FG Sets Up Entrepreneurship Dev Centre

The Central Bank of
Nigeria (CBN) has set up an Entrepreneurship Development Centre (EDC) in Umuahia to absorb some of Nigeria’s unemployed youth in the South-East region.
Director, Development Finance Department, CBN, Dr Mudashiru Olaitan, made this known at the signing of the agreement for the initiative with Abia State Government and International Centre for Development Affairs (ICDA).
Olaitan said the programme was strategically designed to train tertiary graduates, secondary school leavers and owners of existing businesses for three months with a view to making them acquire skills and be self-sufficient.
Our correspondent recalls that since 2013, CBN has begun to set up EDCs in North East, South-South and North Central.
“The bank will be in-charge of the EDC for three years and after that, the host state government is expected to take over the running of the centre in collaboration with the implementing agencies.
“The EDCs located in the North East, South-South and North Central have trained over 17,727 participants, representing 98.5 per cent of the set target while a total of 9,298 businesses were expanded.
“Also, a total of 6,311 of our EDC graduates, representing 35 per cent of the set target, were able to access loans to the tune of N1.04 billion from various sources.
“The centres collectively created 14,069 jobs,” he said.
Olaitan said the centre will make provision of at least 40 per cent for women as part of its strategy to promote women economic empowerment.
Also, the  Abia State Commissioner for Finance Mr Obinna Oriaku thanked CBN for finding the state worthy of hosting the South East EDC, and ensured that the project would be a succuss.
“The cardinal objective of the current administration is to make sure that our youths are gainfully employed.
“No wonder at the inception of the administration we started what we call education for employment.
“This is a strategy we have come up with to make sure that our youths don’t only rely on white collar jobs but that they get skills which will make them become self-reliant.
“But with the coming on board of CBN-EDC, it will take our initiative beyond skill acquisition.
“We now have a veritable platform to enable our youths become more entrepreneurial in their approach towards business,” he said.
Also, the Chief Executive Officer of ICDA, Dr Osita Aniemaka, said that the Centre would train, mentor and assist participants to access funds to start their own businesses.