By: Amadi Vincent Uzoma
The Rural Area Programme on Investment and Development (RAPID) has been launched by the Bank of Industry (BOI) to support youth and women-led businesses in underserved regions, aiming to provide them with funding and opportunities, ultimately helping to combat rural-urban migration.
Dr Olasupo Olusi, the Managing Director of BOI, announced during the unveiling in Lagos that RAPID seeks to promote economic inclusivity by offering equitable access to capital for rural residents. The initiative plans to address the limitations of existing intervention programs that mostly benefit urban areas.
Included in RAPID is the provision of significant financial assistance, with potential funding reaching up to 10 million naira per project, targeting both established small businesses looking to expand and new startups, particularly those owned by youth and women.
The terms of the program comprise a three-year repayment schedule with a six-month grace period and a low interest rate of five percent.
The initial phase of the initiative will be limited to 10 beneficiaries per state and the Federal Capital Territory (FCT), totaling 370 recipients. Applicants are encouraged to apply online through a dedicated portal or at any BOI district office beginning on May 15.
RAPID, managed by Mr Omar Shekarau, the Executive Director of Micro, Small, and Medium-sized Enterprises at BOI, will cover all 36 states and the FCT. It will concentrate on sectors like agriculture, textiles, garment manufacturing, leather goods, and food processing and preservation, aiming to spread economic growth evenly across the nation, transforming rural communities into thriving economic centers.
In addition to financial aid, the initiative emphasizes capacity building to equip entrepreneurs with the skills and knowledge necessary for sustainable growth and self-reliance in rural businesses.
The launch of RAPID is expected to create jobs, enhance financial inclusion, and diversify the economy, potentially curbing the trend of rural-urban migration. This program not only signifies a significant investment in Nigeria’s rural economies but also sets a precedent for future endeavors, with the aim of promoting inclusive growth and sustainable development in West Africa.
