Bank of Industry – 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.
According to a 2013 survey by the Nigerian Institute of Social and Economic Research (NISER), most of the capacity building programmes aimed at addressing youth unemployment, have concentrated more on training without any tie-in to the provision of small business loans, which is a critical success factor to the establishment of small businesses. In addition, they hardly take care of the entire training value chain in terms of Entrepreneurship, Business Management and Technical Skills.
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).
Components of the YES Programme
The YES-Programme comprises the following:
- Eight (8) weeks extensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training (5 modules).
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
Successful Applicants will be trained in the following areas:
- Business Management
- Technical Skills
The YES-Programme has the following broad objectives:
To create an interactive learning platform to train young aspiring entrepreneurs in Entrepreneurship, Business Management and Technical Skills that will ultimately translate into improved efficiency and productivity.
To kindle the entrepreneurial spirit of the youths.
To act as an incubation center where business ideas are nurtured to their full potential as well as entrenching global best practices by inculcating a culture of innovation-driven entrepreneurship and ethics in the programme participants.
Promotion of self-employment among graduates of institutions of higher learning, thereby changing their job-seeking mindset.
To deepen financial inclusion by de-risking the young aspiring entrepreneurs and making them eligible for small business loans to be provided by BOI.
FEATURES OF THE FUND
|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.|
Who Can Apply?
To be eligible for the grant you must satisfy the following criteria:
- The applicant must be a Nigerian.
- Must have a viable business idea within the 40 identified clusters that is operated, or will operate in Nigeria.
- Must be within the age limits of 18 and 35 (proof of identity: International passport/Drivers License/National ID/Voters card required).
- Must possess a minimum educational qualification of Ordinary National Diploma (OND).
- Applicant must be able to carry out the application process online.
Application Closing Date
17th July, 2016.
Method of Application
Application is online: Click Here to Start Application
Note: Applicants who applied for the first round but were not successful are encouraged to improve on their submissions and re-apply.