The Central Bank of Nigeria (CBN) has disclosed that Nigerian youths venturing into various Small and Medium Enterprise(SME) in the country, can now access microfinance loans up to N3million from banks with their academic certificates as collateral.
The CBN disclosed this yesterday in Abuja, through its Director of Development Finances, Dr. Mudashiru Olaitan, at the third All Civil Society National Economic Summit, organised by the Coalition of Civil Society Groups.
According to him, young entrepreneurs can also access bank loans using their 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.
There is also a policy, the National Collateral Registry, which enables young entrepreneurs who may not have immovable properties, to use their movable properties, like jewelleries, gold and other things to access microloans from banks” he said.