CBN, BOI, CAC Urge Corps Members to Build Sustainable Businesses Beyond Service Year

Corps members at the NYSC Lagos Orientation Camp have been encouraged to start building sustainable businesses that will thrive beyond their service year.

Mr. Johnbosco Idoko from the Bank of Industry (BOI) emphasized the importance of long-term entrepreneurship, outlining funding opportunities such as the ₦5 billion Jobs and Enterprise Fund (JEF), which offers interest-free loans, and the ₦75 billion MSME Intervention Fund to support small enterprises. He stressed that early planning and commitment are essential for success after the NYSC programme.

Dr. Mary Egama of the Central Bank of Nigeria (CBN) announced a ₦5 billion grant created in partnership with SMEDAN to empower student entrepreneurs. She explained the bank’s shift towards advisory support and easier access to credit, urging corps members to leverage credible financial institutions to turn their ideas into viable businesses.

Mrs. Khadijah Abdul-Salam of the Corporate Affairs Commission (CAC) highlighted the importance of registering businesses legally. She introduced the CAC’s online registration portal, explaining that formal registration not only grants legitimacy but also unlocks funding opportunities and supports long-term growth.