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The Central Bank of Nigeria (CBN) has reiterated its commitment to sustainable economic growth by developing entrepreneurship spirit among youths in various states of the federation through the provision of Entrepreneurship Development Centres (EDCs).
At the signing of the Tripartite Agreement on the establishment of EDC for South-East (Abia state) in Abuja yesterday, the director, Development Finance Department of the CBN, Dr Mudashiru Olaitan noted that harnessing challenges posed by low capacity utilisation, huge unemployment and poverty, failing infrastructures and corruption, will help in help change the negative trends in macroeconomic management challenges.
He said that the Bank is devising practical efforts to engage the army of unemployed youths into economic activities to meet Nigeria’s target of becoming Africa’s Economic Hub by 2020 through the establishment EDCs across the six geopolitical zones of the country. They will strategically target tertiary institutions graduates, secondary school leavers, and owners of existing businesses.
According to him, the North-East, South-South and North-Central that commenced in January 2013, have achieved tremendous success
As at December 2015, these regions trained “17,727 participants representing 98.5% of the target set, while a total of 9,298 businesses were expanded. A total of 6,311 of the graduates, representing 35.0% of the set target, accessed loans to the tune of N1,042 billion from various sources. The Centres collectively created 14,069 jobs directly.