The Central Bank of Nigeria on Tuesday launched an empowerment scheme
aimed at creating a new set of entrepreneurs among members of the
National Youth Service Corps and fresh graduates.
The CBN Governor, Mr. Godwin Emefiele, who launched the Youth Initiative
Entrepreneurship Development Programme for corps members, said the
scheme would be implemented by the central bank and Heritage Bank.
He said the initiative would enable serving corps members as well as
fresh graduates with good business ideas to assess N3m to start up their
business.
The governor stated that while the loan would be given to corps members
at single digit interest rate, they would be required to deposit their
NYSC discharge certificates as collateral for the credit facility.
According to him, the bank is targeting 10,000 youth corps members in
the pilot phase of the scheme, adding that this would help to create
about one million direct jobs in the next four years.
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