Buhari administration launches N10 billion youth entrepreneurial project

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The Muhammadu Buhari
administration, through the Bank
of Industry, on Thursday formally
launched a N10 billion Youths
Entrepreneurship Support (YES)
project to empower youth with loans to start businesses.
Speaking at the
launch of the project in Abuja,
the Minister for Industry, Trade
and Investment, Okechukwu
Enelamah, said his ministry would
partner all agencies of government to create new jobs. He said more than 40 per cent of Nigerian graduates had no jobs and that an average of eight million
Nigerians entered
the job market annually.

The minister said
that the ‘YES’ project of BoI was
part of the Federal Government’s
youth employment scheme, saying
that about 36,000 jobs would be
created annually through ‘YES’.
He appealed to prospective
beneficiaries to repay the loans for
the success and sustenance of the
project. Waheed Olagunju,
the acting Managing Director
of BoI, said 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.
He said that an applicant must
present NYSC or higher education
certificate as collateral to
qualify for the loan
with two external guarantors.

Mr. Olagunju said that the
bank was partnering 11
consultants across the
country for the first phase
of the project. Afolabi Imokhuede, a
Special Assistant to the Vice
President, said job creation
was at the heart of the
current administration.
He said that government intended to create 3.5 million jobs in the next
three years, adding that the ‘YES’ project was one of the programmes.

Mr. Imokhuede advised
participants to take the
‘YES’ seriously as online courses were now popular means of job creation world wide.
Nasir El-Rufai, the
Governor of Kaduna State,
said that the state was
partnering with BoI on job creation.
He said that the state had
been able to take controlling shares in Peugeot Automobile Nigeria
with the assistance of BoI.

Source: PREMIUM TIMES .

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