As part of measures to curb rising unemployment, especially among the youth in the country, the Bank of Industry (BoI) has disbursed over N30 million to youths in Osun State.
According to the, BoI Boss, Waheed Olagunju, the initiative is a continuous process to achieve youth emancipation, pointing out that the bank is in collaboration with the enterprise development centre of the Obafemi Awolowo University (OAU) to build capacities of youth in the State.
“Their repayment plan varies and depends on their cash flow, but typically, our facility ranges between 3 to 5 years and at a single digit of seven per cent. We do not only look at the financial viability of projects, but also the developmental impact, potential multiplier effect and the strategic importance of such projects.
“In this particular case, job creation is the most important consideration because the multiplier effect per unit of investment in MSMEs is much higher than any other sizes of business. Jobs are created vertically and horizontally and the multiplier effects are quite enormous,” Olagunju said.
He also explained that the funds were disbursed under BoI’s partnership with Oduduwa Foundation to support and empower youths. In his words, “These are the beneficiaries for the first phase of the N1 billion Micro Small and Medium Enterprises (MSMEs) development fund headed by the Ooni himself; so they have been substantially de-risked”.
- It was gathered that 20 beneficiaries of the first phase of the N1 billion Micro Small and Medium Enterprises (MSMEs) development fund between BoI and the house of Oduduwa, had undergone capacity programmes on services and value addition in the agro-processing sector in order to enable the beneficiaries put the funds to judicious and effective use.