BoI, First Bank, AGDC inaugurate N500m Youth Ignite programme

The Bank of Industry, First Bank and Afterschool Graduate Development Centre have inaugurated a N500 million Youth Ignite programme towards creating five million jobs within five years.
Funmi Adeyemi, the Executive Director, AGDC, said at the occasion on Wednesday in Lagos that human resources were the biggest assets of Nigeria, while youth development was the stimulus required to drive its economic growth.
According to Adeyemi, the Youth Ignite programme seeks to create new jobs, facilitate finance, capacity development and advisory services for micro entrepreneurs.
She said that the scheme was anchored on supporting one million entrepreneurs to create five million jobs, over the next five years.
Adeyemi said that new businesses were 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.
According to her, the youths would proffer solutions to challenges in their various communities and develop better ways of conducting business in their environment.
Waheed Olagunju, Acting Managing Director, BoI, said the scheme would sensitise youths to leverage on opportunities in their environment.
He said that the scheme would provide support for Micro, Small, Medium Enterprises to build viable and sustainable businesses in the various sectors of the economy.
Olagunju said that many youths were frustrated with the unemployment rate
of the country but passionate about making some impact through their business ventures.
According to him, adequate mentoring and support would assist the youths to unleash their potentials and turn them into competitive advantage.
Also, Gbenga Shobo, Group Managing Director, First Bank, said the collaboration would translate to reduction in the country’s unemployment rate.
Shobo said: “It is important that we support the government and the economy so that we can get out of recession quickly.”
Ibukun Awosika, Chairman, First Bank and AGDC, said the tripartite scheme would change the future of Nigeria through the emergence of young entrepreneurs.
She said that the youth unemployment rate of the country was worrisome and inimical to socio-economic development.
Awosika said: “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 added that the tripartite programme would nurture the entrepreneurs to growth, create more jobs and translate to sustainable economic development for the country.