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Friday 1 July 2016

CBN TO SPEND N3 MILLION NAIRA ON LOANS FOR NYSC MEMBERS.

As part of its agenda to aid the Federal Government in poverty
alleviation the CBN has announced that it will start issuing loans out
to the beneficiaries of the Youth Innovative Entrepreneurship
Development Programme-YIEDP. The YIEDP is a youth empowerment
programme that was launched by Central Bank of Nigerian in
collaboration with the Federal Government. And during the launching in
Abuja back in March, the governor of the apex bank had disclosed to
those present that the sum of 3 million naira had been set aside to
sponsor the a credit line that would empower youths financially.
Governor Godwin Emefiele also said that individuals who had made
good use of the funds will be qualified to migrate to other credit
schemes from CBN and access more funds. He said that the effort was a
response to the alarming rate of unemployment in Nigeria, especially
among youths. Speaking further, he stated that 48% of the Nigerian
population was made up of unemployed youths.
The programme will be on for the next four years and will be open
to youths currently serving as members of the National Youth Service
Corps and also those with not more than five years post-NYSC
experience. Through the programme CBN has the target to reach out to
as many as 10,000 youths empowering their ideas and helping them
achieve their dreams with the funds.
The CBN governor also made emphasis, insisting that the funds was
not a grant, but a loan that must be repaid, and so collateral would
be attached to it. The collateral will be inform of NYSC
certificates,degree certificates, moveable assets and third party
approval. The loan, according to the governor will seek to nurture the
Nation's next generation of successful entrepreneurs.
APPLY FOR CBN ENTERPRENEURSHIP LOAN FOR YOUTHS AND CORPERS.
CBN is in a partnership with Heritage Bank PLC for the Youth
Innovative Entrepreneurship Programme(YIEDP). The following categories
of youths are qualified as beneficiaries of the loan:

*Serving youth corps members.(Currently serving members of the NYSC).
*Non-NYSC Members(Not more than 5 years after NYSC).
Approved business sectors:
*Manufacturing/cottage/conversion industry
*Agro-Allied industry
*Construction support
*Education and Financial consultancy
*Film cinematography and photography
*Automobile and mercenary
*Information and communication Technology.
& others.
Note also that applicants must be aged(18-35) years.
Interested and qualified persons should apply at the online portal
here: http://www.yiedp-hbng.com/
(Please if it doesn't click, copy and paste the address on your address bar)
Applicants can also track the approval process on the portal.
Applicants can apply as single individuals or as a group(between 3-5
persons) of the same idea. Applicants who apply in groups will gain
access to more in loan facility.
Graduates will have to submit their degree certificates and NYSC
discharge certificates. Graduates currently serving will have to
submit their degree certificate and pledge their NYSC discharge
certificate.
Please for more info visit their portal @http://www.yiedp-hbng.com/
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