BOI launches ₦2bn loan scheme for NYSC members

The Bank of Industry (BOI) has unveiled a ₦2 billion entrepreneurship loan programme targeted at National Youth Service Corps (NYSC) members across the country, as part of efforts to tackle unemployment and promote youth-led businesses.

Launched on Wednesday in Abuja, the “₦2bn BOI–NYSC Entrepreneurship Programme” will enable serving corps members to access up to ₦5 million each at a single-digit interest rate of 9% per annum, repayable over three years, with a three-month moratorium on both principal and interest.

Speaking at the launch, BOI Managing Director, Olasupo Olusi, represented by the bank’s Executive Director for Micro, Small and Medium Enterprises, Shekarau Omar, said the initiative was designed to transform corps members from job seekers into job creators.

“The Bank of Industry has unveiled a ₦2 billion entrepreneurship programme aimed at providing affordable loans to National Youth Service Corps members,” Omar stated.

“This is a practical step toward empowering young Nigerians to build sustainable businesses.”

He noted that the programme builds on the BOI–NYSC partnership that produced the Graduate Entrepreneurship Fund (GEF) in 2015, which trained over 3,000 graduates, financed 609 businesses, and disbursed over ₦1 billion in loans.

“These are not just numbers,” he said. “They represent poultry farms, fashion houses, tech start-ups, and creative studios brought to life.

“When young people receive training, affordable finance, and mentoring, they not only repay—they employ others and grow.”

Omar urged corps members to view their service year as a “launch pad, not a waiting room,” encouraging them to start small, plan strategically, and stay disciplined in financial management.

He commended the NYSC Skills Acquisition and Entrepreneurship Development (SAED) department for its continued efforts in youth empowerment, adding that the new loan scheme would expand its impact nationwide.

According to him, the success of the initiative will be measured by the number of businesses created, jobs generated, and enterprises that remain viable after the service year.

Speaking at the event, NYSC Director-General, Brigadier-General Olakunle Nafiu, described the loan scheme as a “strategic investment in Nigeria’s future,” warning that failure to invest in young people poses greater risks to national stability.

“This event reaffirms a shared vision between two great institutions—the NYSC, which symbolises the nation’s belief in its youth, and the Bank of Industry, which has long championed industrial and enterprise growth,” he said.

Nafiu explained that the BOI–NYSC collaboration dates back to 2012 with the launch of the SAED initiative, aimed at promoting self-reliance among corps members.

He said the new loan scheme is part of efforts to reposition SAED so that every corps member