NYSC corpers that are entrepreneurs will soon get NYSC business loan support to either kickstart their business or expand while still serving. The management of the National Youth Service Corps (NYSC) on Friday announced that it had secured a N200 million bank facility for disbursement to corps members as loans for their entrepreneurship endeavours.
Brig.-Gen. Johnson Olawumi, the Director-General of the corps, said this when the Commander, Guards Brigade, Nigerian Army, Brig.-Gen. Musa Yusuf, paid a familiarisation visit to the NYSC Headquarters in Abuja.
The NYSC DG revealed that the corps was taking steps to ensure that having trained youth corpers, they were also equipped financially to pursue their business interests. He said a foundation had been put in place and that the NYSC foundation had recently approved the sum of N10 million as loans for corpers.
“A couple of months ago, I also approached Heritage Bank and Heritage Bank is setting aside the sum of N200 million under a package where corps members will get a soft loan and the only collateral they will have to drop will be their discharge certificate.
“We are also talking with Central Bank Governor to see that a micro-credit loan could be arranged specially to address corps members in this category,” he said.
The NYSC DG also added that youth corpers will be receiving between N250, 000 and N400,000 as funding for their business ideas based on the business plans submitted. He equally revealed that a memorandum of understanding had been signed by the corps with the Bank of Industry.
He similarly debunked allegations that the corps has yet to provide skill acquisition and entrepreneurship development to corps members, adding that the exercise had been ongoing since 2012, with over 400,000 beneficiaries.
Olawumi added that through the sponsorship of the World Bank, NYSC has entered into partnership with an international organisation to train corps members interested in going into the building and property development sector.