CBN/MINISTRY OF LABOUR AND EMPLOYMENT TO GIVE N3M EACH TO ELIGIBLE NIGERIANS ON EMPOWERMENT PROGRAMME

Central Bank of Nigeria (CBN)  in collaboration with the Federal Ministry of Labour and Employment is to give three million naira each to empower eligible Nigerians under the Nigerian Initiative Empowerment Development Programme (NIEDP), the Governor, Mr Godwin Emefiele, has said.

Emefiele made the disclosure at the launch of NIEDP in Abuja Yesterday.

He said “the programme is open to all Nigerians spread across all Thirty- Six States of the Federation, including the FCT.

“Credit line will be made available up to three million naira to each eligible Nigerian, thereby fixing the problem of inadequate finance often encountered by business start-ups.

“And receptions that utilise the funds properly can be encouraged to migrate to the other CBN interventions wherein they access more funds.’’

Emefiele said that N210 billion had been set aside for the programme and added that the collateral for accessing the fund was simple.

“It will include assets, such as academic and School certificates, third party guarantees and other movable assets.

“This programmes will be an equal opportunity programme across gender and geo-political zones and we have developed a robust operational framework to deliver a bias-free per-qualification and selection process.’’

He said that CBN was targeting 10,000 Nigerians with the aim of creating one million direct jobs in productive activities within the next four years.

According to the Minister of Labour and Productivity, Dr Chris Ngige, the National Bureau of Statistics says that there are over 36.3million youths in Nigeria’s labour force out of whom 13.6 million are either underemployed or unemployed.

He noted that many talented Citizens in the country were constrained by seed funding which was very scarce.

He explained that to address the situation, CBN in collaboration with  came up with the initiative.

The CBN governor commended the efforts of the Minister of Labour and Employment, Hon. Chris Ngige  for his commitment to the programme.

Also, the CBN Governor said NIEDP focused at providing world class training and start- up capital to corps members who had indicated interest in Skill Acquisition and Entrepreneurship (SAED).

He noted that under the new concept of NIEDP which had liberalised the lending terms, Nigerians and  entrepreneurs would enjoy unhindered access to start-up funds.

He explained that Nigerians who intended to access the fund were expected to undergo a world class entrepreneurship development training facilitated by CBN, Ministry of Labour and Employment and heritage bank.

“ They will submit electronically, a bankable business plans as well as provide a reliable guarantor and their National Identity Cards, WAEC Certificates, Voters Cards, Birth-Certificates will serve as collateral for beneficiaries,’’ he said.

Applicants are to apply Online through the Portal of the Federal Ministry of Labour and Employment, or Visit any Zonal offices across all states of the Federation, or send application directly through email via ministyoflabour.ng

He admonished Every Nigerian to take advantage of the opportunity by coming up with creative ideas and bankable business plans which could make them access the fund.

 He Urged that the process will last for two weeks and noted that applications will be considered through the First-Come, First-Serve basis and applicants with best creative ideas and bankable business plans.

In his remark, the Minister of Labour and Employment, Chris Ngige said the major partners to the programme were Nigerians and urged them to strive to be employers of labour and not job seekers.

Ngige also urged the applicants to generate good ideas as it was the only way to ensure that the money that would be given to them was properly used.