Central Bank of Nigeria Sets Up Entrepreneurship Scheme To Reduce Unemployment

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The Central Bank Of Nigeria, CBN, on Monday being 12th July, 2021 has said that it was developing a Tertiary Institutions’ Entrepreneurship Scheme, TIES, to re-orientate, train and finance entrepreneurship ideas by Nigerian graduates.

The Central Bank of Nigeria Governor, Godwin Emefiele, stated this in a goodwill message to the 35th Conference of Vice Chancellors of Nigerian Universities, taking at the Kano State University of Science and Technology, KUST, Wudil.

Among others when fully established, it would also assist in creating employment for many youths graduating from various institutions of higher learning in the country annually, he added.

Part of his statement reads “An estimated 600,000 graduates from our tertiary institutions enter the labour market annually, after participating in the National Youth Service Corps (NYSC) programme, seeking the already thinned out white collar jobs.

“The situation has contributed significantly to the rising youth unemployment across the country,” he said.

Mr Emefiele said that the proposed scheme would also provide a platform for building digital skills relevant to Nigeria’s broader developmental goals.

He explained that efforts were ongoing aimed at addressing the impacts of the COVID-19 pandemic on production sectors and dwindling oil revenues in the country.

“Micro, Small & Medium Enterprises (MSMEs) portend great opportunities for addressing these gaps and accelerating economic growth by leveraging our vibrant youth population,” he said.

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