The Bank of Industry has resumed the training of 1,000 corps members who were successful in their application for the Graduate Entrepreneurship Fund.
The Fund is geared at empowering National Youth Service Corps members who submitted excellent entrepreneurial ideas with loans of up to N2 million each.
BOI, in a statement released revealed that out of 3,100 applications received nation through the bank’s portal, 1000 made the cut for a 3 says intensive training programmes which held in the 6 geo-political zones of the nation between 18th and 20th November, 2015.
“This initiative was implemented in partnership with the National Youth Service Corps directorate to in response to the unemployment scourge facing the nation.
The Graduate Entrepreneurship Fund will serve as a platform for Nigerian graduates to become business moguls and contribute to national development by creating job opportunities, rather than join an already saturated employment market.”
The Managing Director of the Bank of Industry, Mr Rasheed Olaoluwa, while speaking at the opening ceremony of the training programme explained why it is necessary to empower Nigerian graduates.
He said the government and private sector cannot solve the unemployment situation the nation is currently facing therefore it is important to train youths to be creators of employment.
“The N2m loan to be benefitted by each corps member will be provided in forms of machinery and working capital and although the corps members are the direct beneficiaries of the loan, the entire nation will eventually benefit from this programme”.
Facilitators at the programme across the country included LEAP Africa, African Community Bridge Foundation, After School Graduate Development Centre, Empretec Nigeria Foundation, Growing Business Foundation, Kaduna Business School (KBS), NYSC SAED Department, Prinsult Global Consult Limited, VSL Consulting Limited and FATE Foundation.
The 3-day long programme ended on Friday, 20th November 2015 and the Fund is expected to be disbursed during the third phase of the GEF Programme, with each eligible beneficiary accessing loans between N500, 000 and N2m at 9% p.a for 3 to 5years.