………Loan repayable over three years with single-digit interest rate
The Bank of Industry (BoI) has launched a ₦2 billion entrepreneurship programme to support members of the National Youth Service Corps (NYSC) with access to affordable loans for small business development.
The Managing Director of BoI, Olasupo Olusi, announced the initiative during its inauguration on Wednesday in Abuja. Represented by the Executive Director for Micro, Small, and Medium Enterprises (MSME), Shekarau Omar, Olusi said the programme is part of efforts to reduce unemployment and promote youth-led enterprises across Nigeria.
Tagged the “₦2 Billion BoI–NYSC Entrepreneurship Programme,” the scheme will enable corps members to access up to ₦5 million each at a single-digit interest rate of nine percent per annum. The loan is repayable over three years, with a three-month moratorium on both principal and interest.
Olusi described the scheme as a practical step toward transforming young Nigerians from job seekers into job creators. He explained that the initiative builds on earlier collaborations between BoI and NYSC, such as the Graduate Entrepreneurship Fund (GEF), which trained more than 3,000 graduates, financed 609 businesses, and disbursed over ₦1 billion in loans.
“These numbers are not just statistics,” he said. “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.”
The BoI boss also commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for its efforts in training corps members to become self-reliant. He noted that the new fund would further strengthen the department’s impact.
“To our corps members, your service year is a launch pad, not a waiting room,” Olusi 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 also expressed appreciation to the NYSC Director-General, Brigadier General Olakunle Nafiu, the Director of SAED, and other officials for their contributions to the programme’s design and implementation.
According to him, the success of the initiative will be measured by the number of loan approvals, jobs created, and businesses sustained beyond the NYSC service year.
In his remarks, Brigadier General Nafiu commended BoI for the financial support and urged the bank to expand the fund to ₦5 billion to reach more corps members. He noted that the partnership between both institutions dates back to 2012 with the launch of the SAED programme, which laid the foundation for youth entrepreneurship and skill development in Nigeria.
“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. The new loan scheme demonstrates BoI’s responsiveness to one of the biggest challenges facing young entrepreneurs—access to affordable financing. This is not just credit, it is confidence.”
He assured that the NYSC would put in place strong monitoring and evaluation measures to ensure that the programme achieves its intended impact.
The BoI–NYSC Entrepreneurship Programme is expected to stimulate small business growth, strengthen youth empowerment, and deepen public-private partnerships in driving inclusive economic development across Nigeria.