Nigeria Will Exit Recession Soon - Minister of Finance, Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria will be out of the recession soon. Over the weekend, Nigeria slid into its worst economic recession in over three decades. Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday, November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020, causing it to slide into another recession. While speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday, November 23, the Minister of Finance said the country would emerge from the recession in the fourth quarter of 2020 or by the first quarter of 2021. She blamed the recession on the global Coronavirus pandemic which has forced other economies in other countries into recession. Ahmed said other countries also in recession, including the United Kingdom, the

Step By Step Guide On How To Apply For NYSC Loan

You are young and you now have the right opportunity to get the capital for your business development. National Youth Service Corps (NYSC) can be your lucky ticket to get a loan of up to N10 000.  How to apply for NYSC loan? You will get the answer to this question if you read the following information! 

According to the Youth Innovative Entrepreneurship Development Programme (YIEDP), young Nigerians can apply to get a loan of up to N10 million.

 Who can apply for NYSC loan scheme?

  • It can be young people from 18 to 35 years old and in the following categories: - 
  • Serving Youth Corps Members
  • Non-NYSC (no more than five years post NYSC)
  •  Artisans of Nigerian Descent. 

The YIEDP is an innovative project provided by the Heritage Bank NYSC. It has a goal to provide young Nigerians with quick and affordable loans if they have business ideas. One person can only get a quick loan in Nigeria for up to N3 million. Nevertheless, 3-5 qualified beneficiaries can expect to get a loan up to N10 million. 

Check your Business ideas! How to apply for NYSC Foundation Plan! 

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According to the YIEDP official data, you can expect to have get the online loan in Nigeria from the Heritage Bank if you want to start your project in the following business sectors: - 

  • Automobile; -
  • Film and Photography; - 
  • Education and Financing; - 
  • Power and Energy; -
  • Construction Support; - 
  • Information Technology; - 
  • Communication Technology; - 
  • Manufacturing; - 
  • Cottage Industry; - 
  • Arts and Crafts; - 
  • Food Processing; - 

Agriculture. How to apply for NYSC loan - Guide! 

Young people in Nigeria who have served/are serving in NYSC can apply for online loans in Nigeria. If a person is eligible to get this loan, then he/she needs to follow the following instructions: - 

All eligible persons can apply for the program through the official portal. To apply for this online loan in Nigeria, you have to use your NYSC State Code. - 

All applicants can make an individual NYSC loan request or as a group of 3-5 people; - 

A single applicant can apply for a loan up to N3 million; - 

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A group application can be up to N10 million; - 

All applicants can track their application process through the same portal; - 

The Heritage Bank NYSC loan also implements security measures against any kind of fraud. 

According to the request of the Heritage Bank NYSC loan scheme, all applicants must provide the following list of documents: - 

Tertiary Institution Certificate; - 

NYSC discharge certificate; - 

If you have a legal ownership of assets financed by other Bank, then you need to provide additional documents upon the request of the Heritage bank. 

Do not forget that the portal will be opened for the limited time period. You don`t need to be registered with the Corporate Affairs Commission. All successful candidates will be guided through the application process. 

Applicants can submit only one business idea at a time. Therefore, double check all your numbers and business plan. It`s important as your business idea may be out of the stream. If it happens – do not worry! You will be able to submit your business idea in the next stream. 

You can register and ask for a loan from the Heritage Bank! The application and registration process is free of charge. It`s very simple. Now you know how to apply for NYSC loan!