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).
Title: 3rd Round of the BOI N2 Billion
Graduate Entrepreneurship Fund (GEF)
Background
§ 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.
Objectives
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 address the entrepreneurship capacity gap of the
young NYSC members.
§ 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.
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:
§ Screening process
§ Attended the capacity building programme developed
specifically for the prospects under GEF