Buhari administration launches N10 billion youth entrepreneurial project
The Muhammadu Buhari administration, through the Bank of Industry, on
Thursday formally launched a N10 billion Youths Entrepreneurship
Support (YES) project to empower youth with loans to start businesses.
Speaking at the launch of the project in Abuja, the Minister for
Industry, Trade and Investment, Okechukwu Enelamah, said his ministry
would partner all agencies of government to create new jobs.
He said more than 40 per cent of Nigerian graduates had no jobs and
that an average of eight million Nigerians entered the job market
annually.
The minister said that the ‘YES’ project of BOI was part of the
Federal Government’s youth employment scheme, saying that about 36,000
jobs would be created annually through ‘YES’.
He appealed to prospective beneficiaries to repay the loans for the success and sustenance of the project.
Waheed Olagunju, the acting Managing Director of BOI, said that a
participant under the scheme could access up to N10 million loan with
single digit interest rate and repayable over three to five years.
He said that an applicant must present NYSC or higher education
certificate as collateral to qualify for the loan with two external
guarantors.
Mr. Olagunju said that the bank was partnering 11 consultants across the country for the first phase of the project.
Afolabi Imokhuede, a Special Assistant to the Vice President, said job creation was at the heart of the current administration.
He said that government intended to create 3.5 million jobs in the
next three years, adding that the ‘YES’ project was one of the
programmes.
Mr. Imokhuede advised participants to take the ‘YES’ seriously as
online courses were now popular means of job creation world wide.
Nasir El-Rufai, the Governor ok Kaduna State, said that the state was partnering with BOI on job creation.
He said that the state had been able to take controlling shares in Peugeot Automobile Nigeria with the assistance of BOI.
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