CBN promises seven years loans for Corps members

The Central Bank of Nigeria (CBN), has said it will offer loans to National Youth Service Corps (NYSC) members to start small scale business, 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.”

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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.

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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 also noted that the visit was to enhance more robust collaboration with the bank in the area of empowerment of corps entrepreneurs.

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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. SEE ALSO: How to apply for NYSC/CBN business loan

Updated: June 1, 2020 — 7:16 pm

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Add a Comment
  1. Adoye Simon Agbomile

    I need the loan to start up business

  2. Joyful Tamunodikipiriye

    Am a corps member, I have a mini business center, I need this loan to make it standard. Thanks

  3. I’m now ex Corp member pls am interested in the loan.

  4. How can I locate the CBN centers for the training?

  5. Aliyu Auwalu Danzaki

    I’m 2019 Ex-corper pls I need these loan, cos I’m at home doing nothing and I want start small business but I don’t have the means to start it.

  6. Am a corp member dealing in small business of buying and selling female clothes I will like to have more capital to enhance my business.thanks

  7. I am an ex-corps member. Please I urgently need cash to support and develope my Polythene factory. In anticipation for directions, I appreciate you for creating a forum as this. Thank you.

  8. Pls I really need a capital to start up my business plan,Am an ex-corp just past out.

  9. Usaini Bello Koya

    Am ex-coper I hve a business idea but I needing capital

  10. Have seen any one that has collected the loan before. Because all this thing can be a scam, Nigeria herself is a scam

  11. Please for those of us that are having exemption letter can we apply for the loan

    1. It is for corps members and ex-corps members. However, nothing stop you from applying to try luck

      1. I need pls how can I apply for it

  12. Andy Ukwenya Gabriel

    I am an ex corps member who’s highly interested in this loan to start my business. I just finished my service last month, I will be glad if am included in this move to help the graduate

  13. Lawal fatai ayodeji

    I’m now ex coper, am also intresting in the loan and i have a better plan for the money i have been leaning production throughout my school days now that am through with my service year starting production on my own is my goal and ambition so i need capital to execute this business. Please i need this loan to start with something

  14. Odebamike joshua oloruntoba

    The govt are just too useless and shameless for saying they would give we corp members loans instead of them granting us atleast minimum of #1,000,000 so that we can establish ourselves after service year. But instead they wants to steal from us and take back the alawee in a tricky way. C.B.N governor please you guys should re think to secure a better future for we the youths of this country. I rest my case.

  15. I am interested if I will be given the chance. I can open up food processing in a big way and also employer people as well.

  16. Iam a copper and I have a business idea all I need is capital.

  17. Am a corp members I have besiness idea which capital is my problem

  18. same here with me i want establish a business

  19. I am a serving Corp member, I have a business idea all I need is capital to start something small.

    1. Haruna, Muhammad auwal

      And here I am
      Am also fighting how to get capital

      1. I’m also interested in securing the loan,so how do I go about obtaining the loan?

  20. how about corp members who participated in one of these trainings and just passed out. can we possibly get any of these loans

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