The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
Applications are invited from fresh graduates for:
Program Title: 3rd Round of the BOI N2 Billion Graduate Entrepreneurship Fund (GEF)
The Graduate Entrepreneurship Fund (GEF) scheme is the Bank’s first youth programme which was launched in October, 2015 and is implemented by the Bank in partnership with the National Youth Service Corps (NYSC) Directorate. This initiative is specifically targeted at youths undergoing the mandatory one (1) year national service programme.
The aim is to change the job-seeking mindset of Nigerian youths to entrepreneurship and self-reliance by encouraging them to develop skills for self-employment and to contribute to the accelerated growth of the national economy.
Hence the introduction of the Graduate Entrepreneurship Fund programme to address the worrisome phenomenon of unemployment and restiveness.
The Graduate Entrepreneurship Fund (GEF) is a product with the following objectives:
- To encourage graduates of tertiary institutions currently undergoing the compulsory one-year NYSC programme, to venture into business and become employers of labour rather than job-seekers.
- To deepen financial inclusion by de-risking the NYSC members and making them eligible for small business loans to be provided by BOI.
- Ensure sustainability of the business of the young graduates through effective monitoring of the corps members by the NYSC Directorate and BOI.
- To address the entrepreneurship capacity gap of the young NYSC members.
- Components of the GEF Programme
The GEF Programme comprises the following:
Capacity building Process through the following:
- Selection/screening of the NYSC members that will participate in the capacity building process through questionnaire to be administered on BOI online portal.
- 4 days intensive training on generating a business idea (value proposition), how to run a profitable business (Business Model) and basic financial record keeping. This will be done in collaboration with the NYSC
- Directorate and shall be facilitated by BOI’s partner Entrepreneurship Development Centers/Institutions in the 36 states of the federation, including the Federal Capital Territory (FCT).
- Financial support for those with bankable business ideas within BOI’s SME clusters.
- Rationale: The scheme is a special fund to encourage young Nigerian graduates of tertiary institutions who are currently serving under the NYSC programme to start up new businesses as well as expansion of existing ones.
- Target Market/ Criteria: This product will be available to serving NYSC members that have successfully passed through the following stages.
METHOD OF APPLICATION
Interested and qualify applicants click here to apply