In line with the Federal government agenda to empower it citizens, the federal government has launched a youth initiative based on agriculture through loan empowerment to farmers with creative ideas on how to develop agricultural resources.
The “Youth Ignite” Project (under the Bank of Industry’s (BOI) Microenterprise Finance Program) seek to address these challenge by supporting 1 million entrepreneurs to create 5 million jobs over the next 5 years.
The main objective of the project is to create new jobs through entrepreneurship by supporting 1 million entrepreneurs over the next 5 years to create 5 million jobs.
How to apply for this Loan
- Interested entrepreneurs should visit www.youthignite.ng
- Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on this website.
- All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.
Criteria For Eligibility
- Applicants must be of Nigerian nationality
- Applicants must be between the ages of 18 – 35.
- Failure to verify age will result in the application being declined.
- Applications must articulate a specific business problem to solve or opportunity to address.
- Applicants must be clear on the benefits from the loan.
- Employees of Bank of Industry, FirstBank, AGDC, Digital Jewels Limited, etc. and their families are not eligible to apply.
- The Judges’ decisions are final.
Entrepreneur passes the required criteria and judges review would have access to a “loan” value as required by their businesses starting with N200,000.00 (Two Hundred Thousand Naira) to start or grow their businesses. Successful businesses that are able to prove their concept (through the amount of jobs created, revenue generated, etc.) are then able to access the “scale up loan” up to the tune of Five Hundred Thousand Naira (N500,000)
Duration of the Programme
Loan cycle – 12 months (3 months’ moratorium, 9 months’ repayment)