The Federal Government has assisted unemployed youths to become entrepreneurs by granting them loan packages between N250,000 and N500,000 through the National Directorate of Employment (NDE). According to Lawan Yaya, NDE coordinator in Bauchi, 40 of the 100 participants who were recently trained by the NDE Rural Employment Promotion Department have been running genuine enterprises.
Documents Required
The National Directorate of Employment (NDE) has started a new campaign to rebrand Nigeria’s burgeoning youths with spirit and pride. It has also rolled out some cool new technology to make the task of reducing unemployment a little more manageable for all.
Federal Government Loans List For 2024
To complete the online application process for #250,000 FG Loan by NDE, you need to provide certain documents. The list of documents varies from lender to lender but it is important to have all the necessary documentation ready for the lenders’ verification purposes. Some of the common documents requested by the lenders are – a copy of the applicant’s ID card or PAN number, a bank account statement, a letter from the employer on a company’s letterhead, and a signed lease deed or title deed. The document collection procedure may take a little time but the lenders are sure to approve your loan once all the required documents are provided.
Some of the beneficiaries of NDE programs who received loans or starter packs have started serious businesses in their communities, Lawan Yaya, coordinator of the Rural Employment Promotion Department of the National Directorate of Employment (NDE), told NAN. He said the federal government was serious about helping unemployed youths to become self-employed and entrepreneurship was one of the key interventions of the NDE.
Repayment
The loan amount is repaid according to the repayment schedule agreed upon with the borrower. Each month/year, a part of the payment is for interest and the rest is applied towards paying off the principal balance.
The repayment schedule is displayed as a table showing payments made each month/year for the entire loan duration along with a pie chart depicting the break-up of the total payment (i.e., interest and principal). During the initial loan period, a large portion of each payment is paid towards interest. Then, as time passes, a larger proportion is paid to the principal.
The lender may charge a service fee on the loan in accordance with the List of BOCOM Service Fees. In addition, additional interest of 3% per month may be added for up to 2 months in arrears. The loan will be handed over to an external collection agency if not paid in 30 days.
In a bid to reduce unemployment and take young people off the streets, the Federal Government is encouraging unemployed Nigerians to become self-employed by introducing various interventions. The National Directorate of Employment (NDE), for instance, is training people in tie and dye and batik making as part of its entrepreneurship skills development program. According to the Bauchi coordinator of the agency, Lawan Yaya, beneficiaries who received starter packs or loans from NDE are already engaged in various business activities and generating income for themselves. He said some of them bought cows, while others became farmers. He urged them to repay their loans promptly and avail themselves of further opportunities offered by the agency.
How to Apply
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