Wednesday, July 13, 2016

CBN To Create 1Million Jobs In 4years

In an effort to reduce the frightening unemployment rate in the country, the Central Bank of Nigeria, says it has approved the sum of N3 million credit line to each beneficiary of the Youth Innovative for Entrepreneurship Development Programme, YIEDP.
The Central Bank of Nigeria also said its Youth Entrepreneurship Development Programme targets one million direct jobs in productive sectors of the Nigerian economy in 4 years.

The Central Bank of Nigeria will disburse the fund in collaboration with Heritage Bank Plc. The apex bank stated this at the end of a three day training of over 1,500 corp members in 6 centers across the country. In an interview, the CBN Governor, Mr. Godwin Emefiele, stressed that the programme would provide timely and affordable credit to assist youths in implementing their business ideas, thereby providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness.

 The Governor spoke on the scheme: “Under our Micro Small and Medium Enterprise is two hundred and twenty billion naira. We are saying that is the global amount, the gross amount we will lend under the enterprise. But for this scheme we are starting with Heritage bank, with about 2.5billion naira. “Each participants under this program haven successfully gone through the training will be entitled to an amount not above three N3million naira, and I can assure you that with N3million naira, our youths can assess this fund and use them for business.

 “We are very optimistic and that is why we have been saying that our youth should display the highest level of probity, their character must remain sound to the extent that they take the loan and pay back their loan. It is very important that this is emphasized, it is not a grant but a loan. “We are determined to give support to the youths and I must truly thank the National Youth Service Corp, who helped us to put together some of this first set of NYSC both present and some past members so that we can nurture them as young entrepreneurs, nurture them not as people who go into the world looking for jobs but nurture them as people who are developing their entrepreneurial skills not only for their good but also for the good of the country.”

He however enjoined the beneficiaries of the loan to make sure they pay back the loan. A serving Corp member from Ilorin-Kwara state, Ibrahim Babangida who intends to expand his agro-fishery project commended the CBN, NYSC and Heritage bank for providing Nigerian youths with such a platform to be gainfully productive. “The three-day entrepreneurial training has equipped me with the much needed insight on how to write business proposals and solve the funding gap bedeviling many potential entrepreneurs in the country. My intention is to develop and grow my agro fishry business in Ilori,” he said.

 Another participant, an ex-Corp member from Minna Niger state, Shamsudden Nuhu said when the fund is approved it will enable him procure more IT equipment for his business centre to improve the quality of service, especially for those preparing for Computer Based exams such as Jamb. The pilot phase of the YIEDP sponsoredthe by the CBN took place simultaneously in 7 centres of Akwa Ibom, Enugu, Osun, Lagos, Plateau, Katsina and the FCT for Corp members selected from the 36 states and FCT. According to the Apex bank, the collateral required for the participation in the programme, include, academic and NYSC certificates, third party guarantee and other movable assets as collateral for all successful candidates

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