CBN to give N3m loan to NYSC members


The Central Bank of Nigeria of Nigeria has disclosed that it set aside N2.5 billion loan for members of the National Youth Service Corps with profitable business ideas.
According to the apex bank, the money was set from the  N220 billion Micro, Small and Medium Enterprises Development Fund and that it would be given to corp members as part of the Youth Entrepreneurship Development Programme (YEDP).
YEDP is an initiative of the bank launched by the governor, Godwin Emefiele, as part of efforts to create one million jobs.
Under the programme, the CBN will provide each of the corp member with a N3 million loan to start up the business as well build the entrepreneurship capacity of the corp member.
The scheme covers the area of agriculture, cottage industry, mining and solid minerals, tourism, arts and crafts, Information and Communications Technology and any other activity that may be determined by the CBN.
While speaking at the NYSC camp in Abuja, Emefiele said, “It is not a grant and it is a loan that must be repaid. We are determined to give support to the youth and I truly must thank the National Youth Service Corps, which has helped us to put together the first set of NYSC beneficiaries so that we can nurture them as young entrepreneurs, not as people who go into the world looking for jobs.”
“We want to nurture them as people who are developing the entrepreneurial spirit and entrepreneurial skills; not only for their good, but also for the good of the country.”
Speaking on the loan, the governor said, “We do not anticipate that any of them fails. However, we have as collateral their NYSC certificates as well as their degree certificates. We know that our youths know the importance of their degree certificates as well as their NYSC certificates as collateral for this loan.”
“I don’t think that somebody who has a degree certificate or HND certificate to get gainful employment or a gainful life will abandon his certificate or his NYSC discharge certificate just because he wants to take a loan and not pay back.”

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