CBN, REGULATORY BODIES ENLIGHTEN CORPS MEMBERS ON FUNDING OPTIONS AND REGULATIONS

The 2021 Batch C Stream 1 Corps Members been intimated on the registration and certification of products and also funding options that are available for their copious business ideas.

This expansive lecture by regulatory bodies and CBN took place on Thursday at the NYSC Permanent Orientation Camp, Ede.

The State Coordinator of NAFDAC represented by Mrs. Suleimon I. Y in her lecture, spoke about the process of registering products with NAFDAC, urging Corps members to be cautious of food and drugs they consume.

She enlightened the Corps members on the procedures involved in registering their products, urging members who are involved in food production and cosmetics to register their company names with the Corporate Affairs Commission(CAC).

She advised them on not only being cautious of their food consumption but ensuring NAFDAC approval before selling their products.

In related developments , Mr. Kenneth Osagiede from the Standard Organization of Nigeria (SON) stated  that the organization is a parastatal of the Federal Ministry of Trade and Investment which magnifies standard for product and services through quality assurance.

Kenneth pointed out the activities of SON which includes Inspection of facilities and products, product certification mark, quality assurance among others. He further stated that for any product to be approved by NAFDAC, it has to auspiciously pass the quality control of the SON. He advised Corps members to get their products certified whenever they start a company.

In addendum, Mr. Opeifa Gbolahan, a representative of CBN in his speech stated that government and private sectors cannot adequately provide jobs due to increasing population and the invention of softwares and machines which does the work of humans effectively.

He highlighted the various Funding Options available to the 2021 Batch C Stream 1 Corp Members which includes: NCR, TIS, ASMES and CIFI, in areas of agriculture, manufacturing, micro small and medium enterprise (MSME), health, and infrastructure. 

Furthermore, he said that CBN is one of the Government Agencies that organizes programs that helps in reducing unemployment rate. “Interest rates of all CBN interventions has now reduced from 9% to 5% which is subject to review after March 2022” - he added.

Among the options available to the members, he highlighted the Nigerian Youth Investment Fund, which he said are for youths within the range of 18-35 years, who must possess a valid Bank Verification Number (BVN), as well as a business that is operational in Nigeria

According to him, the apex bank in the country works with other financial institutions that implement various plans of the CBN and the Anchor Borrowers Program.