The Federal Government in collaboration with he Bank of Industry (BoI) has launched a N10 billion Youths Entrepreneurship Support (YES) project aimed at empowering youths with loans to start businesses.
Speaking at the launch of the project in Abuja on Thursday, the Minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that his ministry would be partnering with all the agencies of the government to create new jobs.
Mr. Enelamah said that the ‘YES’ project of BoI was part of the Federal Government’s youth employment scheme, aimed at creating about 36,000 jobs annually for more than 40 per cent of Nigerian graduates without jobs as against an average of eight million Nigerians who enter the job market annually.
He appealed to prospective beneficiaries to repay the loans for the success and sustenance of the project.
Explaining further on the scheme, the acting Managing Director of BoI, Waheed Olagunju, said an applicant must present NYSC or higher education certificate as collateral to qualify for the loan with two external guarantors.
He said that the bank was partnering with 11 consultants across the country for the first phase of the project and 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.
The Federal Government had announced plans to create about 3 million jobs in the next three years, in collaboration with the private sector.
Vice President Yemi Osinbajo who made this known on Wednesday while receiving the implementation report jointly packaged by the Job Creation Unit (JCU) of the Presidency and the Nigerian Economic Summit Group, NESG on job creation and youth employment, said the 3 year job plan is expected to come from the Technology, Wholesale and Retail, Construction and Agro-allied sectors of the Nigerian economy, while 700,000 jobs, which would be private sector driven, would come from the Agro-allied sector.
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