Unemployment: CBN promises seven-year loans for corpers

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

The CBN Governor , Dr Godwin 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 .

Emefiele added that the 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.

”According to a release by the NYSC on Thursday, Emefiele added 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 .

The statement added , “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 1990 s . ”

The NYSC DG noted that the visit was to enhance more “ robust collaboration with the bank in the area of empowerment of corps entrepreneurs . ”

Ibrahim requested the CBN ’ s support for the provision of more zonal skills acquisition centres and modern equipment for the NYSC farms located in various parts of the country .