The Youth Enterprise Support Programme (YES-Programme) is BOI’s approach at addressing the worrisome phenomenon of youth unemployment in Nigeria by developing the capacity of the youths and funding their business ideas. The YES programme is aimed at equipping young people with the skills and knowledge to be self-employed by starting and managing their own businesses.
Participants will be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas who must have a minimum educational qualification of an Ordinary National Diploma (OND).
The YES-Programme comprises the following:
The YES-Programme has the following broad objectives:
Applicants will register online and will be expected to provide accurate answers to questions. Such answers count towards determining the suitability of the applicants for the training programme. Only the top 1,200 online participants will qualify for the in-class training programme annually.
The in-class trainings will be delivered by BOI accredited partner Training Institutes and shall take place on a bi-annual basis at selected centres spread across the six geo-political zones. Hence, 600 participants shall be trained at the designated locations bi-annually.
The final evaluation and selection of the candidates that will qualify for funding under the YES-Programme, will be by a seven-man panel made up of senior management staff of the Bank and other eminent members made up of successful entrepreneurs, professionals, retired bankers, etc.
|PROJECTED IMPACT||The fund shall be deployed to support the establishment and/or expansion of an estimated 1,200 enterprises promoted by Nigerian youths across the country. The scheme is expected to create a minimum of 6,000 direct jobs and 30,000 indirect jobs annually, totaling 36,000 jobs.|
|PROGRAM LIMIT||N10.0 billion.|
|SINGLE OBLIGOR LIMIT||Up to N5 million for loan.Equity investment could also be considered on a case-by-case basis.|
|APPROVAL LIMIT||In line with the Bank’s approval limit.|
|PRICING||Interest Rate: 9% per annum.Fees: 1% Processing fee.|
|TENOR||3 – 5 years.|
|MORATORIUM||Six (6) months from date of Loan Disbursement.|
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