A total of 310 youths, including members of the National Youth Service Corps, on Thursday received N930m from the Central Bank of Nigeria to establish profitable ventures in different sectors of the economy.
Each of the youth, who emerged through a rigorous competitive process, received N3m under the Youth Entrepreneurial Development Programme. The first set of the loans was disbursed through Heritage Bank.
Speaking at the disbursement ceremony, the Governor, CBN, Mr. Godwin Emefiele, said the YEDP was introduced in March 2016 by the apex bank as part of efforts to reduce the nation’s un-employment rate, which had increased to 13.3 per cent in the second quarter.
Emefiele, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the programme was to ensure that the creative energies of the over 64 million Nigerian youths were harnessed to stimulate growth, address restiveness and promote economic development.
Emefiele said the central bank had commenced the YEDP with other Deposit Money Banks such as Sterling Bank Plc and Fidelity Bank Plc, adding that discussions were ongoing with other banks to open their portals for the programme in order to have a wider outreach and fund more small businesses.
The Managing Director, Heritage Bank, Mr. IfieSekibo, said the bank had received more than 7,000 applications for the second batch of the programme, adding that the lender would soon be meeting with the CBN to expand the reach of the programme.
Sekibo, who was represented by the Executive Director, Lagos & Southwest, Corporate Banking, Heritage Bank, Mrs. Mary Akpobome, gave an assurance that some issues raised by some of the beneficiaries would be addressed.
The Director-General, NYSC, Brig.-Gen. SuleKazaure, encouraged the beneficiaries to remain focused and ensure that the loans were repaid to make for the extension of similar facilities to other corps members.
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