The Central Bank of Nigeria (CBN) has launched a new initiative to support Nigerian youths and small businesses.
As part of the initiative, the government is set to disburse ₦500,000 to candidates eligible for the FG Loan by CBN.
The grant is aimed at supporting unemployed youths in becoming employers of labor.
The CBN’s N500k scheme is strategically designed to shift from a “white-collar” job search culture to fostering an entrepreneurial environment, promoting economic growth and job creation among undergraduates and graduates, as stated by the Central Bank of Nigeria.
The loan is available to candidates who have received training from an Entrepreneur Development Institute (EDI).
Interested applicants will submit loan applications through an EDI, which will be forwarded to the Central Bank of Nigeria (CBN) for review.
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₦500,000 FG Loan by CBN Eligibility
The following businesses are eligible to apply for the scheme:
- Traders, including single retail marketers, corner shop owners, petty traders, market men and women in open markets
- Food services, including food and vegetable vendors
- ICT, including business center operators, battery chargers, recharge card vendors, call center agents
- Transportation, including wheelbarrow pushers, independent dispatch riders
- Creatives, including makeup artists, fashion designers, dry cleaners
- Artisans, including vulcanizers, shoemakers, painters, repairers
The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
Eligible applications which meet the selection criteria will be shortlisted.