As part of its development finance interventions, Central Bank of Nigeria (CBN) on Thursday presented loans of N3 million each to 310 beneficiaries of the Youth Entrepreneurship Development Programme (YEDP).
The amount was meant to help them start their various business initiatives, according to Central bank governor, Mr. Godwin Emefiele during a ceremony to symbolically present cheques to the beneficiaries at the apex bank’s headquarters.
Represented by Deputy Governor, (corporate services) Suleiman Barau, the governor advised beneficiaries to make judicious use of the fund which he said was re-payable loans and not a grant.
You will recall that YEDP was introduced in March 2016 by the Bank as part of efforts to reduce the nation’s un-employment rate which had increased to 13.3 percent in second quarter of this year.
“The Programme was also to ensure that the creative energies of the over 64 million Nigerian youths are harnessed to stimulate growth, address restiveness and promote economic development.
“To realize this objective, the Bank in partnership with the National Youth Service Corps (NYSC) and Heritage Bank began the pilot seven months ago, to inspire and harvest the entrepreneurial abilities of Nigerian youths towards creating over 1 million direct jobs by 2020”, he said.
Source: Tribune
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