CBN to grant N3 million loan to each youth corps member

To promote youth employment and entrepreneurship the Central Bank of Nigeria (CBN) has approved the N3 million credit line for each beneficiary of Youth Innovative Entrepreneurship Development Programme (YIEDP).

Mr Godwin Emefiele, the governor of CBN, made this announcement during the launch of the programme in Abuja. According to the governor, the loan would be available to each youth corps member and those with not more than five years of post-NYSC experience.

Moreover, those recipients who manage funds most effectively would be given possibily to switch to other CBN intervention schemes that give access to more funds.

Emefiele said: “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 to 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.

The collateral required for the participation in the programme, that the bank would make such assets including academic and NYSC certificates, third party guarantee and other moveable assets as collateral for all successful candidates.”

More details: Vanguard