Bank of Industry disburses N426m to NYSC members

As part of moves to offer solution to the rising cases of graduate unemployment in the country, the Bank of Industry, BoI, has concluded plans to disburse N426 million to about 253 corps members undertaking their National Youth Service Corps, NYSC, scheme in Lagos.
The initiative is coming under the bank’s Graduate Entrepreneurship Fund, GEF, for graduates who want to secure loan facility to set up businesses in the country.
The bank’s Acting Managing Director/ Chief Executive Officer, Waheed Olagunju, who disclosed this during the maiden edition of the Graduate Entrepreneurship Fund Cheque presentation ceremony in Lagos, noted that the scheme was meant to impact instant capacity building on the corps members, who have demonstrated the zeal to go into businesses at the end of their Service.
He said that disbursements of the cheques were already in progress and some of the beneficiaries of the loans would collect their cheques at the presentation ceremony to begin their small and medium scale enterprises, SMEs.
The implementation of the pilot phase of GEF programme, he noted was not immune from certain challenges, even as he listed some of the challenges of the scheme to include most proposals to be implemented are in locations different from the state of candidates’ places of primary assignment, which would hamper such candidates from commencing the implementation processes on time. – Nigerian Pilot.