By Modupe Gbadeyanka
A N500 million Youth Ignite programme, which aims to create about 5 million jobs in the next five years, has been launched by the Bank of Industry (BoI), First Bank and Afterschool Graduate Development Centre (AGDC).
Speaking at the launch of the scheme in Lagos on Wednesday, the Acting Managing Director of BoI, Mr Waheed Olagunju, noted that the initiative will provide support for Micro, Small, Medium Enterprises (MSMEs) to build viable and sustainable businesses in the various sectors of the economy.
According to him, many youths are frustrated with the unemployment rate of the country and will want to make an impact in the society if the opportunity comes.
He said the scheme will give them the needed platform to take advantage of their surroundings to spur them to greatness.
Mr Olagunju noted that during this time, there would be adequate mentoring and support to assist them unleash their potentials and turn them into competitive advantage.
Also speaking at the event, the Group Managing Director of First Bank, Mr Gbenga Shobo, said the collaboration would translate to reduction in the country’s unemployment rate.
According to him, “It is important that we support the government and the economy so that we can get out of recession quickly.”
Mr Shobo’s view was echoed by the Chairperson of First Bank and AGDC, Mrs Ibukun Awosika, who said the tripartite scheme would change the future of Nigeria through the emergence of young entrepreneurs.
“There are many opportunities in the portfolio of most organisations but the challenge is that the people who need to benefit from them are not structured.
“What we are trying to do is to close the gaps and the mismatch between the provider and the benefactors by bringing them together so that value can be created for the society.
“At First Bank, creating the next generation of entrepreneurs is critical to our growth and that of the nation’s economy,” she said.
On her part, the Executive Director of AGDC, Mrs Funmi Adeyemi, said human resources were the biggest assets of Nigeria, while youth development was the stimulus required to drive its economic growth.
She said that the scheme was anchored on supporting one million entrepreneurs to create five million jobs, over the next five years, adding that the Youth Ignite programme seeks to create new jobs, facilitate finance, capacity development and advisory services for micro entrepreneurs.
According to her, new businesses are eligible to N200,000, while existing businesses get N500,000 with three months moratorium and nine months repayment period.
She said that the loans had a single digit interest rate and youths within 18 to 35 years were eligible to apply for the programme.
