BoI reduces interest rate to zero percent for youths

For youths under the Bank of Industry’s Graduate Entrepreneurship Fund (GEF) programme, access to loans will henceforth be at zero per cent interest charge from the initial nine per cent, thus requiring only the repayment of the principal amounts in a bid to enhance business creation and sustainability.

According to the Bank, the GEF scheme being implemented by the Bank in partnership with the National Youth Service Corps (NYSC) Directorate currently on the second edition, has recorded over N262.9 million disbursements to 177 successful candidates.

To boost the multiplier effect of the scheme, the bank has decided to further encourage such young entrepreneurs by administering their loans at zero per cent interest charge effective 1st May, 2017.

By the action, existing GEF loans and those to be disbursed from 1st of May 2017, will require repayment of only the principal amounts, while the 177 candidates that have been financed under the scheme will be required to pay loan interest that accrued up to 30th April, 2017.