The Bank of Industry has established a N2bn entrepreneurial fund for members of the National Youth Service Corps.
The Graduate Entrepreneurial Fund was jointly launched by the bank and the NYSC in Lagos on Monday.
The Managing Director, BoI, Mr. Rasheed Olaoluwa, stated that the initiative was meant to provide solution to graduate unemployment in Nigeria.
Olaoluwa noted that judging by the National Bureau of Statistics’ data that of the over 250,000 graduates that enrolled in the NYSC scheme each year, over 41 per cent were without employment after the mandatory programme, because job creation had not kept pace with the growth in the country’s working population.
The BoI MD commended the NYSC Directorate for promoting an entrepreneurial mind set among the members through its Skills Acquisition and Entrepreneurship Development initiative.
The SAED, a capacity building programme, was introduced in March 2012 by the NYSC as part of its orientation course content with the aim of raising an army of entrepreneurs that will drive the economy instead of job seekers trudging the streets in search of jobs.
Olaluwa noted, however, that corps members were usually deprived of the full benefits of the programme because they often engaged in numerous other activities during the orientation programme.
According to him, this also inhibits their ability to generate bankable business plans that can attract funding by financial institutions.
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Source : Punch