BOI Launches ₦2 Billion Entrepreneurship Programme to Empower Corps Members

Core Features of the BOI–NYSC Entrepreneurship Programme

At the launch event, BOI Managing Director Dr. Olasupo Olusi, represented by Mr. Shekarau Omar (Executive Director for Micro, Small and Medium Enterprises), outlined the key components of the programme. The scheme is geared towards corps members who aim to begin or scale businesses during or immediately after their service year.

• Loan size: Eligible applicants may access loans of up to ₦5 million per beneficiary.
• Interest rate: Loans are offered at a single-digit annual interest rate of 9%.
• Tenor and moratorium: Repayment is structured over three years with a three-month moratorium on both principal and interest to give beneficiaries time to stabilise operations.
• Capacity-building: The programme pairs finance with training, mentoring, and business development support to ensure higher success rates for funded ventures.

Dr. Olusi described the scheme as “a practical step towards moving young Nigerians from job seekers to job creators,” noting that the right combination of financing, training, and mentorship leads to enterprise growth, better repayment outcomes, and employment generation.

Background: How This Builds on BOI–NYSC Collaboration

The BOI–NYSC partnership has previously delivered targeted entrepreneurship support. Among past initiatives was the Graduate Entrepreneurship Fund (GEF), which trained thousands and financed hundreds of startups. The new ₦2 billion fund intentionally builds on lessons learned from those earlier engagements, scaling the finance component and tying it more closely to tailored support for NYSC corps members.

Key achievements from earlier collaborations include training programs that reached thousands of young people, direct financing of numerous small businesses, and disbursements that helped enterprises get off the ground. BOI emphasises that these metrics translate into real economic activity poultry farms, fashion houses, tech startups, creative studios, and service enterprises that now form part of the nation’s MSME backbone.

Why the Programme Matters

The timing and structure of the BOI-NYSC fund respond to several pressing economic realities. Youth unemployment remains a significant national challenge, with graduates and young workers frequently citing lack of capital, absence of practical business skills, and limited market access as barriers to entrepreneurship.

This initiative addresses those gaps in three fundamental ways:

1. Providing affordable capital: By offering single-digit interest rates and a reasonable repayment tenor, the scheme removes one of the most binding constraints costly finance.
2. Delivering targeted training and mentorship: Knowledge gaps are closed through capacity-building modules and continued mentoring, increasing the odds of sustainable enterprise growth.
3. Embedding support in the NYSC framework: By working through NYSC, the programme reaches corps members where they already are, leveraging SAED (Skills Acquisition and Entrepreneurship Development) structures for larger impact.

Expected Economic and Social Impacts

If executed effectively, the BOI–NYSC Entrepreneurship Programme has the potential for broad and measurable impacts:

• Job creation: Funded enterprises can grow to hire additional staff, resulting in direct and indirect employment.
• Business survival and growth: With training and mentoring, businesses are likelier to survive beyond initial years when failure rates are typically high.
• Financial inclusion: Young entrepreneurs will gain formal access to the banking system, potentially building credit histories that unlock future finance.
• Regional economic uplift: When scaled and equitably dispersed, the fund could stimulate activity in both urban and rural communities.

Operational Considerations and Challenges

Despite its promise, several operational and practical considerations must be addressed to ensure the programme achieves intended outcomes:

1. Transparent and Efficient Disbursement

Clear eligibility criteria, streamlined application processes, transparent vetting, and swift disbursement mechanisms will be necessary to avoid bottlenecks that discourage applicants. A cumbersome process risks excluding many deserving corps members or delaying business launches.

2. Monitoring, Evaluation and Follow-Up Support

Providing loans without consistent follow-up often leads to underperformance. A credible monitoring and evaluation (M&E) framework should be embedded in the programme so that BOI and NYSC can track business performance, intervene early where necessary, and document impact for future iterations.

3. Risk Management

Default risk is inherent in lending. BOI must balance risk mitigation techniques such as credit appraisal, business plan vetting, and graduated disbursements with the need to keep access simple and fair. Collateral requirements, if used, must not disproportionately exclude the poorest but can be supplemented with alternative risk-sharing mechanisms.

4. Reach and Equity

With thousands of corps members serving each year, expanding awareness and ensuring equitable access across gender, geography, and sector will be important. Measures to guarantee that rural and female beneficiaries are not disadvantaged should be prioritised.

5. Access to Markets and Infrastructure Constraints

Entrepreneurs often require more than capital: market linkages, reliable power, transport and digital infrastructure, and access to raw materials all influence enterprise viability. Complementary policies or partnerships that address these constraints will amplify the fund’s impact.

Stakeholder Perspectives

At the launch, representatives from both institutions gave perspectives on the cooperative value of the initiative:

“This programme represents a practical step towards moving young Nigerians from job seekers to job creators,” said Dr. Olasupo Olusi. “When young people receive targeted capacity building, affordable finance, and mentoring, they repay, they employ, and they grow.”

NYSC leadership expressed optimism and urged for future expansion. Officials emphasised that the scheme complements NYSC’s SAED mandate and asked BOI to consider scaling the funding envelope in subsequent cycles so more corps members can benefit.

Lessons from Previous Schemes

Previous initiatives such as BOI’s Graduate Entrepreneurship Fund (GEF) and other youth-targeted schemes provide instructive lessons:

• Training + Finance = Better Outcomes: Historical data show that beneficiaries who received both training and finance had better survival rates compared to those who only received capital.
• Importance of Bankable Business Plans: Structured preparation of bankable business plans during pre-disbursement improves the odds of success and helps beneficiaries use funds appropriately.
• Clustering and Sector Specialisation: Programmes that support sector clusters like agribusiness, creative industries, or tech can deliver more targeted technical assistance and facilitate supply chain integration.

Measuring Success: Key Performance Indicators

To determine whether the BOI–NYSC scheme meets its objectives, stakeholders should measure a clear set of indicators over time. These include:

1. Uptake metrics: Number of applicants, approved applicants, and loans disbursed.
2. Business survival: Percentage of enterprises still operational one and two years after disbursement.
3. Employment metrics: Number of jobs created (direct and indirect) by funded enterprises.
4. Repayment rate: Loan repayment performance and default rates essential for sustainability of the fund.
5. Equity indicators: Geographic and gender distribution of beneficiaries.
6. Revenue growth: Changes in beneficiary business revenue and profitability over time.

Recommendations for Strengthening the Programme

Based on lessons learned from similar efforts, the following recommendations could help BOI and NYSC maximise impact:

• Scale the Fund Gradually: Consider phased expansion informed by rigorous M&E so lessons can shape subsequent rollouts.
• Sector-Specific Tracks: Offer tailored support tracks for agriculture, creative industries, tech, and trade to address unique sectoral needs.
• Leverage Partnerships: Partner with private sector players, incubators, and development organisations to provide non-financial supports like market access and mentorship.
• Use Technology: Employ digital platforms for application, disbursement, monitoring, and reporting to reduce bureaucracy and increase transparency.
• Introduce Peer Networks: Facilitate alumni networks and peer learning groups so beneficiaries can share challenges and solutions.

Potential Broader Impacts on Nigeria’s Economy

Widespread and well-targeted support to corps members can produce ripple effects across the economy. MSMEs are crucial to local value chains and supply networks; supporting young entrepreneurs helps deepen domestic production, diversify economic activity, and increase resilience against shocks. Larger tax bases, improved local services, and stronger supply chains are long-term benefits that can flow from a robust youth entrepreneurship ecosystem.

Voices from the Ground

Potential beneficiaries corps members actively involved in SAED training and local skills workshops reacted positively to the news. For many early-career entrepreneurs, overcoming the finance barrier is the most tangible challenge, and a loan product with reasonable terms could enable them to convert training into viable businesses.

Local trainers and incubator operators suggested pairing the loan product with mandatory pre-disbursement modules on record-keeping, basic financial management, and marketing to ensure funds are invested wisely and businesses can scale responsibly.

Expansion and Sustainability

For long-term sustainability, BOI and NYSC might explore additional financing structures such as blended finance, where development partners provide first-loss guarantees or concessional buffers to de-risk lending. They could also pilot results-based financing components or performance-linked top-ups that reward entrepreneurs who meet predefined growth milestones.

Conclusion

The BOI-NYSC Entrepreneurship Programme backed by a ₦2 billion fund, single-digit interest, and supportive repayment terms offers a timely intervention in Nigeria’s youth employment landscape. If BOI and NYSC translate the plan into transparent, efficient operations and combine finance with robust capacity-building and market access support, the initiative could help transform the economic prospects of thousands of corps members.

Success will depend on rigorous monitoring, continuous learning from implementation experience, and a willingness to refine approaches. For corps members preparing to exit service into a challenging labour market, this programme presents more than credit it offers a platform to build resilience, create jobs, and drive local enterprise growth.