CBN targets one million jobs through youth entrepreneurship programme

Ifeanyi Onuba, Abuja
The Central Bank of Nigeria said it is targeting a total of one million
jobs through its Youth Entrepreneurship Development
Programme.
The Director, Development Finance Department, CBN, Mr
Mudashiru Olaitan, said this on Thursday while speaking at the
opening session of a three-day programme for the first set of
applicants of the YEDP.
He said the programme was one of the initiatives of the apex
bank which was inaugurated on March 15 this year by the CBN
Governor,Mr Godwin Emefiele to address the challenges of youth
unemployment in the country.
Under the programme, the apex bank in collaboration with
Heritage Bank Plc would develop the entrepreneurial capacity of
the youths as well as provide them with funds up to N3m each.
Olaitan said following the launch of the scheme, a total of about
10,000 entries were received with 4,833 completing their
allocations with Heritage Bank Plc.
He said out of the 4 ,833 completed applications, 1547 were
successful and would benefit from the capacity building
programme nationwide.
He said the activities to be covered under the programme were
startups and expansion projects in agricultural value chain (fish
farming, poultry, and snail farming), cottage industry, mining
and solid minerals.
Others are tourism, arts and crafts, information and
communications technology and any other activity that may be
determined by the CBN.
This, according to him, would enable the bank conserve the huge
foreign exchange which had been spent on importing food items.
Olaitan said, “This is a unique programme that seeks to unleash
the latent entrepreneurial skills among our teeming youths,
harness their energy and passion and ultimately groom them into
leading entrepreneurs in various fields.
“The programme was developed to strategically deploy our
youthful resources for maximum economic development.
“Successful applicants will also benefit from a robust post-
disbursement support that include business development
support, mentoring and attachment programmes.”