Benefi ciaries get CBN, Heritage Bank’s N3bn Youth Fund

Th e ongoing disbursement of N3 billion for Youth Innovative Entrepreneurship Development Programme (YIEDP) is yielding young entrepreneurial dividends. Available record shows that, the disbursement being carried out by the Central Bank of Nigeria (CBN) in conjunction with Heritage Bank Plc, has had 94 successful benefi ciaries, who met the stipulated requirements, have received N251 million. Also, 191 are yet to pick up their letters as a pre-condition to access funds totalling N473 million, while 25 others, with plans totalling N54 million have chosen to drop out of the scheme. Part of the conditions to draw the loans, already deposited into their respective accounts, includes being a serving youth corps member or non-corps member for not more than fi ve years post-service. Already, the fi rst batch of the 310 successful businesses, expected to benefi t from N774 million as part of the N3 billion earmarked under the YIEDP, have been approved by the CBN. Th e programme, funded by CBN, with the active participation of the National Youth Service Corps (NYSC) has Heritage Bank as the sole fi nancial institution and vehicle for the disbursement of the funds to approved benefi ciaries. Group Head, Corporate Communications, Heritage Bank, Fela Ibidapo, said major objectives, beside stimulating employment, are to contribute to the non-oil Gross Domestic Product (GDP) as well as address the challenge of youth restiveness. He explained that the programme will run in phases and not a one-off arrangement, adding that with revolving credit nature of the scheme, it requires a painstaking process to ensure that the three institutions and benefi ciaries achieve their respective objectives.

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