The Federal Government is ready to give corps members with viable business ideas N2m as start up capital after they are done with the National Youths Service Corps (NYSC).
NYSC Coordinator in Osun State Emmanuel Attah, revealed this on Tuesday during the Skills Acquisition and Entreprenuerial Development (SAED) inter-platoon competition held at the NYSC Orientation Camp in Ede, Osun State.
According to him, the loan would be given in collaboration with the Bank of Industry, the Central Bank of Nigeria, and Small and Medium Enterprises Development Agency of Nigeria.
“Interested corps members, who have undergone the SAED programme, will be given loans of between N200,000 and N2m after the service year. The business proposal will determine how much will be given to each applicant,” Attah added.
“The loan will be interest-free and the NYSC discharge certificates of interested corps members, who apply for the loans, will be used as the collateral. The discharge certificates will be subsequently returned to them after repayment of the loan, which has no time bound.
“The SAED programme and supporting loan were put in place after the NYSC observed that youths, after the service year, always end up unemployed and roaming the streets looking for non-existing white collar jobs.
“The skill acquisition programme will empower corps members after the service year to be self-employed and also be employers of labour. This will also reduce their involvement in criminal activities.”