NYSC to Start Giving Corps Members Loans

The Director general of the National Youth Service Corp NYSC, Brig -Gen.
Johnson Olawumi
announced that the scheme had secured a N200
million bank facility for disbursement to corps members as loans to
enable them start any business of their choice.

 The DG said this while
receiving the Commander, Guards Brigade, Nigerian Army, Brig.-Gen. Musa
Yusuf who paid him a courtesy call at the NYSC headquarters in Abuja.

“We train these corps members in the camp after the camp we have
partners all over the country where corps members also receive training
throughout the service year.

Now, the issue is that when they get this
training they don’t have start-up capital but we have been doing a lot
to see there is opportunity for them to get startup capital. We have the
NYSC foundation as we speak, the NYSC foundation has just approved loan
worth N10 million for corps members. Corps members based on the
business plan they submit could get as much as N250, 000 and N400, 000.

We have also signed an MoU with Bank of Industry though it is yet to
take off but we are working on it. A couple of months ago, I also
approached Heritage Bank and Heritage Bank is setting aside the sum of
N200 million under a package where corps members will get a soft loan
and the only collateral they will have to drop will be their discharge
certificate.

We are also talking with Central Bank Governor to see that
a micro credit loan could be arranged specially to address corps
members in this category.”  he said.