The pilot phase of the Youth Entrepreneurship Development Programme (YEDP) was flagged off yesterday and it's aimed at empowering 1,500 youths between the age of 18 and 35 with a total of N2.5bn loan with a single digit interest rate.
The CBN Governor, Godwin Emefiele, said that the inability of Nigerian youths to access funding for businesses had been the bane of entrepreneurship. Beneficiaries used their NYSC and Degree certificates as collaterals. YEDP aims at creating one million direct jobs in the productive sectors of the economy within four years.
Some of the qualified business sectors are agro-allied, food processing and preservation, construction support, ICT and arts and crafts.