The Bank of Industry‘s Youth Entrepreneurship Support Programme (YES-P) is an initiative aimed at addressing the issue of youth unemployment in Nigeria. The program seeks to build the capacity of young people and fund their business ideas, empowering them to create jobs for themselves and others.
Through YES-P, the Bank of Industry provides financial support, technical assistance, and business development services to young entrepreneurs between the ages of 18 and 35. The program offers a range of services, including entrepreneurship training, mentorship, and access to finance.
YES-P is a crucial step towards promoting entrepreneurship and reducing youth unemployment in Nigeria. By providing young people with the skills, knowledge, and resources they need to start and grow their businesses, the program is helping to create a new generation of successful entrepreneurs who can drive economic growth and development in the country.
Overview
The Bank of Industry’s Youth Entrepreneurship Support (YES) Programme is an initiative aimed at addressing the issue of youth unemployment in Nigeria by providing young people with the necessary skills and knowledge to become self-employed by creating and managing their own enterprises. The programme aims to build the capacity of young entrepreneurs and fund their business ideas.
Programme Objective
The objective of the YES programme is to create a conducive environment for young entrepreneurs to thrive in Nigeria’s economy. The programme seeks to enhance the entrepreneurial and managerial skills of young Nigerians and provide them with funding to start and grow their businesses.
Eligibility Requirements
To be eligible for the Bank of Industry Youth Entrepreneurship Support (YES) Programme, applicants must meet certain requirements. These requirements are put in place to ensure that the program reaches its target audience and provides support to those who need it the most.
Here are the eligibility requirements for the YES Programme:
- Applicants must be between the ages of 18 and 35 years old.
- Applicants must be Nigerians and have a valid means of identification (National ID card, International Passport, Voter’s Card, or Driver’s License).
- Applicants must have a viable business idea within the key sectors of the economy (agriculture, creative industry, health, and education).
- Applicants must have a minimum educational qualification of Ordinary National Diploma (OND).
- Applicants must be able to provide a guarantor who is a reputable member of the society (religious leaders, traditional leaders, or civil servants).
- Applicants must be willing to undergo an intensive training program on entrepreneurship.
It is important to note that meeting these requirements does not guarantee acceptance into the program. The YES Programme is highly competitive, and only the best candidates will be selected.
Application Process
To apply for the Bank of Industry Youth Entrepreneurship Support Programme, applicants are required to follow a few simple steps. First, they must check their eligibility by reviewing the program requirements and ensuring they meet them. The program is aimed at young aspiring entrepreneurs within the age bracket of 18 – 35 years that have viable business ideas by developing a Product Program.
Once an applicant has confirmed their eligibility, they must register by visiting the YES Programme application portal (which they can do here). They will receive a confirmation email from YES Programme with all the details they will need to log in. After logging in, they must fill out the application form, providing all the necessary details about their business idea and how they plan to use the funding.
Applicants are required to open an account with the Bank of Industry before proceeding with the loan application process. The list of documents required for account opening includes a schedule of the shareholders signed by the company secretary.
The application process is competitive, and applicants are encouraged to take their time and provide as much detail as possible about their business idea. Successful applicants will be notified via email and invited to participate in the program.
Overall, the application process for the Bank of Industry Youth Entrepreneurship Support Programme is straightforward and designed to be accessible to young entrepreneurs with viable business ideas. By following the steps outlined above and providing detailed information about their business idea, applicants can increase their chances of being accepted into the program and receiving funding to help bring their ideas to life.
Benefits
The Bank of Industry Youth Entrepreneurship Support Programme provides young Nigerian entrepreneurs with a range of benefits that are designed to help them succeed in their business ventures. These benefits include financial support, capacity building, mentorship, and networking opportunities.
Financial Support
One of the most significant benefits of the Youth Entrepreneurship Support Programme is the financial support that it provides to young entrepreneurs. This support includes loans that are designed to help entrepreneurs start or grow their businesses. These loans are provided at low-interest rates and with flexible repayment terms to ensure that entrepreneurs can repay them without undue financial stress.
Capacity Building
Another benefit of the Youth Entrepreneurship Support Programme is the capacity building that it provides to young entrepreneurs. This support includes training and workshops that are designed to help entrepreneurs develop the skills and knowledge that they need to succeed in their businesses. These workshops cover a range of topics, including business planning, financial management, marketing, and more.
Mentorship
The Youth Entrepreneurship Support Programme also provides young entrepreneurs with mentorship opportunities. This support includes access to experienced mentors who can provide guidance and advice on a range of business-related topics. These mentors can help entrepreneurs to identify opportunities, overcome challenges, and develop effective strategies for growing their businesses.
Networking
Finally, the Youth Entrepreneurship Support Programme provides young entrepreneurs with networking opportunities. This support includes access to a network of other young entrepreneurs, as well as industry experts and other professionals. These networking opportunities can help entrepreneurs to build relationships, identify new opportunities, and learn from others who have already achieved success in their businesses.
Overall, the Bank of Industry Youth Entrepreneurship Support Programme provides young Nigerian entrepreneurs with a range of benefits that are designed to help them succeed in their business ventures. By providing financial support, capacity building, mentorship, and networking opportunities, the programme is helping to create a new generation of successful young entrepreneurs who are driving economic growth and development in Nigeria.
Success Stories
The Bank of Industry’s Youth Entrepreneurship Support Programme (YES) has been successful in empowering Nigerian youths by providing them with the necessary funding and training to start their own businesses. Here are a few success stories of entrepreneurs who have benefited from the programme:
1. Adenike Adeyemi, Founder of Digital Marketing Agency
Adenike Adeyemi, a graduate of the YES programme, started her own digital marketing agency after receiving funding and training from the Bank of Industry. Her agency specializes in creating digital marketing strategies for small and medium-sized businesses. With the help of the YES programme, Adenike was able to turn her passion for digital marketing into a successful business.
2. Chukwuma Okoli, Founder of Agro-Processing Company
Chukwuma Okoli, another YES programme beneficiary, started his own agro-processing company after receiving funding and training from the Bank of Industry. His company specializes in processing and packaging locally grown agricultural products, such as cassava and yam, for export. With the help of the YES programme, Chukwuma was able to create jobs for the local community and contribute to Nigeria’s economy.
3. Ugochukwu Obi, Founder of Fashion Brand
Ugochukwu Obi, a fashion enthusiast, received funding and training from the YES programme to start his own fashion brand. His brand specializes in creating contemporary African fashion for men and women. With the help of the YES programme, Ugochukwu was able to bring his vision to life and create a brand that celebrates African culture and heritage.
These success stories are just a few examples of how the Bank of Industry’s Youth Entrepreneurship Support Programme has helped Nigerian youths realize their dreams of starting their own businesses. Through funding and training, the programme has empowered young entrepreneurs to create jobs and contribute to the growth of Nigeria’s economy.
Conclusion
The Bank of Industry Youth Entrepreneurship Support Programme (YES) is a commendable initiative aimed at addressing the issue of youth unemployment in Nigeria. By providing funding and capacity building opportunities to young aspiring entrepreneurs with viable business ideas, the program is helping to create a generation of job creators rather than job seekers.
Through YES, the Bank of Industry is empowering Nigerian youths to take charge of their own economic futures and contribute to the growth and development of the country. The program has already made a significant impact, with hundreds of young entrepreneurs receiving funding and training to start and grow their businesses.
However, there is still much work to be done to fully address the issue of youth unemployment in Nigeria. The Bank of Industry and other stakeholders must continue to invest in programs like YES and create an enabling environment for young entrepreneurs to thrive.
Overall, the Bank of Industry’s Youth Entrepreneurship Support Programme is a step in the right direction towards addressing the issue of youth unemployment in Nigeria. With continued investment and support, it has the potential to transform the economic landscape of the country and create a brighter future for its young people.