BOI Unveils ₦2 Billion Loan Scheme to Empower NYSC Members and Drive Youth Entrepreneurship (APPLY NOW)

In a major move to promote youth entrepreneurship and reduce unemployment, the Bank of Industry (BOI) has launched a ₦2 billion entrepreneurship loan programme for members of the National Youth Service Corps (NYSC) across Nigeria.

The initiative, known as the BOI–NYSC Entrepreneurship Programme, aims to provide corps members with affordable business loans at single-digit interest rates, empowering them to start or expand small-scale ventures that can drive innovation and job creation nationwide.

Details of the ₦2 Billion NYSC Loan Programme

The BOI–NYSC Entrepreneurship Programme was unveiled in Abuja and is designed to help corps members transform business ideas into viable enterprises. Beneficiaries can access up to ₦5 million each at a 9% annual interest rate, repayable over three years.

The scheme also includes a three-month moratorium on both principal and interest payments, giving new entrepreneurs breathing space to stabilize their operations before repayment begins.

Speaking at the launch, BOI Managing Director, Olasupo Olusi, represented by Shekarau Omar, Executive Director for Micro, Small and Medium Enterprises, said the initiative is a deliberate effort to shift young Nigerians from job seekers to job creators.

“This programme provides a practical path for corps members to build businesses that will sustain them and contribute to the Nigerian economy,” Omar said.

Building on Proven Success in Youth Empowerment

Omar explained that this initiative builds on the Graduate Entrepreneurship Fund (GEF) launched in 2015, a similar collaboration between BOI and NYSC. That programme trained over 3,000 graduates, financed 609 businesses, and disbursed more than ₦1 billion in loans.

“Those figures represent real success stories — from poultry farms to tech startups and creative studios. They show that when young Nigerians receive targeted capacity building, affordable finance, and mentorship, they thrive,” Omar added.

He encouraged corps members to treat the service year as a launch pad for their entrepreneurial journey rather than a waiting period before employment.

“Start small, plan well, and stay disciplined about your cash flow. With determination and the right guidance, you can become the next generation of entrepreneurs shaping Nigeria’s future,” he advised.

NYSC DG Commends BOI, Calls for Fund Expansion

The Director-General of NYSC, Brigadier-General Olakunle Nafiu, described the initiative as a strategic investment in Nigeria’s youth. He emphasized that failure to invest in young people’s potential poses greater risks to national development and security.

“This partnership is a statement of faith in Nigerian youth. The Bank of Industry is showing that our future business leaders are already among us,” Nafiu said.

He revealed that the BOI–NYSC partnership dates back to 2012 with the creation of the Skills Acquisition and Entrepreneurship Development (SAED) initiative — a programme designed to train corps members in vocational and business skills.

The NYSC boss noted that the ₦2 billion fund will strengthen SAED’s mission to ensure every corps member leaves the scheme as either an entrepreneur or a job-ready professional. He also appealed to BOI to increase the fund to ₦5 billion to accommodate more applicants nationwide.

“This is more than credit; it is confidence — confidence that Nigerian youth can lead the nation’s entrepreneurial transformation,” Nafiu added.

Economic Impact and Job Creation Potential

The BOI–NYSC loan scheme is expected to help reduce Nigeria’s youth unemployment rate, which, according to the National Bureau of Statistics (NBS), stands among the highest in Africa. With over 400,000 corps members participating in the NYSC programme annually, the initiative has the potential to stimulate thousands of small and medium-scale businesses across the country.

The BOI emphasized that the success of the scheme will be measured through:

• Number of approved loans
• Jobs created by beneficiaries
• Sustainability of businesses beyond the service year

This marks another major step in Nigeria’s ongoing efforts to empower youth, support small businesses, and foster inclusive economic growth.

How to Apply for the BOI–NYSC Entrepreneurship Loan

Interested NYSC members can apply for the ₦2 billion BOI loan by following the steps below:

Step 1: Participate in SAED Training

Applicants must first undergo training under the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme. This training equips corps members with essential business management and financial literacy skills.

Step 2: Develop a Business Plan

Prepare a bankable business plan detailing your business concept, financial projections, target market, and growth potential. This will be submitted as part of your loan application.

Step 3: Obtain Recommendation from NYSC

After completing the SAED training, obtain a recommendation letter from your NYSC State Coordinator or SAED desk officer confirming your participation and readiness for the loan.

Step 4: Submit Application to BOI

Visit the official Bank of Industry website or any BOI branch nationwide to complete the loan application form. You’ll be required to attach necessary documents such as:

• Business plan
• NYSC ID card
• SAED training certificate
• Guarantor details
• Valid means of identification

Step 5: Loan Review and Approval

The BOI will review your application and business proposal. Once approved, you’ll receive a loan offer specifying the amount, repayment schedule, and terms.

Step 6: Access Funds and Begin Operations

After signing the loan agreement, funds will be disbursed directly into your business account. You can then begin business operations under BOI’s monitoring and guidance.

Access to affordable business loans has long been one of the biggest challenges for young entrepreneurs in Nigeria. The BOI–NYSC Entrepreneurship Programme bridges this gap by providing not just funding, but also training, mentorship, and continuous support.

By empowering corps members to become self-employed and financially independent, this initiative directly supports Nigeria’s National Development Plan and its goal to boost local production, reduce import dependency, and create sustainable jobs.

Features of the BOI–NYSC Loan Scheme:

• Loan Amount: Up to ₦5 million
• Interest Rate: 9% per annum
• Repayment Tenure: 3 years
• Moratorium: 3 months on principal and interest
• Target Group: Serving and recently discharged NYSC members
• Eligible Sectors: Agriculture, ICT, fashion, manufacturing, creative industries, and services

The BOI–NYSC Entrepreneurship Loan is more than a financial product — it’s a life-changing opportunity for Nigerian youth to take control of their future. With the right mindset, training, and discipline, every corps member can leverage this programme to build sustainable businesses and contribute to national growth.

For corps members with innovative ideas but limited funds, this initiative offers a clear path from vision to execution — turning service year dreams into real entrepreneurial success stories.