LAGOS (Sundiata Post) – The Central Bank of Nigeria (CBN) has launched the Youth Innovative Entrepreneurship Development Programme (YIEDP) in furtherance of its intervention in the real sector of the economy and job creation effort.
In a statement available to Sundiata Post, the Central Bank Governor, Mr. Godwin Emefiele, said the programme was aimed at harnessing the teeming youth population in the country to propel that demography to the much-needed economic recovery.
Emefiele, who decried the alarming figures coming from the Nigerian Bureau of Statistics (NBS), which put the number of Nigerian youths in the labour market at 36.3 million, representing 48 percent of the entire labour force, said the situation could not be allowed to degenerate further, given the bright ideas and big dreams of the youth.
The CBN governor however stressed that the programme would provide timely and affordable credit to assist youths in implementing their business ideas, thereby providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness.
According to Emefiele, the pilot phase of the programme will target 10,000 youths in productive activities within the next four years. He added that the programme was open to youth corps members and those with not more than five years of post-NYSC experience.[pro_ad_display_adzone id=”70560″]
He revealed that a credit line of up to N3 million would be made available to each eligible youth, while recipients who were on records to have made good utilisation of the funds would be encouraged to migrate to other CBN intervention schemes that would enable them access more funds.
On collateral requirements for the participation in the programme, Emefiele explained that the Bank would make such assets including academic and NYSC certificates, third party guarantees and other moveable assets as collateral for all the successful candidates.
The YIELD initiative is believed to be a timely intervention in view of the need to urgently and meaningfully engage Nigerian youths, who now form over 70 percent of the population, in productive activities. The programme, will further improve access to finance and markets, foster trade and investments, and enhance the ability of young entrepreneurs to more effectively tap the opportunities offered by the programme and global production value chain.
The Youth Innovative Entrepreneurship Development Programme (YIEDP) is being implemented in collaboration with Heritage Bank and the National Youth Service Corps (NYSC).