Business
CBN approves N3m loan for budding youth entrepreneurs
The Central Bank of Nigeria, CBN, has approved the sum of N3 million loan for each beneficiary of the Youth Innovative Entrepreneurship Development Programme, YIEDP.
This, according to the CBN Governor, Godwin Emefiele, is to help reduce the level of unemployment in the country.
Emefiele, who stated this at the launch of the programme in Abuja, said the money will be made available to each eligible youth.
Speaking further, the CBN governor said recipients with good funds utilisation record would be encouraged to take advantage of other CBN intervention schemes that would enable them access more funds.
Read also: Fuel Scarcity: No respite till May, Kachikwu warns
According to him, the YIEDP was a the bank’s response to unemployment among the youths in the country.
“The alarming figures coming from the Nigeria Bureau of Statistics, NBS, which put the number of Nigerian Youths in the labour market at 36.3 million, representing 48 percent of the entire labour force, could not be allowed to degenerate further, given the bright ideas and big dreams of the youth.
“To this effect, the CBN initiated programme would provide timely and affordable credit to assist youths in implementing their business ideas, and will target 10,000 youths in productive activities within the next four years”, he said.
He listed academic and NYSC certificates, third party guarantee and other moveable assets as collateral for all successful candidates.
The scheme is opened to youth corps and graduates with not more than five years post NYSC experience.
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