FG Launches N10bn Youth Entrepreneurship Support Programme

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*BoI targets 6,000 jobs annually
James Emejo in Abuja

Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah on Thursday officially inaugurated the Bank of Industry (BoI)’s N10billion-Youth Entrepreneurship Support (YES) scheme, aimed at developing the entrepreneurial capacity of youths and providing start up loans at concessionary interest rates to executive their business plans.

The scheme will allow each of the eligible beneficiaries to access a maximum of N5 million loan for the procurement of machinery and equipment, including working capital.

The loans are to be accessed at a single digit interest rate of 9 per cent, with a tenor of three to five years, inclusive of a six-month moratorium, the minister explained.

Enelamah said the initiative would help create and expand about 1,200 enterprises promoted by Nigerian youths nationwide.

He said:”The YES scheme that is being launched today, therefore provides an opportunity for the BoI to address the worrisome phenomenon by developing the capacity of the youths with a view to ultimately funding their business plans, aimed at equipping them to be self-employed by starting and managing their own businesses as well as eventually becoming employers of labour.”

Noting that Micro Small and Medium Enterprises (MSMEs) are critical bedrock of any economy wishing to develop, he said about 1.8 million young Nigerians enter the already saturated labour market on annually.

He said the new scheme is expected to create a minimum of 6,000 direct jobs and 30,000 indirect jobs yearly.

Also speaking at occasion, acting Managing Director, BoI, Mr. Rasheed Olagunju said the key objectives of the initiative are to create an interactive learning platform to train young aspiring entrepreneurs in Entrepreneurship, Business Management and Technical Skills that will ultimately translate into improved efficiency and productivity, as well as rekindle the entrepreneurial spirit of youths and act as an incubation centre where business ideas are nurtured to their full potential.

He said the YES scheme further aims to entrench global best practices by inculcating a culture of innovation-driven entrepreneurship and ethics in the participants, promote self-employment among graduates of tertiary institutions, and deepen financial inclusion by de-risking the young aspiring entrepreneurs and making them eligible for small business loans.

He said contrary to the conventional loan requirement plan, the latest initiative has a liberal collateral requirements, including NYSC certificates, approved guarantors among others.

He said:”The collateral requirements for the loan are as follows: Debenture over the assets of the company or specific charge over the equipment (present and future); Deposit of original NYSC certificate and higher educational certificate (Ordinary National Diploma, Higher National Diploma or University Degree) with BOI. This will be subject to the certificate being certified by Background Check International (BCI).

He added that beneficiaries would need to provide two external guarantors acceptable to BoI who must belong to any of a Senior Civil Servant (Level 12 and above who should not be more than 53 years old or not more than 28 years in service (whichever comes first); Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.

  • Segun Abiodun

    These people lack originality
    This is plagiarism and intellectual theft at its best
    Tell me what is the difference between this program and the you win program set up by Dr Ngozi Okonjo Iweala?
    What is the difference between this program and the youth entrepreneurship program set up by
    NOI?
    What this minister has just done is to steal NOIs idea and then ascribe it to himself.
    Wonders would never end.

    • agk

      Oga which ever it is, if they give out the loan won’t it help people? Do we always have to be like this in this country?

      • Segun Abiodun

        I understand your frustration
        However I feel it is misdirected. I simply would like credit to go to the deserving party
        Surely intellectual theft should not be condoned in our country.
        Intellectual theft is the same thing as robbery since the ancillary benefits that should have come to the one who developed the idea goes to the perpetrator of the crime.
        Please condemn the act first.
        This is about integrity

    • Collins

      Funny you would call this new programme plagiarism! The previous one simply dashed money to people, most of whom have never manage a business, lack experience, probably never held their own N100k & has no inherent plan to collect back the initial capital. The Uwin thing was set to fail from the get go & it indeed failed on a spectacular level. Where are the beneficiaries & so far what have they put back from the largese they were freely given?

      • Segun Abiodun

        What I am more concerned with is the intellectual content of the program. Anybody who reads through this program can only come to one conclusion and that is Enemalah is involved in intellectual theft period.
        Secondly I find your assessment of the you win program to be a figment of your deluded mind.
        Failure?
        You must have just been released from an asylum.
        Can you give us any statistics, data ,comparative analysis or longitudinal studies that shows that the You Win program was a failure?
        I think you should first of all deal with your psychosis before spilling out hog wash all over the net.
        Enemalah is involved in plagiarism / theft of intellectual property period.