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CBN urges youths to embrace entrepreneurship, access fund without collateral

*The Central Bank of Nigeria restates commitment to empowering youths with viable business ideas in agriculture, health manufacturing, and other key sectors to participate in the CBN Agric Small and Medium Enterprises Investment Scheme and access funds without collateral to add value to themselves and the economy

Isola Moses | ConsumerConnect

As part of its youth empowerment initiatives, the Central Bank of Nigeria (CBN) has restated its commitment to empowering youth entrepreneurs to learn new skills and create micro-enterprises to boost the economy of the West African country.

ConsumerConnect learnt

Dr. Abdulmumin Isa, Acting Director of Corporate Communications Department at CBN, said this at the CBN Fair Friday, July 7, 2023, in Bauchi, Northern Nigeria.

Isa, represented at the event by Mr. Esu Imo, Assistant Director of CBN, urged unemployed youths with good business ideas to take the available opportunities of the CBN Agric Small and Medium Enterprises Investment Scheme to access needed funds without collateral to pursue their dreams and aspirations, agency report said.

The Bankers’ Bank also said that young people usually have the hardest time finding new jobs, and establishing new businesses to boost economic growth.

The CBN Director of Corporate Communications, however, reiterated the Bank’s commitment to promoting business diversification through an array of interventions in the country.

Major areas of interventions in economy

The Spokesman further noted the CBN is passionate about and committed to supporting businesses as well as promoting diversification through an array of interventions in agriculture, health manufacturing, and other key sectors of the economy.

The CBN assured Nigerians that the banking sector regulator would continue to deliver on its core mandate of ensuring monetary and price stability in the country’s economy.

Dr. Isa stated: “It is instructive to state that the bank shall also continually roll out proactive and innovative policies which would ensure that all economic sub-sectors receive the desired support.”

Objectives of CBN Fair

The banking sector regulator also explained one of the objectives of the Fair is to sensitise members of the public to how the bank’s various interventions could grow their businesses and contribute to the Nigerian economy.

The Bank further said: “The Fair is also designed as a platform to interact with members of the public on the policies and strategic interventions of the Central Bank of Nigeria for sustainable economic development in Nigeria.”

According to the Spokesman, the CBN will sustain its efforts at ensuring the availability of the national currency, Naira.

He, therefore, urged the citizens to see Naira as our critical symbol of national identity.

The CBN stressed: “Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.”

Speaking on the occasion in Bauchi, Mr. Salahu Mohammed, Acting Branch Controller of CBN Bauchi, said the Bank organised the Fair to sensitise the public to e-Naira, payments system, consumer protection, currency operations and other policies and programmes initiated by the bank.

Mohammed noted “the whole essence is to ensure that Nigerians are educated about the Bank’s policies and programmes and learn how they can benefit from them.”

Relating his experience at the Fair, Mr. Ibrahim Sadiq, Bauchi State Coordinator, Wheat Farmers, Processors and Marketers Association of Nigeria (WFPMAN), stated the CBN has remained committed to encouraging farmers in the country.

Sadiq noted: “We commend the CBN for its policy measures to rebuild stronger business confidence and ensure stability in the economy, particularly in the financial/banking and agricultural sector.”

There were also presentations at the Fair on how the Bank has protected the rights of consumers of financial products and services, how to keep the Naira clean, how to make the Naira available to the populace and recent innovations in the Nigerian payments system, report said.

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