Unemployment: CBN Pledges Seven-Year Loans For Corpers

The Central Bank of Nigeria said it has completed arrangement to offer loans to National Youth Service Corps members to commence small and medium scale enterprises, which they will repay in seven years.

The CBN Governor,  Godwin Emefiele, stated this in Abuja while receiving the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim, in his office.

 Godwin Emefiele said that the loan was conceived out of the need to reduce unemployment rate in the country.

He noted that the NYSC members should endeavor to attend the bank’s entrepreneurship training centres “to acquire skills in various vocational areas for economic survival at the end of their national service instead of waiting for white-collar jobs.”

 Emefiele explained  that upon completion of their training, the loans would be given to corps members to provide support for acquiring working tools and rent of business offices or workshops.

According to him, “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.

The NYSC DG Brig. Gen. Shuaibu Ibrahim said that the visit was to enhance more “robust collaboration with the bank in the area of empowerment of corps entrepreneurs.”

The NYSC DG appeals for the CBN’s support for the provision of more zonal skills acquisition centers and modern equipment for the NYSC farms located in various parts of the country.