Speaking at the launching of the fund in Lagos, yesterday, the managing director of BoI, Mr. Rasheed Olaoluwa said, job creation in Nigeria has not kept pace with the growth in the working age population.
He added that the capacity building component of the programme will be implemented in partnership with the NYSC Directorate and shall be facilitated by the NYSC SAED Department and nine BOI partner Entrepreneurship Development Centres/Training Consultants which will be undertaken in the six geopolitical zones of the country and Lagos State.
He stated that the total amount available for lending under GEF is N2 billion, adding that each beneficiary of GEF can access a minimum loan of N500,000 and a maximum of N2 million for the procurement of machinery and equipment as well as for working capital, at a single digit interest rate of nine per cent, with a loan tenor of three to five years inclusive of six months moratorium.
Source: NYSC
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