BOI unveils RAPID program to enhance rural economies, tackle youth restiveness

In a bid to stimulate economic growth and combat youth restiveness in rural and economically disadvantaged areas, a new initiative known as RAPID has been launched.

This programme aims to harness local resources to develop enterprises that can generate employment, enhance living standards, contribute to national economic growth, and mitigate security issues linked to idle youth.

The RAPID initiative is spearheaded by the Bank, which seeks to empower nano, micro, and small-scale businesses in rural communities through financial support. This backing is designed to foster the creation and expansion of local enterprises, ensuring they become sustainable contributors to the local and national economy.

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Beyond providing financial aid, RAPID offers beneficiaries comprehensive business advisory services and training programmes. These resources are intended to equip entrepreneurs with the necessary skills and knowledge to ensure their businesses not only survive but thrive and grow sustainably.

By addressing the unique challenges faced by rural entrepreneurs, RAPID aims to create a robust support system that promotes economic resilience and stability. The programme is expected to play a pivotal role in improving the standard of living in these communities, reducing unemployment, and ultimately fostering a more secure and prosperous environment.

The Bank’s commitment to this initiative reflects a broader strategy to drive inclusive economic development and address the root causes of insecurity linked to youth unemployment. By empowering local businesses and providing the necessary tools for success, RAPID stands as a beacon of hope for many in rural and economically disadvantaged areas.