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CBN awards N5m loans to graduates under new scheme

“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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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Thursday, launched the Tertiary Institutions Entrepreneurship Scheme designed to tackle underemployment and unemployment in the country.

Emefiele, at the launch in Abuja, also presented loans ranging from N4.1m to N5m to graduates who 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.

He noted that it had become imperative that government at all levels put in place policy measures to support entrepreneurial development among youths amid the lack of adequate employment opportunities.

The governor said 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 added: “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.”

Techeconomy.ng previously reported that the CBN said it had disbursed N41.2bn under its intervention programme dubbed, ‘The Nigerian Brown Revolution.‘

This was contained in a statement released from the last Monetary Policy Committee meeting in Abuja.

The Brown Revolution, according the CBN, seeks to save $2 billion spent on importing five million metric tons of wheat annually.

Commenting on the revolution, Godwin Emefiele CBN Governor said:  “The bank also disbursed the sum of N41.2 billion for the commencement of the brown revolution, a large-scale wheat programme to wean us off imports by 35% in the first year.”

Emefiele added that the bank had disbursed a total of N864 billion to 4.1 million farmers who cultivated 5.02 million hectares.

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