The Central Bank of Nigeria said it has put aside N2.5bn for individuals from the National Youth Service Corps with great business thoughts to actualise their fantasies.
The N2.5bn, which was set from the N220bn Micro, Small and Medium Enterprises Development Fund, the bank said, would be dispensed to the corps members under the Youth Entrepreneurship Development Program.
The CBN is focusing to make one million employments through the YEDP, which is an activity of the zenith bank dispatched on March 15 this year by the Governor, Mr. Godwin Emefiele.
The motivation behind the system is to address the difficulties of youth unemployment in the nation.
Under the YEDP, the C.B.N., in a joint effort with Heritage Bank Plc, will build up the entrepreneurial skills of the youths and in addition give each of them the sum of N3m to start a business.
The exercise to be secured under the system are new companies and development ventures in the rural quality chain, such as, (fish cultivating, poultry and snail cultivating), cabin industry, mining and solid minerals.
Others are tourism, expressions and specialties, Information and Communications Technology and some other action that might be controlled by the CBN.
Talking amid the occasion at the NYSC camp in Abuja on Thursday, Emefiele said the activity would empower the CBN to save the gigantic remote trade, which was right now being spent to import essential things.
He said every corps member is qualified for N3m, including that their discharge certificates and their degree certificates would be utilized as insurance to secure the advance.
He further said that , "It is not an award and it is an advance that must be reimbursed. We are resolved to offer backing to young people, and I really should thank the National Youth Service Corps, which has helped us to assemble the principal set of NYSC recipients with the goal that we can sustain them as youthful business people, not as individuals who go into the world searching for occupations.
"We need to support them as individuals who are building up the entrepreneurial soul and entrepreneurial aptitudes; as well as for the benefit of the nation.
Emefiele further said that the corps members would not default in reimbursing the credit inferable from the way that they would not have any desire to lose their degree certificates for N3m.
He included, "We don't suspect that any of them fizzles. Be that as it may, we have as guarantee their NYSC discharge certificates and in addition their degree certificates. We realize that our adolescents know the significance of their degree certificates and in addition their NYSC discharge certificates as insurance for this credit.
"I don't feel that some person who has a degree or HND certificate hoping to get productive job or a beneficial life will surrender his certificate or his NYSC discharge certificate since he needs to take a credit and not pay back."
The Director-General, NYSC, Brig.- Gen. Sule Kazaure, lauded the CBN for starting the system for the corps members.
This is indeed a welcome development. I hope the corps members will take advantage of this opportunity.
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