In order to tackle the issue of unemployment in Nigeria, FG has
announced plans by the CBN to offer business loans to National Youth Service Corps (NYSC) members.
A new NYSC Loan scheme in 2019 for corpers has been announced by the
Central Bank of Nigeria. Here corpers will learn how to apply for NYSC
The aim of the NYSC CBN loan scheme is to reduce the rate of
unemployment in Nigeria by enabling corpers start small and medium
The loan which CBN offers to NYSC corps members will be repaid in
seven years with a two-year moratorium.
How to be Eligible for Loan
- Must be between the age of 18 to 35 years
- Serving Corps members
- Ex-Corps members (not more than 5 years after completion of NYSC)
- Tertiary Institution Certificate
- NYSC discharge certificate
- If you have a legal ownership of assets financed by other Bank, then you need to provide additional documents upon the request of the Heritage bank
According to the CBN Governor, Dr Godwin Emefiele, NYSC corps members
will first attend CBN’s entrepreneurship training centers to acquire skills in various vocational ares for economic survival.
After successfully completing the CBN skill acquisition training, loans will be given to corps members to provide support. This will enable corpers to acquire working tools, business office or workshops.
Loan Business Sectors
For corpers to qualify for loan from the Central Bank of Nigeria(CBN), they have to posses a legitimate business idea from the following fields;
- Technology (ICT)
- Power & Energy
- Film and Photography
- Construction Support
- Education and Financing
- Food Processing
- Information and Communication Technology(ICT)
- Cottage Industry
The CBN loan programme for NYSC corper is also to ensure that the
creative energies of the over 64 million Nigerian youths are harnessed to stimulate growth, address restiveness and promote economic development.
To realize this objective, the Bank, in partnership with the NYSC and
Heritage Bank, began the pilot seven months ago to inspire and harvest
the entrepreneurial abilities of Nigerian youths towards creating over
one million direct jobs by 2020″.
The Governor announced the commencement of the YEDP with other Deposit Money Banks such as Sterling Bank and Fidelity Bank in a bid to fast track the process of identifying budding young entrepreneurs and
broaden the scope of the entire programme.
How to Apply for CBN Loans for Corpers.
To apply for the NYSC CBN Loan scheme – visit www.hbng.com/yiedp