Business & Finance

CBN Earmarks N10m For Corps Members Under YIEDP Scheme


The Central Bank of Nigeria (CBN) has set aside about N10 million to support corps members and ex-corps members that are not more than five years post-service experience, under the Youth Innovative Entrepreneurship Development Programme (YIEDP).

The CBN governor, Mr.Godwin Emefiele, disclosed this in Abuja yesterday at the launch of YIEDP in conjunction with the CBN.

According to him, the programme, which targets 10,000 youths, is initiated to promote entrepreneurship and self reliance among Nigerian youths. The director-general of the National Youth Service Corps (NYSC), Brigadier General Johnson Olawumi also sought for the initiation of policy that promotes and mandates the patronage of locally made goods.

Olawumi said a situation where corps members remain at the mercy of buyers after striving to produce a product is not encouraging. He noted that the Federal Government FG expends a huge sum training corps members on skills and acquisition, while empowering them with loans which cannot be accounted for, due to low patronage.

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Olawumi said: “I commend the CBN on it policy on the use of forex which has encouraged local producers to work hard but it is painful, when the FG spent money in training the youth, especially the corps members on entrepreneurship and also give loans only for the corps members not to be able to meet up because their goods are not being patronized. FG should make policy to make the patronage of made-in-Nigeria goods compulsory.

“The scheme has trained over 500,000 ex-corps members in various agro-based skills. Unfortunately not all these were empowered to start up the business as the challenges have always been inadequate access to fund.’

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