CBN ENLIGHTENS CORPS MEMBERS ON BUSINESS FUNDING OPTIONS
CBN ENLIGHTENS CORPS MEMBERS ON BUSINESS FUNDING OPTIONS
Mr Simon Owolabi of the Central Bank of Nigeria, addressed 2019 batch B stream II corps members in a captivating lecture on financial schemes that the average corps members can benefit from.
The CBN mouthpiece for the day, Mr Owolabi started his lecture by emphasizing Nigeria as a nation that survived on agricultural revenue before the discovery of crude oil. He sighted the history of how cocoa farming from the south-western part of the country contributed massively to the financial prowess of the nation.
On that note, he focused his discuss on agriculture and the decision the CBN has made to go back to the roots by developing schemes like Agricultural Development Program (ADP) which seeks to loan money to farmers and also invest in commercial and cultural schemes.
Mr Simon Owoyemi continued by saying the CBN has also added to their efforts in building up the agricultural sector by requesting that banks set aside 5% of their annual profits for such schemes. When speaking on the loan system, he explained that the Central Bank of Nigeria is working to improve their collateral registry system to a stage where the applicants can borrow without initial collateral and equipments later purchased with the loan can be registered as collateral.
Finally, he ended his lecture by elaborating on the importance of Skill Acquisition and Entrepreneurship Development program. He emphasized that corps members could only access these financial schemes through SAED.
Mr Simon Owolabi of the Central Bank of Nigeria, addressed 2019 batch B stream II corps members in a captivating lecture on financial schemes that the average corps members can benefit from.
The CBN mouthpiece for the day, Mr Owolabi started his lecture by emphasizing Nigeria as a nation that survived on agricultural revenue before the discovery of crude oil. He sighted the history of how cocoa farming from the south-western part of the country contributed massively to the financial prowess of the nation.
On that note, he focused his discuss on agriculture and the decision the CBN has made to go back to the roots by developing schemes like Agricultural Development Program (ADP) which seeks to loan money to farmers and also invest in commercial and cultural schemes.
Mr Simon Owoyemi continued by saying the CBN has also added to their efforts in building up the agricultural sector by requesting that banks set aside 5% of their annual profits for such schemes. When speaking on the loan system, he explained that the Central Bank of Nigeria is working to improve their collateral registry system to a stage where the applicants can borrow without initial collateral and equipments later purchased with the loan can be registered as collateral.
Finally, he ended his lecture by elaborating on the importance of Skill Acquisition and Entrepreneurship Development program. He emphasized that corps members could only access these financial schemes through SAED.
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