The CBN Governor, Dr Godwin Emefiele in Abuja while receiving the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim said that the Central Bankof Nigeria CBN will offer loans to National Youth Service Corps members to start small and medium scale enterprises, which they will repay in seven years.
He also noted that the loan was conceived out of the need to reduce unemployment rate in Nigeria.
Dr. Godwin went further by encouraging NYSC members to attend the bank’s entrepreneurship training centres so as 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.
He also 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.