CBN, Heritage Bank youth scheme disburse N774m to 310 beneficiaries

The Central Bank of Nigeria (CBN) and Heritage Bank Plc, in conjunction with the National Youth Service Corps (NYSC) disbursed N774 million to 310 beneficiaries under the Youth Innovative Entrepreneurship Development Programme (YIEDP).

Speaking at the flag-off ceremony for the disbursement of funds to young entrepreneurs under the YIEDP, the CBN Governor, Godwin Emefiele, commended Heritage Bank for its painstaking effort to buy into the vision of job creation and piloting the programme to a successful stage.

The governor, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the CBN in partnership with Heritage Bank and NYSC instituted the programme to reduce the alarming rate of unemployment affecting over 16 million youths in the country.

He said the access to credit through this platform would be a powerful instrument to grow businesses and the economy.
He noted that the YIEDP was part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.

Emefiele, who affirmed that the programme would have a multiplier effect on job creation and economy, urged all the beneficiaries to make judicious use of the fund.

He added that the YIEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.
He also assured the business community that the CBN would continue to provide enabling environment.