CBN approves N3m loan per beneficiary of YIEDP

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In an effort to reduce the unemployment rate in
the country, the Central Bank of Nigeria, said it
has approved the sum of N3 million credit line
to each beneficiary of Youth Innovative
Entrepreneurship Development Programme,
YIEDP.

The Governor of Central Bank of Nigeria, CBN,
Mr. Godwin Emefiele, who disclosed this during
the launch of the programme in Abuja, said that
a credit line of up to N3 million would be made
available to each eligible youth.
According to him, recipients who were on
records to have made good utilization of the
funds would be encouraged to migrate to other
CBN intervention schemes that would enable
them access more funds.
He said that the scheme was launched by the
bank in response to unemployment among the
youths in the country.
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.
He Added that the programme was open to
youth corps members and those with not more
than five years of post-NYSC experience.
‘’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.”

Skill acquisition and entrepreneurship
Speaking earlier, the Director General of the
National Youth Service Corps, NYSC, Brigadier
General Johnson Bamidele Olawumi, whose
organisation has joint hands with the CBN to
float the YIEDP, said ‘’The programme would
provide world class training start-up capital to
the youth corps members who have indicated
interest in skill acquisition and
entrepreneurship”.
He added that; ‘’ the programme was designed
to complement other inventions of the NYSC
such as the Skill Acquisition and
Entrepreneurship Development, SAED, founded
in 2012 and Graduate Entrepreneurship Fund,
GEF, launched in the collaboration with the Bank
of Industry, BOI”.
Olawumi urged corps members nationwide to
take advantage of the opportunity by coming up
with creative ideas and bankable business plans
that would qualify them to access the fund.
Also speaking, the Deputy Governor, Economic
Policy , Dr.(Mrs.) Sarah Alade said; ‘’the youth
entrepreneurship programme is very important
in view of the need to urgently and meaningfully
engage Nigerian youths, who now form over 70
percent of the population, in productive
activities.”
She expressed confidence that the programme
would boost job creation efforts in the country,
as well as evolve new crop young entrepreneurs
who will make Nigeria globally competitive,
eradicate importation of those goods that we
can produce locally and put the country on the
path of sustainable economic growth.
“This programme which in collaboration of
Heritage bank, in other to help Nigerian Youths,
knowing they hold the future of the country,
should embrace this programme in other to set
up empires to help nation building and growth
in the economy of the nation, which is aimed at
eradicating toughs in the country, in other to
make Nigeria youths more productive to our
nation.”

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