The Bank of Industry has introduced a N2bn loan programme aimed at helping National Youth Service Corps members transition from job seekers to business owners, offering them access to single-digit interest financing to start or expand enterprises.
Unveiled in Abuja, the BOI–NYSC Entrepreneurship Programme will provide serving corps members with loans of up to N5 million at nine per cent interest, payable over three years, with a three-month grace period on both principal and interest. The initiative targets youth unemployment by equipping young graduates with capital to build sustainable ventures during and after their service year.
The scheme builds on earlier BOI–NYSC collaborations, including a previous entrepreneurship fund which trained over 3,000 young graduates and financed more than 600 small businesses ranging from poultry farms and fashion brands to tech start-ups and creative studios. According to the BOI leadership, these past efforts demonstrated that when young people receive proper training, access to finance and mentorship, they are able to pay back, employ others and contribute to economic growth.
Corps members were encouraged to treat the opportunity as a launching ground, not a waiting period, by starting small, planning carefully, and prioritising financial discipline. Emphasis was placed on viable business ideas, cash flow management and compliance, underscoring the scheme’s ambition to nurture a new generation of youth-led enterprises that can contribute to national productivity.
The initiative also strengthens the work of the NYSC Skills Acquisition and Entrepreneurship Development programme, which has operated for over a decade to promote self-reliance among corps members. Authorities noted that success will be measured by loan approvals, job creation and businesses that remain active beyond the service year.
The partnership between the NYSC and BOI, which began in 2012, is being repositioned to ensure that every corps member leaves service either as a business owner or as a work-ready professional. Calls have been made to expand the fund to N5bn to reach more beneficiaries, reflecting confidence in the potential of Nigerian youth to drive enterprise development.
With youth unemployment remaining a major economic challenge, initiatives like this offer an opportunity to diversify income sources, stimulate micro-enterprises and deepen the entrepreneurial pipeline across sectors. For small business stakeholders, the programme signals a stronger push to integrate young graduates into the MSME ecosystem, providing fresh innovation and labour to Nigeria’s enterprise economy.
