Description of the core change(s) brought by this policy instrument
The YES programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their own businesses.
Please list the implementing agencies
Bank of Industry Nigeria (BOI)
Abstract summary of this Policy resource
The YES-Programme is comprised of the following components:
- Eight (8) weeks extensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training covering the following five (5) modules:
- The business idea (value proposition & competition analysis)
- Business model (how will the business make money)
- Sales and marketing
- Running a successful business (ethics, compliance, operations, etc.)
- Financial plan
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing of the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
Participants will be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas who must have a minimum educational qualification of an Ordinary National Diploma (OND).
Stated goal/metrics of the policy instrument
The fund shall be deployed to support the establishment and/or expansion of an estimated 5,000 enterprises promoted by Nigerian youth across the country. The scheme is expected to create a minimum of 20,000 direct jobs and 30,000 indirect jobs annually, totaling 60,000 jobs.
The YES-Programme has the following broad objectives:
- To create an interactive learning platform to train young aspiring entrepreneurs in Entrepreneurship, Business Management and Technical Skills that will ultimately translate into improved efficiency and productivity.
- To kindle the entrepreneurial spirit of the youth.
- To act as an incubation center where business ideas are nurtured to their full potential as well as entrenching global best practices by inculcating a culture of innovation-driven entrepreneurship and ethics in the programme participants.
- Promotion of self-employment among graduates of institutions of higher learning, thereby changing their job-seeking mindset.
- To deepen financial inclusion by de-risking the young aspiring entrepreneurs and making them eligible for small business loans to be provided by BOI.