Nigeria’s Apex Bank Offers Corp Members 7-Year Loans For Business
Nigeria’s Apex Bank has offered a 7-year tenured loan to members of the National Youth Service Corps (NYSC) to start Small and Medium Scale Enterprises (SMEs) through its skill acquisition training.
According to Dr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), the loans are for members of the National Youth Service Corps and are meant to start and sustain small and medium scale enterprises (SMEs).
Repayment is expected over a period of seven years.
Dr Emefiele, who stated this in Abuja while receiving the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim, in his office, noted that the loan was conceived out of the need to reduce unemployment rate in the country.
His Words:
“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 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.
“Emefiele assured the NYSC DG that the CBN National Microfinance Bank would also support interested corps members in business financing. He advocated the patronage of the Nigerian textile industry, which he described, as the largest employer of labour in the country in the 1990s.”
HOW TO APPLY
CBN requests that interested NYSC members should 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.
Upon completion of the training, the loans would be given to corps members to provide support for acquiring working tools and rent of business offices or workshops.
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