Photo: AGSMEIS: Firms partner to assist 10m youths access loan

The Nigerian Youth Compass on COVID-19 and Nigerian Youth Chamber of Commerce, have signed a Memorandum of Understanding (MOU), to assist 10 million entrepreneurs access loans under the Agribusiness Small and Medium-Scale Enterprises Intervention Scheme (AGSMEIS), set up by the Central Bank of Nigeria.

Chairman, Nigerian Youth Compass on COVID-19, Gambo Haruna, who addressed newsmen yesterday in Abuja, explained that the partnership became expedient following the growing number of unemployment occasioned by the outbreak of Coronavirus.

Haruna, added that for now the two firms have 2 millions entrepreneurs in the database, but assured that before the end of the year, more youths would be incorporated.

He said: “This partnership is strategic and timely considering the urgency for economic recovery created by the COVID-19 pandemic. The proposed partnership will be complement efforts of the government to safe the economy. It will stimulate MSMEs growth beyond the COVID-19, create millions of jobs and contribute to non-oil revenue in Nigeria.

“Businesses are shutting down and taking with them jobs and the livelihood of young Nigerians at an alarming rate. Millions of Micro and small-scale enterprises have been wiped out by the prevailing lockdown.

“Most of these MSMEs are operated by young people who are legitimately trying to make a living; they operate in the informal sector, making it difficult for them to be captured for any intervention.”

President of Nigerian Youth Chamber of Commerce, Peter Ayim, noted that the panacea to unemployment is entrepreneurship which state governments must pay more attention to.

“We recognized that in the growing rate of unemployment the only solution is entrepreneurship. Rising from her we will set up a steering committee to engage the governor of CBN and the chairman of NIRSAL micro finance bank, to see how we can make this happen because this is a very serious matter.”

Also, Chairman, Advisory Board, Nigerian Youth Compact on COVID-19, Uzoh Ifeanyi, expressed hope that the partnership will shore up MSMEs growth beyond the COVID-19 pandemic.