The Central Bank of Nigeria has revealed that it will provide loans to National Youth Service Corps members to begin small and medium scale enterprises, which will be paid in seven years.
CBN Governor, Dr Godwin Emefiele disclosed this in Abuja as he received the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim, in his office.
He said the loan is their own way to decrease joblessness in Nigeria.
A statement from CBN read, “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.”
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