BoI, First Bank, AGDC target 5m jobs through Youth Ignite Programme
In a bid to accelerate economic growth and increase access to funding for micro, small and medium scale (MSME) entrepreneurs, the Bank of Industry (BoI) in partnership with First Bank Limited and the Afterschool Graduate Development Centre (AGDC), has launched the Youth Ignite Programme to create 5 million jobs within the next five years.
The main objective of the programme is to create new jobs and support one million entrepreneurs across the country with funds at a single-digit interest rate as well as enhance their capacities for sustainable growth.
In return, the entrepreneurs are expected to employ at least four people to give a cumulative of the 5 million jobs.
“We will only benefit from our large population size when we are able to convert our young people into critical value and that is what the Youth Ignite Programme is all about,” Ibukun Awosika, chairman, board of directors, First Bank Limited and chairman, AGDC, said at the launch of the Youth Ignite Programme in Lagos recently.
“Our long-term goal is a target of 5 million jobs to be created, which we believe will be substantial enough to make some impact. If we all do our part, we will find that the cumulative effect of our contributions will change our country and move it forward as we desire,” Awosika said.
Also speaking during the launch, Waheed Olagunju, acting managing director of BoI, said, “The emphasis of this project is on viability and sustainability. As a Development Finance Institution (DFI) we will continue to support any initiative that will stimulate production and ensure inclusive growth.”
“Our youths are highly talented and we are going to do everything possible to support them through training, capacity building and providing them with single-digit interest loans,” Olagunju said.
He noted that the development partners know the success factors of entrepreneurship and will ensure that the Youth Ignite programme is built on those factors.
Speaking on behalf of First Bank, Gbenga Shobo, deputy managing director, said the bank was really happy to be collaborating with BoI and AGDC to improve employment and help the youth, saying it was important to continue to support the government to get the country out of recession.
“We are excited to work with various youths entrepreneurs across the country in capacity building,” Shobo said.
Josephine Okojie