₦250,000 – ₦500,000 Micro Business Youth Loan – Submit Application – Lawan Yaya, the Bauchi coordinator of the National Directorate of Employment (NDE), declared on Saturday in Bauchi that the Nigerian federal government is actively supporting unemployed individuals in transitioning to become employers. Yaya conveyed this information in an interview with the News Agency of Nigeria (NAN).
He noted that a segment of those benefiting from the NDE’s initiatives comprises unemployed youths, as the federal government strongly emphasizes implementing measures to aid them in achieving self-employment or similar opportunities. Yaya disclosed, “Following the completion of an entrepreneurship training program organized by the NDE, 40 out of 100 beneficiaries were provided with loan packages ranging from N250,000 to N500,000. These individuals have successfully established flourishing businesses.”
“In the field of agriculture, the Rural Employment Promotion Department of the NDE recently conducted training for 93 participants, each of whom received N100,000 as loan packages. Some ventured into livestock farming, while others focused on crop production and various aspects of the agricultural value chain. Consequently, they have begun employing workers and have become employers themselves,” affirmed Mr. Yaya.
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He went on to highlight that a group of beneficiaries who received N60,000 each under the Extended Special Public Works program formed a cooperative society, combining their resources to acquire cows. After three months, they sold the cows and utilized the profit as seed capital to launch small businesses in their communities.
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Mr. Yaya underscored the substantial impact the federal government has had in addressing unemployment challenges in the country. He cited success stories from the Industrial Training Fund, where young entrepreneurs who received loans have already transformed into employers.
The Bauchi coordinator also acknowledged the support extended by the Nirsal Microfinance Bank of the CBN in aiding unemployed youths in establishing their own businesses. Furthermore, the Bank of Agriculture has collaborated as a partner in connecting NDE trainees with access to loans.
Encouraging the beneficiaries of these government interventions, Mr. Yaya urged them to maximize the opportunities provided. He added, “For more information on CBN loans, you can refer to the provided link.”
What is the youth empowerment program in Nigeria 2023?
The Micro Business Youth Loan program is to create at least 774,000 jobs meaning that at least 1,000 persons would be employed from each local government area in Nigeria. In summary, the aim of the programme is to reduce poverty, empower the youth, eliminate crime, and create wealth.
Micro Business Youth Loan – What is the age limit for youth in Nigeria?
Youth in Nigeria includes citizens of the Federal Republic of Nigeria aged 18–29 years according to the new-youth policy (2019).
How do I apply for Micro Business Youth Loan in Nigeria?
- Fill an application form online or obtain an application form from YEN office. …
- Two (2) recent passport photograph of applicant.
- Photocopy of National Identity.
- Photocopy of utility bill.
- All original copies must be tendered for verification.
- Two (2) guarantors: fill guarantor form and two passport photograph of guarantors (for LOANS only, not applicable to GRANTS)
- Summit a business summary or a proposal of not more than three pages to YEN office or e-mail to [email protected]
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