The Central Bank of Nigeria (CBN) has announced on Thursday in Abuja that youths seeking loans to finance their Small and Medium Enterprise(SME) in the country, can now access microfinance loans up to N3million from banks with their academic certificates as collateral.
Speaking at the third All Civil Society National Economic Summit, organised by the Coalition of Civil Society Groups, CBN Director of Development Finances, Dr. Mudashiru Olaitan made this known.
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Dr Olaitan in his statement also added that young entrepreneurs can also access bank loans using their pieces of jewellery and other moveable assets as collateral, under the National Collateral Registry policy of the Bank.
“The CBN has introduced a number of initiatives aimed at encouraging the youths to engage in entrepreneurial activities that will create employment and boost economic growth.
“Young entrepreneurs can now borrow up to N3million with their academic certificates as collateral.