Corps Members To Get 2 Million Naira Start-Up Capital From BoI
If you are a young Nigerian currently serving your fatherland through the compulsory National Youth Service Corps, NYSC, and are also an aspiring entrepreneur, this may be all you need to get your business idea off your head.
So, the Bank of Industry, BoI, is planning to give loans to corps members with viable business ideas to start their businesses after the service year.
The Coordinator of the National Youth Service Corps in Osun State, Mr. Emmanuel Attah, who disclosed this said the loan sum would range between 200,000 naira and 2 million naira.
Apparently, the NYSC is not alone on this. It will work with BoI, Central Bank of Nigeria, CBN and Small and Medium Enterprises Development Agency of Nigeria, SMEDAN to make this happen.
The would-be-beneficiaries will get the funding after they might have undergone skill acquisition and entrepreneurial development programmes, according to Attah.
“Interested corps members, who have undergone the Skill Acquisition and Entrepreneurial Development, SAED programme, will be given loans of between 200,000 and 2 million naira after the service year. The business proposal will determine how much will be given to each applicant.
“The loan will be interest-free and the NYSC discharge certificates of interested corps members, who apply for the loans, will be used as the collateral. The discharge certificates will be subsequently returned to them after repayment of the loan, which has no time bound.
“The SAED programme and supporting loan were put in place after the NYSC observed that youths, after the service year, always end up unemployed and roaming the streets looking for non-existent white-collar jobs.
“The skill acquisition programme will empower corps members after the service year to become self-employed and employers of labour. This will also reduce their involvement in criminal activities,” Attah said.
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