The Central Bank of Nigeria (CBN) has launched the Youth Innovative Entrepreneurship Development Programme (YIEDP) to assist in the real sector of the economy and job creation effort.
The programme would provide timely and affordable credit to assist youths in implementing their business ideas like Agriculture, ICT business centers programming, productions and so on. Thereby providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness.
The first phase of the programme will target 10,000 youths in productive activities within the next four years. The programme was open to youth corps members and those with not more than five years of post-NYSC experience.
Collateral requirements for the participation in the programme include academic and NYSC certificates, third party guarantees and other moveable assets as collateral for all the successful candidates.
Corps members nationwide are advised to take advantage of the opportunity by coming up with creative ideas and bankable business plans that would qualify them to access the fund.
A 3 day camping and program is set to enlighten the interested candidates on how to use the loan. The loan is maximum 3 million naira.
Training allowance is two thousand Naira (2,000) for people from Lagos, and three thousand two hundred Naira(3,200) for people outside Lagos.
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