The Central Bank of Nigeria on Tuesday launched an empowerment scheme aimed at creating a new set of entrepreneurs among members of the National Youth Service Corps and fresh graduates.
The CBN Governor, Mr. Godwin Emefiele, who launched the Youth Initiative Entrepreneurship Development Programme for corps members, said the scheme would be implemented by the central bank and Heritage Bank.
He said the initiative would enable serving corps members as well as fresh graduates with good business ideas to assess N3m to start up their business.
The governor stated that while the loan would be given to corps members at single digit interest rate, they would be required to deposit their NYSC discharge certificates as collateral for the credit facility.
According to him, the bank is targeting 10,000 youth corps members in the pilot phase of the scheme, adding that this would help to create about one million direct jobs in the next four years.