The governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele made the announcement today stating that the purpose of the fund is to empower eligible youths under the Youth Initiative Empowerment Development Programme (YIEDP) which was launched Tuesday, 15th March.
The programme is open to youths who are either serving in the National Youth Service Corps or those who have not spent more than 5 years post NYSC service, thereby fixing the problem of inadequate finance often encountered by business start-ups.
And recipient that utilise the funds properly can be encouraged to migrate to the other CBN interventions wherein they access more funds.
He said that N210 billion has been set aside for the programme and a robust operational framework to deliver a bias-free qualification and selection process, has also been developed.
CBN is targeting 10,000 youths with the aim of creating one million direct jobs within the next 4 years. CBN in collaboration with NYSC came up with the initiative.
He said commending the efforts of the DG of NYSC, Brig Gen Johnson Olawumi, and the Chairman of Heritage Bank, Mr Akinsola Akinfemiwa, for their commitment to the programme.
The NYSC DG on his own part said YIEDP is focused on providing world class training and start-up capital to corps members who had indicated interest in Skill Acquisition and Entrepreneurship (SAED). He explained that corps members who intend to access the fund are expected to undergo a world class entrepreneurship development training facilitated by CBN and heritage bank.
The collateral for accessing the fund is simple. Applicants will submit electronically, a bankable business plan as well as provide a reliable guarantor and their NYSC certificates will serve as collateral.