The Central Bank of Nigeria has announced its resolve to commence giving out loans to National Youth Service Corps members on completion of service.
The plan is aimed at encouraging entrepreneurship and reducing the spate of unemployment.
The CBN Governor, Dr Godwin Emefiele, said the plan was in the pipeline when he received in audience the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim, at his office in Abuja on Thursday.
Emefiele explained that to qualify for the loan that is expected to be repaid in seven years of receipt with a two moratorium, a prospective recipient must undergo a compulsory training programme on entrepreneurship organised by the CBN during service year, a statement released by the apex bank said.
It reads in part: “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(Emefiele) 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.”