Bank Of Industry Unveils N2bn Single-digit Loan For Corps Members

The Bank of Industry (BoI) has launched a N2 billion single-digit loan programme targeted at National Youth Service Corps (NYSC) members nationwide, in a bold move to boost youth entrepreneurship and curb rising unemployment.

Under the initiative, dubbed the “N2 Billion BoI–NYSC Entrepreneurship Programme,” serving corps members can access up to N5 million each at a single-digit interest rate of nine per cent per annum, repayable over three years, with a three-month moratorium on both principal and interest.
Speaking at the unveiling ceremony in Abuja yesterday, the executive director for Micro, Small and Medium Enterprises (MSME) at BoI, Shekarau Omar, described the programme as a practical step to “move young Nigerians from job-seekers to job-creators.”

Representing BoI’s managing director, Dr Olasupo Olusi, Omar explained that the partnership builds on previous collaborations such as the Graduate Entrepreneurship Fund (GEF), launched in 2015, which trained over 3,000 graduates, financed 609 start-ups, and disbursed more than N1 billion in loans.
“These numbers are not just statistics; they represent poultry farms, fashion houses, salons, tech start-ups, and creative studios brought to life. The lesson is clear: when young people receive targeted capacity building, affordable finance, and mentoring, they repay, employ, and grow,” Omar said.

He commended the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) department for consistently training corps members for self-reliance, stressing that the new loan programme complements SAED’s objectives.

“To our corps members, your service year is a launch pad, not a waiting room,” Omar said. “Start small, plan well, and stay disciplined about cash flow and compliance. With creativity and determination, you can become the next generation of entrepreneurs shaping Nigeria’s future.”

The BoI executive thanked the NYSC director-general Brigadier-General Olakunle Nafiu and SAED leadership for their role in shaping the programme, assuring that its success would be measured by the number of approvals granted, jobs created, and sustainable enterprises built beyond the service year.

“The Bank of Industry remains committed to empowering Nigeria’s youth and building a stronger, more resilient economy,” Omar said.

On his part, NYSC director-general Brigadier-General Nafiu hailed the collaboration as a strategic investment in Nigeria’s future, emphasising that “not investing in youth is a far greater risk.”

He described the event as a reaffirmation of a shared vision between the NYSC, which symbolises the nation’s faith in its youth, and BoI, which has for decades been “a pillar of Nigeria’s industrial development and enterprise growth.”

Nafiu recalled the NYSC–BoI collaboration started in 2012, noting that the Graduate Empowerment Fund laid the groundwork for this new initiative.

He added that the SAED programme is now being comprehensively repositioned to ensure that “every corps member emerges as either a business owner or a workplace-ready professional.”

“This launch underscores BoI’s responsiveness to one of the biggest challenges facing young entrepreneurs—access to affordable financing,” he said. “This is not just credit, it is confidence. Confidence that the ideas of young Nigerians are worth investing in.”

He urged BoI to expand the fund to N5 billion to allow more corps members to benefit, adding that entrepreneurship and youth empowerment remain central to national stability and growth.

The N2 billion BoI–NYSC Entrepreneurship Programme is expected to strengthen small business development, deepen financial inclusion, and drive inclusive economic growth through youth-led enterprises across Nigeria.