The Federal Government and the Bank of Industry has formed a coalition that will create 36,000 jobs for the teeming unemployed youth in the country as the government launched a N10 billion Youth Entrepreneurship Support programme aimed at raising a new set of entrepreneurs in the country.
The YES programme which is a brainchild of the Bank of Industry, aimed at empowering young and potential entrepreneur in the country, The fund will be deployed to support the establishment or expansion of about 1,200 enterprises promoted by youths across the country.
The scheme is expected to create 36,000 jobs in total, 6,000 direct jobs and 30,000 indirect jobs annually, The programme is aimed at developing the entrepreneurial instinct of youths between the ages of 18 to 35, with the aim of funding their own business plan.
Under the scheme, each beneficiary is eligible to access a loan up to a maximum of N5m for the procurement of machinery and equipment as well as for working capital of the enterprise.
Vice President Prof. Yemi Osinbajo who was present at the launch of the scheme said “These are extraordinary times for us as Nigerians and as a government, as we continue to grasp with the sharp decline in revenue from crude oil, which has been the mainstay of our economy. We must, however, not be unmindful of the opportunity this situation presents.
“It is important we look inwards in this period and look at ways of exploiting the entrepreneurial spirit and zeal of our people. The intense energy of our large youthful population is a strength that we need to exploit by re-orientating them towards positive engagement in entrepreneurship.”
He therefore appealed to potential beneficiary to leverage on the BOI initiative to fulfill their dream of becoming entrepreneurs, stressing that the government would provide incentive that will galvanize the economy and improve the people’s
Source: The Punch