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CBN to Grant Corps Members Loans to Be Repaid Within 7 Years

BellaNaija.com

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The Central Bank of Nigeria (CBN) has announced that it’ll offer loans to National Youth Service Corps (NYSC) members so that they can set up businesses to help curb the problem of unemployment in the country.

Punch reports that Godwin Emefiele, the CBN governor, made this known when he received Brig.-Gen. Shuaibu Ibrahim, the NYSC Director-General in Abuja.

Emefiele said interested applicants will have to attend the CBN’s entrepreneurship training centres “to acquire skills in various vocational areas for economic survival at the end of their national service instead of waiting for white-collar jobs.”

A statement by the NYSC on Thursday said that Emefiele added that upon completion of the training, the loans would be given to the participants to help them start their businesses.

The statement said:

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.

15 Comments

  1. Olubiyo John

    June 21, 2019 at 4:50 pm

    Hummmmm this is indeed a good idea its a progressive move for the Nigeria youths.dis to some extent will reduce unemployment problem across d the country thank u. God bless Nigeria youths,God bless CBN and God bless Nigeria

    1
  2. by_stander

    June 21, 2019 at 7:00 pm

    Wow…i am actually very amazed hearing this.

    I hope they dont provide loans and hide their contact details where nobody can access it. I also hope this funds will be spent within Nigeria and not used to import all sorts of things.

    Since nearly all the youth corpers before have had their businesses and ideas destroyed by rent-seekers.

    Most importantly i hope the bulk of this money does not simply go into the hands of Lawyers and Accountants, this one they have to train university graduates again (only God knows who trained Henry Ford,Bill Gates and Mark Zuckerberg)

    I don’t want to start calling names, but there is something crazy going on when a human being on their own can not make progress in their own country.

    Here we are talking about people above average that have completed university needing extra training…anyways i wish these young folks all the best of luck, we will continue to speak up against those who their only reason for existing is to enslave their fellow man.

    Its also my hope the funds provided is a very significant amount at least N10,000,000 per youth corper is good start. In which case, a very welcomed development indeed.

    1
  3. Zephaniah Agbaseni Akonye

    June 21, 2019 at 8:23 pm

    strong movement, it’s a nice idea May almighty God be our strength,God bless CBN. God bless our country Nigeria.

    1
  4. Shuaibu Abdulmalik

    June 21, 2019 at 9:17 pm

    This is a welcome development then what are the procedures please.

  5. Ibrahim Sanusi makuwana

    June 22, 2019 at 9:59 am

    indeed this is a welcome development..but at are the procedure and the prerequisites.. thanks in anticipation.

    1
  6. Ibrahim Sanusi makuwana

    June 22, 2019 at 10:03 am

    this is an awesome development but we need to know the procedure and prerequisites..and is it the only serving members or even the Early passed corpers.
    thanks

  7. 9jaBrainersNg

    June 22, 2019 at 10:51 am

    good to hear

  8. Purity

    June 23, 2019 at 10:47 am

    God bless Nigeria

  9. Scholarshiponline

    July 19, 2019 at 11:23 am

    Nice

  10. healthwish

    July 20, 2019 at 10:12 am

    Nice

  11. ProEntBlog

    July 29, 2019 at 10:46 am

    nice one

  12. Melodygist

    July 29, 2019 at 9:07 pm

    Nice

  13. Scholarshiponline

    July 29, 2019 at 9:08 pm

    I really like this

  14. 9jamyschool

    September 30, 2019 at 2:18 pm

    nice

  15. inodiacomedy

    October 9, 2019 at 3:15 pm

    nice one… congratulation guys

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