CBN launches scheme to loan tertiary graduates N5m

Factual Pursuit of Truth for Progress


The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has launched the Tertiary Institutions Entrepreneurship Scheme aimed at tackling underemployment and unemployment in the country.

The launch was held in Abuja on Thursday where Emefiele presented loan sums between N4.1m to N5m to graduates who had applied and were selected.

“The scheme, developed in partnership with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation,” he said.

The CBN governor added that it had become necessary for the government at all levels to put in place measures to support entrepreneurship among youths in view of the lack of adequate employment opportunities.

“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.” he said.

Emefiele added that, “The ecosystem should provide support in re-orientating, training, and providing a financing model apt to the peculiarity of the sector within which the businesses operate.”


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