CBN-EDC trains 1,434 entrepreneurs, disburses N120m

Prompted by the need to create wealth and generate employment opportunities for jobless Nigerians through development of entrepreneurship and business plans, the Central Bank of Nigeria (CBN) in conjunction with Entrepreneurship Development Centre (EDC) and Oyo state government has graduated 1,434 entrepreneurs in various categories of business ventures.
The three-month vocational training was conducted for 1,434 entrepreneurs drawn from six south-west states of Oyo, Ogun, Osun, Ondo, Ekiti and Lagos by CBN as part of efforts to stimulate entrepreneurship and economic growth in Southwest, Nigeria, having partnered the African Leadership Forum of Olusegun Obasanjo Presidential Library in Abeokuta as well as the Southwest governments.

Speaking at the disbursement of N120 million start-up capital to 100 entrepreneurs who applied for credit facilities under the scheme in Ibadan, Oyo State capital, Olumide Ajayi, director, CBN-EDC, Southwest, said the Entrepreneurship Development Centre (EDC) is a tripartite arrangement involving Central Bank of Nigeria, the African Leadership Forum of OOPL and Oyo State government, being the representative of south-west states.

Ajayi added that although the centre is based in Ibadan, all states in the southwest and beyond are represented among the 1,434 entrepreneurs trained since March 2015, saying that Oyo State represents 57.7 percent; Osun State represents 14 percent;  Ogun State represents 8.8 percent; Ondo state accounts for 6.3 percent; Ekiti State represents 6.3 percent; Lagos state accounts for 1 percent, and other states account for 8.4 percent of the trainees.

While emphasising that 252 jobs and 60 businesses were created through vocational training undertaken by the entrepreneurs in core business areas such as agriculture, cottage industry and trading, service-based enterprises among others, the director disclosed that plans were underway to create Olusegun Obasanjo Credit Guarantee Scheme for youth empowerment through which funds could be sourced locally and internationally.

“Academic certificates of graduates and Biometric Verification Number (BVN) are the only collaterals accepted for these loans. What we are also planning to do is that we want to create Olusegun Obasanjo Credit Guarantee Scheme for youth employment through which we can source funds in Nigeria and overseas for entrepreneurs as start-up capital,” he added.

Speaking on behalf of Central Bank of Nigeria, Hadiza Maina, deputy director, Development Finance of CBN, said the apex bank has, in conjunction with Entrepreneurship Development Centres across six geo-political zones of the country, trained 64,000 entrepreneurs, created 28,000 jobs and 16,000 businesses with N1.8 billion loans accessed by 12,000 entrepreneurs.

Also speaking on behalf of Olusegun Obasanjo President Library (OOPL), Ayodele Akinrinwale, deputy chief co-ordinator, said the scheme started in 2008 by former President Olusegun Obasanjo and Central Bank of Nigeria (CBN) to fight poverty and create wealth and generate employment opportunities for teeming jobless Nigerians.

Speaking on behalf of Southwest governments, Governor Abiola Ajimobi of Oyo state, noted that Oyo state government, being the host government, has been providing quality supports to the development of Southwest states through the provision of condusive atmosphere for all the entrepreneurial courses run by Entrepreneurship Development Centre in Ibadan.

The governor, who was represented by Olalekan Ali, secretary to the State government, said, “the time has come for both public and private sectors in Nigeria to stimulate our economy with entrepreneurial trainings and entrepreneurship in order to effectively fight poverty, and create employment opportunities and sustainable sources of wealth creation.”

RAZAQ AYINLA