CBN earmarks N2.5bn for youth empowerment

The Central Bank of Nigeria (CBN) has flaggedoff its Youth Entrepreneurial Development Programme ( YEDP) with N2.5bn to be given out as loans to about 1,500 young Nigerian entrepreneurs in the first phase.

The programme which was flagged-off yesterday at the National Youth Service Corps (NYSC) orientation camp in Kubwa, Abuja, is in partnership with Heritage Bank Limited and the NYSC. Over 10,000 young Nigerians had applied to participate out of which about 1,500 have qualified. The programme targets 1 million direct employments in the next four years if the pilot phase is successful. The target is for youths within the age of 18-35 years with NYSC certificates and their degree or HND certificates as the collateral to benefit. Beneficiaries will get a maximum of N3m loan at single digit interest rate.

Addressing the 180 qualified participants from the Abuja centre, the CBN governor, Mr. Godwin Emefiele, said the initiative was part of the bank’s efforts to build budding entrepreneurs who will boost the productive sector of the economy and support the bank in building local self-sufficiency.

He said the programme was launched simultaneously in seven locations across the country and Abuja. A breakdown of the benefiting participants include; Abuja 180 (North Central), Plateau 130 (for North East due to security concerns), Katsina 208 (North West), Enugu 160 (South East) Akwa Ibom 207 (South South), Osun 271 (South West) and Lagos 179 (South West).