Thursday, 17 March 2016

[Nigeria] CBN sets up special funds to support Youth Entrepreneurship

The Governor of Central bank of Nigeria says Nigeria's apex bank will make available a special credit line of up to N3 Million Naira to support Youth entrepreneurship in Nigeria.

According to TVC news, Mr Emelife said the launch of the Youth Innovative Entrepreneurship Development Programme is an initiative designed to unlock the ingenuity and resourcefulness of youths to drive the economy.

Under a new pilot scheme, about 1000 Nigeria youths will be targeted to help create about one million jobs in the next four years.

The programme which will be an equal opportunity program across gender and Nigeria's six geo-politcal zones will be open to youths who are either serving in the National Youth Service Corps or those with not more than five-years post NYSC service.

Mr Emelife said the special fund will help alleviate the problem of start-up finance which is widely identified as one of the factors that hinders the growth of entrepreneurship in transitioning economies.

It could be recalled that the CBN signed N220Billion SME fund with State Governments last year to ensure wealth creation and poverty reduction in Nigeria, but the modalities for disbursing the loan is still generating controversy especially among the Governors.(http://ow.ly/zxUN3 )


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