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CBN Promises Seven-Year Loans For Corpers – How To Partake

The Central Bank of Nigeria has said it will offer loans to National Youth Service Corps members to start small and medium scale enterprises, which they will repay in seven years.

The CBN Governor, Dr Godwin Emefiele, who stated this in Abuja while receiving the NYSC Director-General, Brig. Gen. Shuaibu Ibrahim, in his office, noted that the loan was conceived out of the need to reduce unemployment rate in the country.

Emefiele added that the NYSC members should attend the bank’s entrepreneurship training centres “to acquire skills in various vocational areas for economic survival at the end of their national service instead of waiting for white-collar jobs.”

According to a release by the NYSC on Thursday, Emefiele added that upon completion of their training, the loans would be given to corps members to provide support for acquiring working tools and rent of business offices or workshops.

The statement added, “The Central Bank of Nigeria has expressed willingness to provide further opportunities of self-employment for corps members through its skill acquisition training. The CBN governor explained that upon completion of training, beneficiaries would get the cumulative value which represents a loan that would be repaid within seven years with a two-year moratorium.

“He recalled that an earlier programme, the Youth Entrepreneurship Development Programme was launched by the bank in 2016 and served as a springboard for the empowerment of corps members and other youths for self-employment and wealth creation.

“Emefiele assured the NYSC DG that the CBN National Microfinance Bank would also support interested corps members in business financing. He advocated the patronage of the Nigerian textile industry, which he described, as the largest employer of labour in the country in the 1990s.”

The NYSC DG noted that the visit was to enhance more “robust collaboration with the bank in the area of empowerment of corps entrepreneurs.”

Ibrahim requested the CBN’s support for the provision of more zonal skills acquisition centres and modern equipment for the NYSC farms located in various parts of the country.

About Lola Princess

I am Lola Princess and am from Earth. I am from somewhere in Osun State, raised in Lagos, based in Lagos. I love making friends and blogging. Am your NYSC Google Assistant and am always here.

6 comments

  1. Mudassir Mahmud

    Sir how a cops member can apply 4 this loan

  2. Lisa Blessing Akor

    Well-done Lola Princess, there was a mistake in my date of birth. I used d change DOB Link, bought inserted my pin a d uploaded my waec result with the correct DOB nd submitted over 2weeks now,before stream 1 went to camp. But up till now no response and nothing has been done about it. What do u advise I do pls?

  3. Good morning and happy new month at Lola, the date of birth on my WAEC and NYSC registration portal is the same 1994 but I want to change that of NYSC to 1995, if I purchase the WAEC scratch card and use it for the NYSC change of date of birth, will my date of birth change from 1994 to 1995 on NYSC Portal?

  4. Abdulkadir Adanlawo

    How can a corps members apply for this loan?

  5. How can a corp member apply for the loan Lola?

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