Mr Rasheed Olaoluwa, the Managing Director, Bank of Industry (BoI), has reaffirmed the commitment of the bank to boost the nation’s economy through training and financing of young graduates.

Olaoluwa, who gave the reaffirmation at the opening of a three-day capacity building for NYSC members in Lagos, said that the bank had set aside N2 billion as Graduate Entrepreneurship Fund (GEF).

Olaoluwa said that it was imperative to nurture and invest in youths who would emerge as business leaders in few years’ time.

“We have more youths paying attention to entertainment with little or no attention given to the business world.

“Who will take over the business world in the next 10 to 15 years’ time?

“Entertainment is not bad, but they have to add business acumen to be successful in it.”

Olaoluwa said that the fund was geared towards addressing the unemployment challenges in the country by motivating and developing aspiring graduates to become entrepreneurs rather than job seekers.

He said that the training would address the entrepreneurship capacity gap of NYSC members.

The bank boss said that the GEF would also enable beneficiaries to access loans at single digit interest rates as well as ensure viability and sustainability of their businesses through mentoring and monitoring.

He said that 1000 graduate entrepreneurs qualified from among the 3100 applicants that submitted entries to the bank's Online Business Idea Portal.

The bank boss said that the ideas received from the youths would add value to the real sector of the economy.

Olaoluwa said that after the training, participants would be required to submit their loan applications to BOI along with their business plans.

He said that bankable business propositions would be funded in fulfilment of the third stage of the GEF Programme.

The funding would cover the cost of equipment and working capital requirements of the proposed projects.

Each beneficiary will be eligible to between N500, 000 to N2 million loan at nine per cent interest rate per annum with tenure ranging between three to five years.

The training, which is being done in collaboration with the National Youth Service Corps (NYSC), was launched on October 5.

The capacity building programme is holding simultaneously in seven states of Lagos, Osun, Katsina, Plateau, Taraba, and Delta.

Brig-Gen. Bamidele Olawunmi, the Director-General of NYSC, said that the programme would add value to the youths and the country’s economy through the creation of a self-reliance culture among graduates.

He said that the project had the potential of solving the challenge of start-up capital for sustaining the business ideas of corp members after service.

Olawunmi said that youths would leverage on opportunities and demonstrate their capability to excel if given the needed support and enabling environment.

Mrs Ndifreke Okwuegbunam, Programme Director, LEAP Africa, a facilitator, said that the youths would be impacted with the relevant skills to build sustainable businesses through the workshop and continued mentoring.

Mr Oluwajenyo Okibaloye, a participant, said that the programme would provide a platform to fulfil his dreams. (NAN)