The Central Bank of Nigeria (CBN) has created an opportunity for Nigerian youths venturing into various Small and Medium Enterprise(SME) in the country.
This was disclosed yesterday at the 3rd by the Director of Development Finances, Dr Mudashiru Olaitan at the 3rd All Civil Society National Economic Summit, organised by a Coalition of Civil Societies.
According to the director, youths can now access microfinance loans up to N3million from banks with their academic certificates as collateral.
The CBN has introduced a number of initiatives aimed at encouraging the youths to engage in entrepreneurial activities that will create employment and boost economic growth.
“Young entrepreneurs can now borrow up to N3million with their academic certificates as collateral.
Speaking further, Dr Olaitan said “There is also a policy, the National Collateral Registry, which enables young entrepreneurs who may not have immovable properties, to use their movable properties, like jewelleries, gold and other things to access micro loans from banks he said.”