The apex bank said the
recent NYSC members with good business ideas and entrepreneurial skills can now
access N2.5 billion loans at single digit interest designed to keep them in
business.
Speaking at the kick-off of
the training of the first batch of applicants under the Youth Entrepreneurship
Development Programme (YEDP) in Abuja, the CBN Governor, Mr Godwin Emefiele,
said: “Each Corps member is entitled to a maximum of N3 million, their degree
certificates and their NYSC discharge certificates which should not be more
than five years will serve as their collaterals.”
He, however, cautioned the
corps members to exhibit the highest level of probity and responsibility in
paying back the loan as none of them would like to toy with his degree
certificate or NYSC discharge certificate. He stressed that repaying the loan will ensure that they can
reapply for more financial support as well as make money available to future
generation of corps members that will benefit from the revolving facility.
The programme, he said, is
intended to create one million jobs warning that the facility “is not a grant
but a loan that must be repaid.”
Emefiele said: “We do not
anticipate that any of them fails. The
reason is because Nigeria is not the only country where small and medium
enterprises loans have been granted (loans). It has been successful in
different countries.”
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