Boi Launches Yes Programme, Earmarks N10bn For Youth Development,
SAN FRANCISCO, March 17, (THEWILL) – The Bank of Industry (BoI) has launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youths with loans to start businesses, create jobs and grow wealth in a committed effort aimed at reducing youth unemployment rate in the country.
The programme is designed to train youths for a specific period on entrepreneurship and business management, with a five-day in-house entrepreneurship and business management training and technical skills training in partnership with various technical and vocational institutes across the country.
Speaking at the launch of the project on Thursday in Abuja, the Minister for Industry, Trade and Investment, Dr Okechukwu Enelamah, revealed that his ministry would partner all agencies of government to create new jobs.
He disclosed that the YES project was part of the Federal Government’s youth employment scheme, stressing that about 36,000 jobs would be created annually through it and appealed to prospective beneficiaries to repay the loans for the success and sustenance of the project.
According to Waheed Olagunju, Acting Managing Director, BoI, participants for the YES programme would be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas but must have a minimum educational qualification of an Ordinary National Diploma (OND).
He revealed that the Financing of the small businesses is in consonance with the United Nations Economic Commission for Africa's Commodity-based Industrialisation Strategy adding that participants in the scheme could access up to N10 million loan with single digit interest rate which is repayable in three to five years.
He however revealed that an applicant must present NYSC or higher education certificate as collateral to qualify for the loan with two external guarantors.
Story by David Oputah