Youths Employment Scheme: Bank of Industry receives 13,272 applications in two weeks

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

A statement released by Acting Managing Director and Chief Executive, Waheed Olagunju of the Bank of Agric has revealed that 13,272 online applications were received in two weeks for the N10b loans earmarked for lending to small businesses of the Youths Entrepreneurship Support (YES) Program of the bank.

The geo political analysis of the applicants showed that Out of this figure, the North East is leading with 1,300 applicants followed by South West with 1,150 and North Central with 663.

“The fact that the bank received more than 13,272 online applications as at 1st April, 2016 - two weeks after the scheme was launched which is in excess of the 10,000 applications that were projected to be filed in six weeks, is an indication of the wide acceptance of the YES Programme amongst Nigerian Youths across the country ,” he said.

Olagunju said the North West  accounted for 634 of the applications while 526 applications were received from South South and South East  recorded the lowest with 204 applications.

He explained that the bank and its 11 partnering enterprise development institutions were taking proactive steps to increase the number of the applicants that would attend the five-day capacity building sessions at eight centres in the six geo political zones of the country, adding that adequate funds would be released to meet applicants' requirements and help them become successful entrepreneurs and employers of labour.

According to the Vaguard, the YES initiative was designed by the bank to address youth unemployment in the country. The bank is partnering 11 development partners in building capacity of the youths by equipping them with the requisite entrepreneurial knowledge and skills while BoI funds their business plans, to enable them to be self-employed and manage their own businesses.

Rexinews

Vanguard