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CBN Provides Loan For Youth Investment

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CBN Provides Loan For Youth Investment

CBN Provides Loan For Youth Investment

The Central Bank of Nigeria (CBN) has disclosed that youths in Nigeria venturing into various Small and Medium Enterprise(SME) in the country, can now get loans from microfinance banks up to the sum of N3million  with their academic certificates as collateral.

Dr. Mudashiru Olaitan, the Director of Development Finances, said this yesterday at the third All Civil Society National Economic Summit, organised by the Coalition of Civil Society Groups.

He further stated that young Nigerian entrepreneurs can also access bank loans using their jewelry and other tangible assets as collateral, under the National Collateral Registry policy of the Bank.

“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.”

He further stated that young Nigerian entrepreneurs can also access bank loans using their jewelry and other tangible assets as collateral, under the National Collateral Registry policy of the Bank.

“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 jewelry, gold and other things to access microloans from banks.”

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