BOI Launches ₦2 Billion Entrepreneurship Fund for NYSC Members

The Bank of Industry (BOI) has unveiled a ₦2 billion entrepreneurship programme designed to provide affordable loans to members of the National Youth Service Corps (NYSC). The initiative aims to tackle youth unemployment, promote small business growth, and empower young Nigerians to become self-reliant entrepreneurs.

The scheme, known as the “₦2bn BOI–NYSC Entrepreneurship Programme,” was launched on Wednesday in Abuja.

Empowering Corps Members to Become Job Creators

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 fund will enable corps members to access loans of up to ₦5 million at a single-digit interest rate of 9% per annum.

The loans, he said, are 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 stated.
“When young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow.”

Building on Earlier Successes

Olusi noted that the new initiative builds on earlier collaborations between BOI and NYSC, particularly the Graduate Entrepreneurship Fund (GEF), which trained over 3,000 graduates, financed 609 businesses, and disbursed more than ₦1 billion in 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) department for its commitment to preparing corps members for self-employment.

Olusi emphasized that the programme’s success would be measured by the number of viable businesses established, jobs created, and enterprises that remain sustainable beyond the service year.

NYSC Calls for Expansion to ₦5 Billion

In his remarks, NYSC Director-General, Brigadier General Olakunle Oluseye Nafiu, commended BOI for the initiative and urged the bank to consider expanding the facility to ₦5 billion to accommodate more corps members.

“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,” Nafiu said.
“This is not just credit — it is confidence. Confidence that the ideas of young Nigerians are worth investing in.”

A Partnership Rooted in Youth Empowerment

The BOI–NYSC partnership dates back to 2012, with the launch of the SAED programme — a cornerstone initiative for youth skill acquisition and entrepreneurship development across Nigeria.

Nafiu assured that NYSC would maintain strict monitoring and evaluation to ensure the new entrepreneurship fund achieves its intended impact.

The ₦2 billion BOI–NYSC Entrepreneurship Fund is expected to stimulate small business growth, promote youth empowerment, and deepen public-private collaboration toward inclusive economic development.

Additional Insight: Corps Members’ Impact in Lagos

In a related development, the NYSC recently disclosed that the activities of corps members in Lagos State contribute services valued at over ₦14 billion annually.

According to a statement by the service, Brigadier General Nafiu made the disclosure during a courtesy visit to Lagos State Governor Babajide Sanwo-Olu at the Government House, Marina.

He noted that this figure represents a conservative estimate of the economic value created by the 44,000 corps members currently deployed across the state.