Buhari administration launches N10 billion youth entrepreneurial project

Buhari in France

The Muhammadu Buhari administration, through the Bank of Industry, on Thursday formally launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youth with loans to start businesses.

Speaking at the launch of the project in Abuja, the Minister for Industry, Trade and Investment, Okechukwu Enelamah, said his ministry would partner all agencies of government to create new jobs.

He said more than 40 per cent of Nigerian graduates had no jobs and that an average of eight million Nigerians entered the job market annually.

The minister said that the ‘YES’ project of BoI was part of the Federal Government’s youth employment scheme, saying that about 36,000 jobs would be created annually through ‘YES’.

He appealed to prospective beneficiaries to repay the loans for the success and sustenance of the project.

Waheed Olagunju, the acting Managing Director of BoI, said that a participant under the scheme could access up to N10 million loan with single digit interest rate and repayable over three to five years.

He said that an applicant must present NYSC or higher education certificate as collateral to qualify for the loan with two external guarantors.

Mr. Olagunju said that the bank was partnering 11 consultants across the country for the first phase of the project.

Afolabi Imokhuede, a Special Assistant to the Vice President, said job creation was at the heart of the current administration.

He said that government intended to create 3.5 million jobs in the next three years, adding that the ‘YES’ project was one of the programmes.

Mr. Imokhuede advised participants to take the ‘YES’ seriously as online courses were now popular means of job creation world wide.

Nasir El-Rufai, the Governor ok Kaduna State, said that the state was partnering with BoI on job creation.

He said that the state had been able to take controlling shares in Peugeot Automobile Nigeria with the assistance of BoI.

(NAN)

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  • just kennie

    This is a very good initiative, we just need it to be transparent, and the government shouls back it up with good policy.

    • Quakerio

      We saw GOODLUCK JONATHAN and his SURE-P program unravel as a complete fraud.

      The ICPC has so far seized 32 cars bought with funds stolen by the SURE-P coordinators.

      ICPC reckons it will seize close to 200 of such cars bought with funds stolen from SURE-P.

      Several armed ICPC operatives are combing several cities to arrest SURE-P coordinators.

      What else does one need as proof that Buhari’s own YES program is not as fated as fraud?

      • Peter_Edo

        the people in charge are different.

      • JayGeeX

        Did you see his YouWIN program too? And the YEAP?

        And have you allowed your off balance behind to acknowledge that the SURE-P was a quick fix that had to be used to accommodate the gaps your idiotic #occupy movement caused? It’s a good thing that no one can claim righteousness here… we for no hear word..

    • duwdu

      +1. I fully agree.

      P34c3
      …..

  • Cleartruth

    All lies

    • Moe

      Our ignorant little shit of a brother, of course it is all lies! Remind us what we are talking about again.

    • trueth revieler

      Haters!!!! U gonna diee hating

  • Deri

    Jonathan’s government which has become a recurrent nuisance in our memory wasted Nigeria’s time. Even the man’s appearance is not inspiring and has no leadership quality.

    • Moe

      where is this coming from?

      • JayGeeX

        The usual place. His backside.

  • Tafidan Dogon Daji

    I so wish to state that this programme sounds as the best initiative ever.What remains is for the PMB government not to dare the programme with politics as politics is the primary problem of Nigeria’s plans towards development.

    • Moe

      You simply can not help yourself.

      • MilitaryPolice01

        what do you mean, tafida has a good point, politics always spoils good govt initiatives,global history has taught us that much

  • Omooba Adekunle Orafidiya

    What will happen to people who don’t have certificates to tender? After all, MuhamMADu Buhari has none.

    • Abdul

      They should go and get one.

      • JayGeeX

        From school principal in that Katsina school? I hear the last one he did got a guy to the top spot undetected even to date.

  • Otile

    Imam Buhari is a funny man. When you give a starving man loan the last thing on his mind is investment. The starving man will eat first before investing anything. Imam knows very well that the so-called loan is not meant to be repaid, it is rather a crooked disbursement for his Fulani appointees. If Buhari really means to help the youths let him directly create jobs and employ them instead of enticing them take loans with high interests which will cripple them thereafter.

    • Abdul

      Mumu, go and sit down, when loans are not given to youths who wants to do their own business, ignorant fo^l like you will complain, now loans are given and you are still complaining. what do you want wailing wailer? i beg take your wor wor face comot here. Nonsense.

      • Otile

        Look who is talking, who got wor wor face me or you? Your face looks like a scotched earth from the desert heat. Why can’t crooked Imam create jobs for youths and let the qualified ones work? Are you so dumb as not to know that when you lend a starving youth small amount of money he will buy food with the loan? Do you know how much it takes to start a meaningful business? Parasite, go and share the money among your Fulani thieves in the name of loans.

        • Abdul

          Shut your smelly mouth my friend. How do you think jobs are created world over? so in you nunu filled brain, it is the responsibility of the govt to create jobs abe? silly thing, govt dont create jobs you hear, they create the right environment and encourage entrepreneurs through low interest loans to create jobs. Mumu like you go and learn simple economics. punk.

          • Otile

            What kind of economic does a parasite like you know? I guess parasitism. Yeah, government does not create jobs, you are silly indeed. Government is the largest creator of jobs world wide, for your information. How many people serve the government in the military, para military, police, ports authorities, immigration, embassies, secretariats, parliaments, government regulatory services, tax apparatuses, ministries, schools, etc. etc? Dumb aboki, you don’t know what you are talking about. Government creates jobs and creates lucrative jobs too.

    • utolason

      Speak for yourself. There are many aspiring entrepreneurs amongst these graduates whose main handicap is finance.

      • Otile

        Speak for yourself too. You don’t know that for sure. Government should aim at creating jobs for every youth, that’s the only way to make a developing country like 9ja great. Disbursing funds in the name of loans involves palm-greasing and all sorts of hidden frauds from government lenders in a corrupt country like Buhari’s Nigeria.

      • Tendon

        Correct!!!

  • share Idea

    Buhari and copy cat government. GEJ, introduced TSA, he claimed it as his initiative, GEJ started YOUWIN, Buhari changed it to YES all in a bid to the glory. Nigeria we hail thee

    • Uzoma John

      GEJ introduced TSA but hasn’t got the balls to implement it. GEJ introduced YOUWIN, which is more like try-your-luck – quite different from what PMB is initiating in YES.

    • Prophet

      If we slap you because of your malfunctioning brain. people will say we are being wicked. Regardless we encourage Go ahead and speak your mind…as long as your opinion fails to incite, we can only jail your for few months!

      • share Idea

        It is not your fault as everything to Buhari and his party e-mob is like NAIL that must be hammered. Nigeria we hail thee

  • New Nigerian

    This is wonderful news and I
    congratulate the administration for initiating this bold initiative.
    Small and Medium Enterprises (SMEs) is the engine of growth of the
    economies of first world countries. This initiative promises to bring
    about economic growth through SMEs. The government should support it
    with tools and resources beyond money – Business incubation centers of
    excellence fashioned after business development centers, support like
    those provided by US small business associations, see w w w. sba . gov financial administration like those provided by business development Canada – a bank exclusively for entrepreneurs, see w w w. bdc. ca should take root and help superintend this growth. Viva Nigeria!

  • Al

    This empowerment sounds like NDE program during ibb regime, the only difference is O’level certificate which is part of NDE criteria at that time and not part of YES of Buhari, which I hope FG will reason and adjust the criteria down to secoundary school certificate. No doubt it will also work, let’s put sentiment aside and support the Govt.

  • IZON Redeemer

    The report followed a news story by news website, SaharaReporters, on Tuesday, showing how children and relatives of some influential Nigerians, including a nephew of President Muhammadu Buhari, were dubiously and secretly hired by the CBN.

    The CBN’s acting Director of Corporate Communications, Isaac Okorafor, told PREMIUM TIMES that the bank did nothing illegal or wrong in hiring without advertising.

    “In the last two years, we have had cause to recruit specialists, and what the law says is that if we are going for that kind of recruitment we should apply for waiver, so that we can do targeted recruitment,” Mr. Okoroafor said.

    He said the bank obtained waiver from the Federal Character Commission.

  • REDEEM

    Buhari’s 3 Million Jobs Only For Rich Families

    Sen Ben Murray Bruce,

    First the President said only the children of those who can afford it should school abroad, now the CBN employs those very kids. Is Nigeria only for the rich?

    When Vice President Osinbajo says the Federal Government will create 3 million jobs, are those jobs to be created by getting federal institutions like the CBN to employ the children of the rich while the children of the poor get mental jobs?

    The President said Nigeria has no money to pay unemployed people ₦5,000, but obviously we have enough money to hire rich kids at CBN.

    My name is Ben Murray-Bruce and I just want to make Commonsense! –

    • Prophet

      You this mindless gorilla need to shut the f*ck up!

  • MushinSpeaks

    Bravo MR President…they may tag you Baba Go Slow but slow and steady wins the race…hope for a better country is renewed… #APC #CHANGE

  • ceweeco projects

    YOU WIN!!! SURE-P!!! all in another format called Youths Entrepreneurship Support (YES) project . All hail the northern president.

  • favourtalk

    What a way to go, kudos to the new government for trying and making sure that the youths are been consider In the various ways of Nigeria development. We shall get there as soon as the youths are the major priority

  • NazirJos

    Good initiative, but to me it would be more outreaching and empowering if participants were to return 50% of the loan instead of 100 + < 10% of it, after all we are all Nigerians and N10bn is not a big money considering the sensitivity and scope of what it is intended for.

    • Prophet

      listen to yourself! People like you should be rounded up and publicly whipped to give an example that morons like yourself have no say in public discuss!

      • NazirJos

        Be my guest, stupido!!!

      • Tendon

        Hillarious

    • Du Covenant

      I don’t see wisdom in your call for 50% only to be paid back. Ideally, any body with a brilliant business idea should go and find an investor to buy into it but, Nigeria has been badly messed up this is why the initiative is a welcome development and I hope we shall get to a situation when the FG will have no business providing loan for start-ups.

  • Lawrence Azubuike

    This is a commendable initiative by the Federal Government. The youths that have the pre requisite requirement should seize this opportunity instead of coming here condemn the program. This is how government can create the needed employment for the teaming unemployed youths.

  • Dr Pat Kolawole Awosan

    President Muhammadu Buhari,s cabinet has finally comes out with a very viable program that will provide endless opportunities for Nigerian unemployed youths and unemployed graduates as well.But,the ‘entrepreneurship program’ should provide training chapter for such youths and graduates in survey,quantity-survey,estate-management,pharmaceutical-assistant,mechanic,auto-body-repairs,auto-re-wire,welding,tailoring,hotel-management and other apprenticeship-trades.
    With training-session with the entrepreneurship support program,youths and unemployed graduates unemployment would be eased and Nigerian-economy would benefit greatly as our graduates and youths,s unemployment rate would be reduced nationwide.There is no more office jobs for graduates except graduates that can start something with their intellectual initiatives.This is a very commendable initiative by president M.Buhari government.

    • Du Covenant

      With all due respect, your proposal is the usual requirment for government to continue to babysit Nigerians to adulthood and I don’t think this is the right way to go. Let these graduates acquire all the trainings where ever they want, bring a business proposal that will qualify them for the loan. What training did Bill Gates, Richard Branson etc get to become who they are?. In the 70s under OBJ as military head of state, many Nigerians got scholarships to acquire skills and knowledge in the US, Europe under the ‘Crash programme’ scheme to help build Nigeria, many never returned and the same people are the ones sponsoring chaos in Nigeria today, calling for the break up of the country. While I am not saying Government should not train or offer scholarship to promising Nigerians, stringent conditions should be attached to any such programmes as is done elsewhere. There is no free lunch anywhere in this world and Nigerians MUST fully participate in building our country or else it will always be a futile exercise!. The people reviewing these proposals and approving such loans must not be ethnic, religious or regional bigots, they must be true Nigerians!…I commend the FG for this initiative!!.