According to him, the new loan scheme will help reposition SAED to ensure that every corps member completes the service year as either a business owner or an employable professional.
“Our goal is clear and to ensure every corps member leaves the service equipped for today’s physical and digital workplaces,” he said.
“We are not just developing skills; we are creating livelihoods for over 400,000 young Nigerians annually.”
The NYSC boss urged the BOI to expand the fund to N5 billion to accommodate more beneficiaries, describing the initiative as a show of confidence in the creativity and potential of Nigerian youths.
“This is not just about loans; it’s about belief, belief in the power of young Nigerians to build businesses that drive the nation’s future,” he stated.
He added that the NYSC has put in place robust monitoring systems to ensure transparency and measurable impact while calling for greater collaboration between government and private institutions to strengthen youth entrepreneurship.
The BOI–NYSC partnership, which began with the SAED program in 2012 and expanded through the Graduate Entrepreneurship Fund in 2015, continues to provide business training and access to affordable finance to combat youth unemployment.
According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate remains one of the highest in Africa, with young people accounting for more than 60 percent of the unemployed population.
The BOI–NYSC loan initiative aims to change that narrative by empowering corps members to become key contributors to Nigeria’s economy.
