The Bank of Industry has officially commenced a N10
billion Youth Entrepreneurship Support (YES) project in
a bid to furnish Nigerian youths with loans to start
businesses.
The initiative which is in collaboration with the
Muhammadu Buhari-led administration, was launched in
Abuja on Thursday.
At the launch, the acting Managing Director of BoI,
Waheed Olagunju, said the beneficiaries of the scheme
could get up to N10 million loan with single digit
interest rate which would be paid back over 3- 5 years.
He also stated that to qualify for the scheme, NYSC or
higher education certificate as well as two external
guarantors are to be presented to the BoI.
Waheed further revealed that the BoI was in partnership
with 11 consultants across the nation for the first phase
of the project.
The Minister for Industry, Trade and Investment,
Okechukwu Enelamah revealed that the ministry would
work with all agencies in government to create new jobs
while stating that over 40 per cent of Nigerian
graduates are jobless and that an average of eight
million Nigerians joined the job market yearly.
The minister revealed that the YES initiative was part of
the government’s plan to create employment stressing
that the project would create about 36,000 jobs annually.
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