In a bid to provide a solution to graduate unemployment in Nigeria, the Bank of Industry (BoI) in conjunction with the National Youth Service Corps (NYSC), has floated a N2 billion Graduate Entrepreneurship Fund (GEF) for immediate graduates who want to secure loan facility to set up businesses.
Speaking at the signing of the Memorandum of Understanding between the BoI and NYSC, with its Development Partners, the Entrepreneurship Development Centres and Training Consultants, in Lagos, yesterday, the Managing Director, BoI, Rasheed Olaoluwa, said that the credit facility was established to boost entrepreneurial capacity development in the country.
He said innovative approach was required to tackle this social malaise of graduate unemployment that has engulfed the country, adding that the strategy was to identify the innate talents of young graduates as soon as they leave school, so as to build their capacities for self-reliance; and also empower them to establish their own businesses, thereby creating jobs not just for themselves, but also for other youths that they may employ.
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