Bank of Industry Allocates N2 Billion for Youth Loans

The Bank of Industry (BOI) has allocated N2 billion to support young entrepreneurs in Nigeria through loans aimed at financing their businesses. The interest rates for these loans range from 10 to 13 percent and are available to Nigerians who meet specific criteria, including registration with the Corporate Affairs Commission.

Lawal Khaleel, a BOI Project Officer, announced this initiative during a stakeholders’ meeting on the Inclusive Economic Empowerment Project (IEE) in Kano, which is funded by the British Council and implemented by the Centre for Information Technology and Development (CITAD). Khaleel highlighted the challenges businesses in Kano face regarding high-interest rates from financial institutions and mentioned that BOI has received a license from the Central Bank of Nigeria to commence Non-interest banking.

The project aims to address the high youth unemployment rate in Kano, which stands at 29.4%, and the underemployment rate at 32.06%. CITAD's Haruna Adamu Hadejia emphasized the need for a multi-stakeholder approach to bridge the skills gap affecting youth employment.