CBN plans soft loans for one million graduates

Godwin Emefiele CBN Governor

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Thursday announced that a low-interest loan scheme for one million young graduates would commence next year.

The governor said the special loan scheme, which would be managed by the central bank in collaboration with commercial banks, was part of the strategy of the Federal Government to boost the Micro, Small and Medium Enterprises sub-sector and curtail unemployment among the youth.

Emefiele made the disclosure in Lagos during the opening ceremony of the seventh Annual Bankers Committee Retreat.

The CBN governor said, “We need to get more and more people to be employed, and we will need the support of the banks to begin to see how we lower our risk acceptance criteria to give support to our young graduates.

In the course of the next few weeks, we will be unfolding a plan of support of the CBN to create employment for at least one million young graduates in Nigeria in 2016.\”

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