Saturday, 12 December 2015

Central Bank of Nigeria to Empower 1 million Young Graduate for SME startup in 2016

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele has disclosed that Central Bank of Nigeria will be unveiling plan in the next few weeks on how to create employment for at least 1 million young graduate in 2016.
He however assured that the loan is a low interest loan.

He said, “We need to get more and more people to be employed, and we will need the support of the banks to begin to see how we lower our risk acceptance criteria to give support to our young graduates.

“In the course of the next few weeks, we will be unfolding a plan of support of the CBN to create employment for at least one million young graduates in Nigeria in 2016. That will entail support from Nigerian banks and our development institutions to see how we will channel these concessionary loans to companies that are MSMEs.”

He disclosed this during the opening ceremony of the seventh Annual Bankers' Committee retreat held in Lagos.

The CBN Governor also aknowledge that banks are not doing enough to support Small and medium Enterprise. He said, “We are entering a phase where we believe that the SMEs must be the only priority for growth in our economy. I must say that the Nigerian banking sector has not played an active part in supporting the SMEs, but this is not without reasons. We had issues in the past where people took loans and didn’t pay".

He acknowledge the SMEs as the driver of the Economy. He said “The SMEs are seen as drivers of growth in any economy. Nigeria has 37 MSMEs. The CBN has a N220bn MSME facility. We have used various approaches to stimulate lending to the SMEs through that fund and I must confess that we are not doing enough on that because less than half of that fund has been disbursed today.”

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