The Central Bank of Nigeria has said it will offer loans to
National Youth Service Corps members to start small and medium
scale enterprises, which they will repay in seven years.
The CBN Governor, Dr Godwin Emefiele, who stated this in Abuja
while receiving the NYSC Director-General, Brig. Gen. Shuaibu
Ibrahim, in his office, noted that the loan was conceived out of
the need to reduce unemployment rate in the country.
Emefiele added that the NYSC members should attend the bank’s
entrepreneurship training centres “to acquire skills in various
vocational areas for economic survival at the end of their national
service instead of waiting for white-collar jobs.”
According to a release by the NYSC on Thursday, Emefiele added
that upon completion of their training, the loans would be given to
corps members to provide support for acquiring working tools and
rent of business offices or workshops.
The statement added, “The Central Bank of Nigeria has expressed
willingness to provide further opportunities of self-employment for
corps members through its skill acquisition training. The CBN
governor explained that upon completion of training, beneficiaries
would get the cumulative value which represents a loan that would
be repaid within seven years with a two-year moratorium.
“He recalled that an earlier programme, the Youth
Entrepreneurship Development Programme was launched by the bank in
2016 and served as a springboard for the empowerment of corps
members and other youths for self-employment and wealth
creation.
“Emefiele assured the NYSC DG that the CBN National Microfinance
Bank would also support interested corps members in business
financing. He advocated the patronage of the Nigerian textile
industry, which he described, as the largest employer of labour in
the country in the 1990s.”
The NYSC DG noted that the visit was to enhance more “robust
collaboration with the bank in the area of empowerment of corps
entrepreneurs.”
Ibrahim requested the CBN’s support for the provision of more
zonal skills acquisition centres and modern equipment for the NYSC
farms located in various parts of the country.
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