How BoI plans to groom 4,000 entrepreneurs through YES-Programme
It is indubitable that Nigeria needs young and dynamic entrepreneurs who can create something out of nothing. The country inevitably is in search of more of employers of labour than seekers of white-collar jobs.
This is critical as Africa’s biggest economy has much more than half of its young population roaming the streets in search of phantom jobs.
The Bank of Industry (BoI), Nigeria’s most visible development bank, has stepped in to create a large number of jobs and raise a crop of young and dynamic entrepreneurs.
The bank recently started the N10 Billion Youth Entrepreneurship Support Programme (YES-Programme) for the young aspiring entrepreneurs between the ages of 18 and 35 years, with a minimum educational qualification of Ordinary National Diploma (OND) or its equivalent.
The bank commissioned an online registration portal calling for entries from Nigerian youths. While 10,000 entries were expected, the bank eventually received 40,000 entries within the six weeks allowed.
This shows the entrepreneurial appetite of Nigerian youths, prompting the bank to raise the number of participants from 1,200 to 4,000, raising the expected jobs from the scheme from 36,000 to 120,000.
At an update on the YES-Programme in Lagos, Okechukwu Enalamah, minister of industry, trade and investment, said: “The YES-Programme comprises eight weeks online and five days in-class entrepreneurship capacity building. The final evaluation and selection of the 4,000 candidates to qualify for funding under the scheme will be done by a seven-man panel, made up of CEO of BoI, an executive director, the divisional heads of small and medium enterprises (SMEs) for North and South, as well as three other eminent entrepreneurs or professionals.”
He said he was satisfied with the implementation of the programme so far, stressing that the candidates’ screening and evaluation processes were transparent, merit-based and in line with global best practices.
“The import of the overwhelming response by our youths to the YES-Programme is a manifestation of their desire to take control of their destinies via the entrepreneurial route, by being self-employed as well as employers of labour, thereby contributing their quota to the economic growth of the country. It is therefore apparent that the earlier envisaged 1,200 would-be loan beneficiaries would fall far short of the yearnings of the aspiring young entrepreneurs,” he added.
Waheed Olagunju, acting managing director of BoI, said the bank had come to the conclusion that it should provide more opportunities for the youths by increasing the number of would-be loan from 1,200 to 4,000, assuring that efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones.
“Our training facilitators/ consultants on the YES-Programme are among the best in the country,” Olagunju said.
He listed the facilitators as Pan Atlantic University-Enterprise Development Centre, the Kaduna Business School, Leap Africa, Empretec Foundation, Fate Foundation, and African Community Bridge, among others.
“The two major consultants Pan Atlantic University-Enterprise Development Centre and the Kaduna Business School have handled similar programmes like YouWin and Startup and Entrepreneurship Programme (KAD-STEP) respectively,” he further said.
“We are confident that they are bringing their combined experiences to bear on the YES-Programme working with our in-house SME Team,” the acting CEO of BoI added.
ODINAKA ANUDU