The CBN governor, Mr Godwin Emefiele while speaking at the disbursement ceremony, said the YEDP was introduced in March 2016 by the apex bank as part of efforts to reduce the nation’s unemployment rate, which had increased to 13.3 per cent in the second quarter of the year.
The CBN boss was represented at the event by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau.
Barau explained that the YEDP was set up to ensure that the creative energies of the over 64 million Nigerian youths were harnessed to stimulate growth, address restiveness and promote economic development.
He said, “To realise this objective, the bank, in partnership with the National Youth Service Corps 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 programme is open to youths of between 18 and 35 years who are serving corps members, graduates or artisans. All youths in this category are eligible to apply and will be pre-qualified for training on entrepreneurship before they can access credit lines of up to N3m at a single digit interest rate.
“The programme is premised on the provision of timely and affordable credit to identified youth entrepreneurs with expected multiplier effects on job creation and economic growth.”
YEDP objectives however appear to bear a lot of similarity with the Youth Enterprise with Innovation in Nigeria (YouWIN) programme introduced by the federal government under ex-President Goodluck Jonathan.
YouWIN was a largely successful program which however stalled when Jonathan left office.
In June 2016, the minister of finance, Mrs Kemi Adeosun stated that the YouWIN program had not been cancelled by the President Muhammadu Buhari administration but that it was being restructured for greater efficiency. Its revival is being awaited with much anticipation.
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