Elim Microfinance Bank has introduced Elim Graduate Entrepreneurship and Empowerment Scheme (EGEES), a service targeted at graduates and undergraduates in the Nigerian market.

Speaking at the launch of the scheme in Yaba, Lagos recently, Barrister Nsikak Ekure, chairman, Elim microfinance bank said the launch of the service is the beginning of the journey towards the emancipation of Nigerian youths in the actualization of the dreams and yearnings of millions of Nigeria graduates and indeed students to gain reasonable self employment.

He stated that with over 5 million graduates unemployed and under employed, it has resulted into social vices that are carried out by these frustrated graduates. The scheme, he said, is launched by Elim MFB in partnership with NYSC. He stated that the scheme will enable graduates own and manage their businesses and consequently reduce unemployment rate in the country. 

The chairman said Elim Graduate Entrepreneurship and Empowerment Scheme (EGEES) is a tripartite product that needs at least three partners to succeed.

The first of these partners, he said, are graduates themselves who are required not only to enlist for the project, but believe in themselves that they have what it takes to effectively own and run businesses on their own, be employers of labour and contribute immensely to the economic growth of the country. 

He added that these graduates must embrace EGEES with all the professional and ethical seriousness to make it successful, right from the skills acquisition stage, to the stage where businesses are transferred to them on ownership basis.

The second party, according to him, are the project managers, that is, the microfinance banks, financial institutions and NYSC who are to ensure that the projects are managed very professionally as well as makes sure that graduate pass the tutelage successfully while EGEES funds are repaid and recycled for future graduate business men and women.

He disclosed that the third party in this scheme are the project sponsors like government, international and local government agencies, mega banks, oil companies and individuals who are socially responsible and sufficiently troubled by the high level of social ills in the country caused by level of poverty and low level of unemployment of the youths.

He pleaded with companies and businesses that would be approached to take the graduates of the scheme on internship that they are also very important for the success of this products particularly at the early stage of its introduction.

Mrs Ifeoma Ana, managing director, Elim MFB while speaking to BusinessWorld on the target audience of the scheme, said, every graduate of universities or colleges who is interested in starting his own business as well as serving NYSC members wishing to be self employed rather than be employed after service can tap into this initiative.

Stating that underemployed graduates who have a desire to do business but have no capital or skill to establish one can be part of the scheme, he noted that graduates who remain unemployed after 2 years of graduation but are interested in quitting unemployment market for self employment can also be beneficiaries.

She added that unemployable graduates who want to acquire skills even in areas different from their fields of studies and set up business in those areas can also subscribe to the product.