Business

1,500 Youth Get N2.5bn CBN Entrepreneurship Loan

Published

10 years ago

July 6, 2016

The Central Bank of Nigeria
(CBN) on Thursday in Abuja flagged off the pilot phase of the Youth Entrepreneurship Development Programme (YEDP) aimed at empowering 1,500 youths with a total of N2.5 billion loan.
The CBN Governor, Mr Godwin Emefiele in his remarks said that the inability of Nigerian youths to access funding for businesses had been the bane of entrepreneurship.
Emefiele said that entrepreneurship among Nigerian youths had been hindered by low capacity and funding which has made many of them opt for white collar jobs which are not even available.
“ These challenges have continually made many youths to jettison their laudable ideas in pursuit of white collar jobs.
“Their inability to access funding has been the bane of developing the ideas of many educated and enterprising youths in Nigeria.’’
He said that the programme would address the problem of high and rising youth unemployment and restiveness.
While stressing that it was a loan that would be paid back and not a grant, he said that the single digit interest rate of the loan was to allow the youths to grow their businesses without much ado.
He admonished the beneficiaries to be of good character by repaying the loan when due as the success of the scheme depends solely on this first phase.
“We do not anticipate that they would not pay, we have as collateral their NYSC and Degree certificates and we know that our youths know the importance of their certificates.
“I do not think that somebody who has gone to the higher institution for those number of years to gain gainful employment for a gainful life will abandon those certificates because he wants to collect loan and not pay back.
“As far as I’m concerned I have not looked at the equation of them not re-paying so I want to enjoin everybody who accessed this loan to please pay.’’
The YEDP is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
It is also serving as a training sponsored by the CBN for National Youth Service Corp (NYSC) members in collaboration with Heritage Bank.
It targets youths between the age of 18 and 35 to create one million direct jobs in the productive sectors of the economy within four years.
Some of the qualified business sectors are agro-allied, food processing and preservation, arts and crafts, construction support and Information and Communication Technology (ICT).
The Director General, NYSC , Brig.-Gen. Sule Kazaure said that the programme was a milestone for the NYSC because it was in line with the its Skill Acquisition and Entrepreneurship Development (SAED) programme.
He said under the SAED scheme, over 600,000 corps members had been trained in various entrepreneurship programmes but lacked funding to establish their own businesses.
He urged the corps members to take the programme seriously saying their future and the nation’s may depend on it.
“I urge all corps members, irrespective of their course disciplines, to key into the opportunities provided by these collaborations and become budding entrepreneurs through skill acquisition, self employment, wealth creation and employment generation.’’
The Managing Director, Heritage Bank, Mr Ifie Sekibo, told the youths that their success was important as it might mean that a path to creating a society that is worth our while was being charted.
He urged them to exhibit a flawless character and be tenacious in the pursuit of their goals.
“The spirit of entrepreneurship is not just in word but in the character you exhibit and the tenacity you bring to bear, the ability to follow your dreams despite the challenges.
“ If you don’t bring your character to the table this experiment will not succeed. A tenacious spirit, a never say die spirit, a can do spirit.’’
Mr Success Obi, one of the applicants who spoke on behalf of others, thanked the three organisations for providing such employment opportunity for the teeming Nigerian youths.
He assured that if granted the loan they would do their best to create employment opportunity for themselves and fellow youth and pay back the loan when st

Business

Nigeria’s Inflation Drops to 15.06%

Published

3 days ago

March 23, 2026

The Tide

Three States Record Lowest rates Published 16 Mar 2026 By Dave Ibemere 3 min read The NBS has revealed that inflation rates dropped again in February 2026 The bureau noted that both headline and food inflation eased on a year-on-year basis Inflation was lowest in Katsina, Imo, and Ebonyi, while the highest was recorded in Kogi.

Nigerian economy, the stock market, and broader market trends. The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate slowed further in February 2026. According to the bureau in its latest CPI report, the headline inflation dropped slightly to 15.06% from 15.10% in January 2026. Nigeria’s inflation eases to 15%, offering relief to households. It was 11.21 percentage points lower than the 26.27% recorded in February 2025. From breaking news to viral moments. On a month-on-month basis, inflation stood at 2.01% in February, up from -2.88% in January, showing that prices rose at a faster pace than the previous month. Nigerian stock market records weekly gain as turnover hits N164.8billion Urban vs Rural Inflation NBS noted that urban inflation stood at 15.53% year-on-year, down from 28.49% in February 2025, while rural inflation was 13.93%, compared with 22.73% in the same period last year. Every month, urban inflation rose to 2.55% in February from 2.72% in January, while rural inflation eased to 0.71% from -3.29%. Food Inflation Food inflation dropped to 12.12% year-on-year in February, down sharply from 26.98% in February 2025. Monthly, food prices rose by 4.69%, higher than the -6.02% recorded in January. The NBS attributed the moderation to slower price increases in staples such as beans, cassava tuber, yam flour, crayfish, millet flour, cowpeas, and okazi leaf. The twelve-month average for food inflation was 19.08%, compared with 37.40% in February 2025. States breakdown for All Items The states with the highest all-items inflation rates were: Kogi (23.57%) Benue (22.85%) Anambra (22.09%) The lowest rates were recorded in: READ ALSO Naira appreciates by N27 against US dollar as external reserves cross $50bn Katsina (7.78%) Imo (11.66%) Ebonyi (11.71%) On a month-on-month basis, the highest increases were in Enugu (5.92%), Ogun (4.39%), and Anambra (4.11%), while declines were seen in Zamfara (-2.14%), Bauchi (-1.23%), and Katsina (-1.06%). Food staples contribute less to inflation as prices moderate in February. Photo: Bloomberg Source: Getty Images State Breakdown for Food Inflation Food inflation was highest in: Kogi (26.91%) Adamawa (23.12%) Benue (21.89%) The lowest food inflation rates were seen in: Katsina (5.09%) Bauchi (7.09%) Imo (7.65%) Month-on-Month Food Inflation The states with the highest month-on-month increases in food inflation were: Bayelsa (8.81%) Ebonyi (8.51%) Edo (7.72%) The states that recorded declines were: Katsina (-0.70%) Nasarawa (0.17%) Kano (1.39%) Food price changes across markets in Nigeria Earlier, The Tide source reported that due to Ramadan, staple food prices across the country are recording sharp increases as Muslims begin the Ramadan fasting season Ramadan is not only a period of abstinence from food and drink, but also a time for ‘reflection, discipline and heightened devotion’ Several traders in Abuja, Taraba, and Kaduna states are taking advantage and have hiked price. The NBS has revealed that inflation rates dropped again in February 2026 The bureau noted that both headline and food inflation eased on a year-on-year basis Inflation was lowest in Katsina, Imo, and Ebonyi, while the highest was recorded in Kogi.

Business

NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes On Investment In The Region

Published

3 days ago

March 23, 2026

The Tide

The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture (NDCCTMA), and the Niger Delta Development Commission ( NDDC ) have challenged Niger Delta entrepreneurs to close the gap in Gross Domestic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.

The bodies made the call at a Business Round Table organized by NDDCTMA, in Port Harcourt.

Chairman of NDDCTMA, Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.

He said no other persons can do this except sons and daughters from the region.

“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here.”

Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.

“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase”, he stated.

Ogan noted that the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where saying “that is why we are gathered here in this room”.

Also speaking, the Managing Director/Chief Executive Officer, NDDC, Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.

Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.

“With little threat we have left the city, we have gone to Lagos,we have moved our families to Abuja and Lagos. If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.

The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.

By; John Bibor

Business

Cash Handouts Unproductive For Sustainable Agricultural Development – Engineer Kii

Published

3 days ago

March 23, 2026

The Tide

Rivers State by its natural disposition is gifted with strategic economic advantage, particularly in agricultural potentials and fortunes. This informs successive governments’ interest in developing the agricultural sector, such as the School to Land Program, the Shongai Project, among several others.

The objective is to engender and leverage the sector beyond mere subsistence practices into a full thriving economy, with the engagement and involvement of the youthful and productive population.

The Farm to Future Agro Based Training for Rivers youths by the present administration is notably one of the most pragmatic efforts of the Rivers State Government to engage the prospective creative capital of both the natural and human resources in the agricultural sector for sustainable development.

The concept, premised on the imperative of maximizing the huge agrarian prowess of the state, targets creation of sustainable livelihood for the teeming youth of the state. The project is also intended to achieve the chore needs of food sufficiency and job creation in the state.

This implies a significant deviation from the acculturised norm of expectations of financial benefits as the outcome of government programs and policies.

The tenets of the program are expressly difined in concept and practice as shown in the phases of its execution.

However, some beneficiaries of the project recently staged a protest, allegdging unpaid largesse, diversion of funds and perceived slighting by the Rivers State Ministry of agriculture. The said protest has stirred up concerns among stakeholders about how people view government policies.

Many see the protest as an attempt to create tension around the program and sabotage its original objectives.

Stakeholders and commentators are of the view that the Rivers State is in dire need of development in every critical sector, as such the Ministry of Agriculture and its partners should be given the benefit of the doubt to implement the project to its logical conclusion without being hauled with accusations.

The former Commissioner for Agriculture, Engineer Victor Kii who was at the fore of driving the program has in a press statement debunked the allegations and sued for calm, restraint and understanding. Engineer Kii assured the participants that the empowerment phase will be implemented as soon as administrative normalcy is restored.

He commended the participants for their commitment and discipline during the training and urged them to uphold the norms of the program rather than misrepresenting its intentions.

Some pundits who commented on the recent development decried the fact that many people still hold on to the notion that incentives billed to create sustainable impact through skills based programs, should be given out as largess, without adroit supervision of its utility function. This practice has however created a culture of economic doldrum, dependency and servitude in the past.

Thus the idea of seen the Rivers Farm to Future project as a mere quixotic experiment for cash benefits without achieving set goals is counter productive. Such opportunistic thinking have stunted government efforts over the years in achieving long term objectives of development.

As disclosed by the former commissioner for Agriculture in his detailed explanation, the Farm to Future project was strategically designed to address this culpable deficit in institutional planning and consolidation of results.

The former commissioner gave an explicit description of the nexus of operation of the program.

As revealed by him; ” The program is a strategic intervention to equip young people in Rivers with practical skills and to nurture a new generation of agricultural entrepreneurs. 500 beneficiaries received intensive agri business training in the first phase.”

He pointed out that the program was conceived and designed in line with global best practices which de emphasizes indiscriminate cash handouts for beneficiaries. Rather it promotes practical engagements in agricultural activities and business initiatives.

At the end of the training in February, beneficiaries were encouraged either individually or in cooperative clusters to identify value chain for establishment of viable businesses.

They were also asked to produce structured business proposals for perusal and review by the ministry of agriculture and appointed consultants, after which successful proposals would be forwarded to the Bank of Agriculture with Rivers State Government providing guarantees.

The strategies for implementation include field inspections and evaluation for beneficiaries who had already commenced practical activities in identified locations.

The approach was to discourage the commonplace ideology of diverting funds meant for specific projects for unrelated purposes, thereby undermining the conscious exploration of creative potentials into long term benefits.

The process was however temporary interrupted by the dissolution of the Rivers State Executive Council and the ongoing renovation of the Rivers State Secretariat complex but the profound optimism and positive expectations that are the hallmark of the project remains sacrosanct.

Engineer Kii assures.

By: Beemene Taneh