Lagos, Nigeria – May 26, 2024 – The Bank of Industries (BOI) has announced the launch of its 2024 Rural Area Programme on Investment for Development (RAPID), now rebranded as the Renewed Hope Program. This initiative aims to uplift economically disadvantaged rural communities by fostering enterprise development, job creation, and economic diversification.
Programme Objective
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The primary objective of the Renewed Hope Program is to empower rural communities to develop enterprises that can generate employment, enhance living standards, and contribute to national growth. This initiative specifically targets micro and small businesses, with a strong emphasis on youth and women entrepreneurs.
Target Market
The Renewed Hope Program is aimed at micro and small businesses and community groups located in rural areas. The focus is to nurture local enterprises, providing them with the necessary support to thrive and expand.
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Benefits of the Renewed Hope Program
- Empowerment of Local Businesses: The program prioritizes micro, small, and medium enterprises (MSMEs), particularly those led by youth and women. By providing essential resources and support, the Renewed Hope Program aims to empower these local businesses to achieve sustainable growth.
- Job Creation: The program will facilitate job creation, particularly for young people and women, through the expansion of rural enterprises. This is expected to significantly reduce unemployment rates in rural areas and improve the overall economic landscape.
- Economic Diversification: By promoting the development of diverse economic activities beyond traditional agriculture, the Renewed Hope Program seeks to diversify the rural economy. This will not only create new income streams but also ensure the long-term sustainability of rural development.
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Application Requirements
To apply for the Renewed Hope Program, applicants must meet the following requirements:
- Completed application form
- Detailed business plan
- Acceptable means of identification
- Bank Verification Number (BVN) and National Identification Number (NIN)
- Proof of residential address
- Completed guarantor forms
- Additional terms and conditions as specified by BOI
Application Process
Interested applicants can apply through the following methods:
- Online Application: Visit https://rapid.boi.ng/register to complete the application form online.
- Email: Send inquiries and applications to [email protected].
- Phone: Call 0700-CALL-BOI (0700 225 5264) for assistance.
- Switchboard: Contact (+234)-02-012715070-71 for further information.
Application Deadline
The deadline for submitting applications is May 29, 2024. Applicants are encouraged to apply early to ensure their submissions are reviewed in a timely manner.
Conclusion
The BOI’s 2024 Renewed Hope Program represents a significant opportunity for rural communities to advance their economic prospects. By focusing on the empowerment of local businesses, job creation, and economic diversification, the Renewed Hope Program is set to make a substantial impact on the development of rural areas across Nigeria.
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