Over 13,272 young Nigerians seek BoI’s N10bn facility

The Bank of Industry (BoI) has received over 13,272 online applications in two weeks for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme.

Waheed Olagunju, acting managing director and CEO, BoI, said the bank received more than 13,272 online applications as at 1st April, 2016 – two weeks after the scheme was launched-, which was in excess of the 10,000 applications that were projected to be filed in six weeks.

Olagunju said this was an indication of the wide acceptance of the YES Programme amongst the Nigerian youth across the country as shown by the geo political analysis of the applicants.
Olagunju noted that the North-East led with 1,300 applicants followed by South-West that had 1,150 and North-Central (663).
While North-West accounted for 634 of the applications, South-South had 526 applications. South-East recorded the lowest with 204 applications.
Olagunju explained that considering the enthusiastic response to the YES Scheme at this early stage, the bank and its 11 partnering enterprise development institutions were taking proactive steps to increase the number of the applicants that would attend the five-day capacity building sessions at eight centres in the six geo political zones of the country.
He added that the fund size would also be increased to meet the escalating number of applicants that could potentially be transformed into becoming successful entrepreneurs, in the required critical mass and ultimately employers of labour.
The YES initiative was designed to address youth unemployment in the country. The BoI has partnered 11 development partners in building capacity of the youths by equipping them with the requisite entrepreneurial knowledge and skills. The development bank will fund the business plans of participants to enable them to be self-employed and employ others.

ODINAKA ANUDU