Central Bank of Nigeria (CBN) is to give three million naira each to empower eligible youths under the Youth Initiative Empowerment Development Programme (YIEDP), the Governor, Mr Godwin Emefiele, has said.
Emefiele made the disclosure at the launch of YIEDP in Abuja on Tuesday. He said “the programme is open to youths who are either serving in the National Youth Service Corps or those who have not spent more than five years post NYSC service.
“Credit line will be made available up to three million naira to each eligible youth, thereby fixing the problem of inadequate finance often encountered by business start-ups.
“And receptions that utilise the funds properly can be encouraged to migrate to the other CBN interventions wherein they access more funds.’’ Emefiele said that N210 billion had been set aside for the programme and added that the collateral for accessing the fund was simple.
“It will include assets, such as academic and NYSC certificates, third party guarantees and other movable assets. “This programmes will be an equal opportunity programme across gender and geo-political zones and we have developed a robust operational framework to deliver a bias-free per-qualification and selection process.’’
He said that CBN was targeting 10,000 youths with the aim of creating one million direct jobs in productive activities within the next four years. According to Emefiele, the National Bureau of Statistics says that there are over 36.3million youths in Nigeria’s labour force out of whom 13.6 million are either underemployed or unemployed.
He noted that many talented youth in the country were constrained by seed funding which was very scarce. He explained that to address the situation, CBN in collaboration with NYSC came up with the initiative.
The CBN governor commended the efforts of the Director-General of NYSC, Brig Gen Johnson Olawumi, and Mr Akinsola Akinfemiwa, Chairman, Heritage Bank for their commitment to the programme.
Also, the NYSC director-general said YIEDP focused at providing world class training and start- up capital to corps members who had indicated interest in Skill Acquisition and Entrepreneurship (SAED). Olawunmi said the initiative was designed to complement the other interventions in funding corps members’ proposals under the NYSC SAED programme.
He explained that since the inception of SAED, the NYSC scheme had trained over 500,000 ex-corps members in various agro-based skills but not all were empowered due to inadequate funds. He noted that under the new concept of YIEDP which had liberalised the lending terms, corps member entrepreneurs would enjoy unhindered access to start-up funds.
He explained that corps members who intended to access the fund were expected to undergo a world class entrepreneurship development training facilitated by CBN and heritage bank. “
They will submit electronically, a bankable business plans as well as provide a reliable guarantor and their NYSC certificates will serve as collateral for beneficiaries,’’ he said. He admonished serving corps members to take advantage of the opportunity by coming up with creative ideas and bankable business plans which could make them access the fund.
In his remark, the Chairman of Heritage Bank Akinfemiwa, said the major partners to the programme were NYSC members and urged them to strive to be employers of labour and not job seekers.
Akinfemiwa also urged the youths to generate good ideas as it was the only way to ensure that the money that would be given to them was properly used. Click to signup for FREE news updates, latest information and hottest gists everyday
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The government should not allow this CBN governor to float any program like this,though the initiative is laudable,he is not responsible and morally competent enough to manage it.Where was his brains during the last administration that appointed him.The government should centralized all programmes geared towards youths development and sponsorships through Labour Ministry.CBN cabals are looking for another avenues to loot
ReplyDeleteYou are a fulani cattle rearer. Go and stop him. cow brain.....
DeleteHe has a very valid point bro. Hed's jst viewing it from an aspect u're probably too naïve to see
DeleteU have that cow brain dats why u don't reason like a human
DeleteWe pray for God guidance n wisdom to do d gud things d govt intend to do not just to the youth but the entire masses. Amen
ReplyDeleteWhat is the criteria for selection of these youth? Another avenue for corruption and settlement of political allies . It is sad and they claim that they are fighting corruption. This is a dump policy that lacks any reasonable direction.What is it meant to achieve? You just give out money? Create the enabling environment that support small business first.No water, no power, Forex nko! Triple taxation & over taxation, Bank charges excessive, insecurity and the government want to dash out money ....Apx is a fraud and badluck to Nigeria.
ReplyDelete@Garba
ReplyDeleteThat is why people like you are likely to remain stagnant. Read more about opportunities like this and take advantage of them rather than sit on your house and make unsubstantiated accusations about programmes you no next to nothing about.
Yes, I can understand where you are coming from. Mind you nothing like Buttom power in Baba's government ooo!
DeleteSit on your house????dats nice...
DeleteWhen you wear a negative Google every good thing appears to be evil.. renew your minds folks.. and start believing in a better day for nigeria.. see the positive sides.. what we reference more is what we will experience more.. if we sing corruption on every new innovation that's what we will get.. Youths we can be optimistic.. and that's the way forward.
ReplyDeleteKeep deceiving yourself. Maybe you feel that cos of your closeness to people in authority, you stand a chance for the money even though you have nothing to recomend you for.
DeleteMy only problem is the interest. Muslims are not suppose to give or take interest.
ReplyDelete