CBN Unveils Empowerment Plan For Corps Members

The Central Bank of Nigeria (CBN) has expressed its willingness to provide further opportunities of self-employment for Corps members through its skill acquisition training.

CBN Governor, Mr. Godwin Emefiele, gave the assurance when the Director-General of the National Youth Service Corps, Brigadier General Shuaibu Ibrahim paid him a courtesy visit in his office.

Emefiele, who stressed the need for  sustained efforts at reducing the   rate   of unemployment,   said   interested   Corps   members   could   attend   the   CBN entrepreneurship training centres to acquire skills in various vocational areas for economic survival at the end of the National Service instead of waiting for white collar jobs.

Such   arrangement,   he   added,   would   empower   Corps   members   for   the establishment of small and medium enterprises, and contribute to the growth of the economy.

The   CBN   Governor   explained   that   upon   completion   of   training,   beneficiaries would  benefit   in   kind  from   working  tools   and  support   for renting   of   business offices or workshops, the cumulative value of 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  to  serve   as  a   springboard  for empowerment of Corps members and other youths for self-employment and wealth creation.

Emefiele assured that the CBN National Microfinance Bank would also support interested Corps members in business financing.

He used the occasion to advocate patronage of the Nigerian textile industry, which he described as the largest employer of labour in the country in the 1990s, as a way of providing more jobs for Nigerians and further developing the economy.

Earlier,   the   Director-General   of   NYSC,   Brigadier   General   Shuaibu   Ibrahim, praised the CBN for its development finance programmes, noting that the Scheme enjoyed robust collaboration with the Bank in the area of empowerment of Corps entrepreneurs.

Shuaibu said NYSC remained determined to complement the efforts of the Federal Government   in   stemming   the   tide   of   youth   unemployment;   hence   the reinvigoration   of   the   Scheme’s   Skill   Acquisition   and   Entrepreneurship Development programme remained one of the top priorities of his administration.

He therefore sought the support of CBN for the Scheme through the provision of more zonal skills acquisition centres of the type constructed and equipped for the North East in Gombe with the support of Access Bank.

The Director-General also requested the support of the CBN in the provision of modern equipment for the NYSC farms located in various parts of the country and the Scheme’s garment factories, which all served as training grounds for Corps members.

Shuaibu congratulated the CBN Governor on his reappointment, and wished him success in the discharge of his responsibilities.

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