CEOAfrica :: 13,272 youths apply for BoI’s N10b

The Bank of Industry (BoI) received 13,272 online applications in two weeks for its N10 billion facility earmarked for on-lending to small businesses, following the unveiling of its Youth Entrepreneurship Support (YES) programme.

BoI’s Acting Managing Director and Chief Executive, Waheed Olagunju, hailed the receipt of over 13,272 online applications as at April 1 – two weeks after the scheme was launched.

He said the figure was in excess of the 10,000 applications projected to be filed in six weeks, adding that it showed wide acceptance of the YES programme among youths.

Olagunju explained following the enthusiastic response to the scheme, the bank and its 11 partnering development institutions were taking steps to increase the number of applicants to attend a five-day capacity-building sessions at eight centres in the country.

The BOI chief added that the fund size would also be increased to meet the number of applicants that could “potentially be transformed into successful entrepreneurs, in the required critical mass and ultimately employers of labour”.

The initiative, which was designed to address youth unemployment in the country, would see the bank partnering 11 development institutions in building capacity of youths by equipping them with the requisite knowledge and skills.

BoI will fund their business plans to enable them to be self-employed and manage their businesses.