CBN develops scheme to reduce graduate unemployment

The Central Bank of Nigeria (CBN) on Monday said it was developing a Tertiary Institutions Entrepreneurship Scheme (TIES) to re-orientate, train and finance entrepreneurship ideas by Nigerian graduates.

The CBN Governor, Dr Godwin Emefiele, stated this in a goodwill message to the 35th Conference of Vice Chancellors of Nigerian Universities, holding at the Kano State University of Science and Technology (KUST), Wudil.

Represented by Dr Adebowale Olabimtan-Idowu, CBN Deputy Director, Development Finance, Emefiele said there was need to re-orientate youths from waiting for white collar jobs to entrepreneurship.

He said that the scheme was designed to support the development of entrepreneurial mindsets and culture, through the introduction of a platform that provides seamless access to affordable finance by graduates.

It would also assist in creating employment for many youths graduating from various institutions of higher learning in the country annually, he added.

“An estimated 600,000 graduates from our tertiary institutions enter the labour market annually, after participating in the National Youth Service Corps (NYSC) programme, seeking the already thinned out white collar jobs.

“The situation has contributed significantly to the rising youth unemployment across the country,” he said.

Emefiele said that the proposed scheme would also provide a platform for building digital skills relevant to Nigeria’s broader developmental goals.

He explained that efforts were ongoing aimed at addressing the impacts of the COVID-19 pandemic on production sectors and dwindling oil revenues in the country.

“Micro, Small & Medium Enterprises (MSMEs) portend great opportunities for addressing these gaps and accelerating economic growth by leveraging our vibrant youth population,” he said. (NAN)