CBN EDC’s initiative records 15,000 jobs in 3 years

 

Central Bank of Nigeria (CBN) says its quest to promote sustainable economic growth by developing entrepreneurship spirit among Nigerian youths through its Entrepreneurship Development Centres (EDCs) across the six geo-political zones has recorded more than 15,000 direct jobs in three years.

Through the scheme, a total of 6,311 graduates were able to access loans to the tune of N1.042 billion from various sources‎ in the CBN/EDC’s initiative.

At the signing of a tripartite agreement on the establishment of the EDC’s agreement with the Abia State government (the chosen centre for the South-East zone) in Abuja, Mudashir Olaitan, CBN’s director of development finance, who represented Godwin Emiefele, CBN’s governor, noted that the need to address the challenges of skilled manpower and devise practical measures to engage unemployed youths in economic activities informed the decision to establish the EDCs in each of the geo-political zones.

Olaitan in his address informed further that the EDC’s centres were specifically designed to target tertiary institution graduates, secondary school leavers and owners of existing businesses, noting that the participants usually undergo training for three to four months through an integrated approach to entrepreneurial training, including internship modules for practical skills development and experimental learning of the participants.

Olaitan said within the years under review, “17,727 participants were trained while a total of 9,298 businesses were expanded.”

In the second phase of the EDC programme in the North West and South West, which commenced in January 2015, the CBN, through the EDC’s initiative said it “collectively trained 3,146 participants representing 78 percent of the target set, linked 160 participants representing 5 percent of the target set and 1,159 jobs created.”

While the apex bank decried access to finance as the major challenge to the overall success of the EDC’s programme, it also called for collaborations with state governments to set-aside microcredit fund and start-up tool kits to support the graduates of the EDCs.

Abia State governor, Okezie Ikpeazu, who was represented by his commissioner for finance, Obinna Oriakor, lauded the CBN’s decision to site the EDC’s in Abia State, noting, “the state occupies a very strategic position in the South East.”

He stressed that part of the cardinal objective of the state government was to ensure that the youths were gainfully employed, hoping that the CBN’s entrepreneurship drive the sustainable economic growth in the South East.