CBN Approves N3m Credit Line To Each YIEDP Participant

The Central Bank of Nigeria (CBN) has approved the N3 million credit line for each beneficiary of Youth Innovative Entrepreneurship Development Programme (YIEDP). Mr Godwin Emefiele, the

 governor of CBN, made this announcement during the launch of the programme in Abuja. According to the governor, the loan would be available to each youth corps member and those with not more than five years of post-NYSC experience. Moreover, those recipients who manage funds most
effectively would be given possibily to switch to other CBN intervention schemes that give access to more funds. Emefiele said: “The alarming figures coming from the Nigeria 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, could not be allowed to degenerate further, given the bright ideas and big dreams to the youth. To this effect, the CBN initiated programme would provide timely and affordable credit to assist youths in implementing their business ideas, and will target 10,000 youths in productive activities within the next four years.