With the commencement of the second phase of the N10 billion Youth Entrepreneurship Support (YES) programme initiated by the Bank of Industry (BoI), beneficiaries of the scheme have commended the bank for the assisting them in the realisation of the entrepreneurial dream.
YES programme is a scheme initiated by the Bank of Industry (BoI) to tackle the phenomenon of youth unemployment in Nigeria by developing the capacity of the youths and funding their business ideas.
The scheme which is aimed at developing the entrepreneurial capacity of youths and providing start up loans at concessionary interest rates to execute their business plans was launched by Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah, in March 2016.
According to him, it is designed to equip young people with the skills and knowledge to be self-employed by starting and managing their own businesses.
He noted that about 1.8 million young Nigerians enter the already saturated labour market annually, adding that the new scheme is expected to create a minimum of 6,000 direct jobs and 30,000 indirect jobs yearly.
Some of the beneficiaries of the programme, while sharing their experiences recently in Lagos noted that the initiative has helped in assailing the rising unemployment concerns among youths.