Young people are eligible to obtain loans of up to N10 million when they participate in the Youth Entrepreneurship Development Programme (YEDP).
YEDP is an initiative of the Entrepreneurship Development Centre (EDC), Central Bank of Nigeria (CBN), National Youth Service Corps (NYSC) and Sterling Bank.
“Nigeria has one of the highest youth unemployment rates in the continent. Beyond the entrepreneurship training we do at the EDC, there is the need to to support youths to set up their own businesses and employ others instead of waiting endlessly to be employed,” said Dr Olumide Ajayi, Head of EDC, Southwest.
“Individuals who go through YEDP are eligible for loans of up to N3million post-training; partners can access N10 million. The loans are collateral-free. It comes with only 9 per cent interest rate, and you have up to three years to pay back.
“The training is ongoing at the centre in Ibadan and costs just N5000,” Dr Ajayi added.
The programme is targeted at serving and recent corps members especially those in Southwest.
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