The Federal House of Representatives has passed for second reading, a bill seeking to establish an Entrepreneurship Development Bank of Nigeria, with the aim of providing soft loans for small and medium scale enterprises in the country.
The consolidated bill was jointly sponsored by Messrs Benjamin Kalu and Olalekan Afolabi
The legislation is titled, “A Bill for an Act to Establish Entrepreneurship Development Bank of Nigeria to Charge It with the Responsibility, Among Other Things, to Provide Medium and Long-Term Finance for Indigenous Small Businesses and to Provide for Establishment of Nigerian Entrepreneurship Development, Encourage Aspiring Entrepreneurs and Small Scale Enterprises in Nigeria”.
Leading the debate on the bill at the plenary on Wednesday, Kalu said the proposal bank would be charged with the responsibility, among other things, of providing medium and long-term finance for indigenous small businesses.
He added that the bill, which July 18, 2019, focuses on Nigerian youths and contemplated to provide improved access to finance for youth entrepreneurs in innovation, manufacturing, agriculture and trade.
Kalu said, “In Nigeria today, due to numerous socio-economic challenges, many youths depend on themselves and drive their own future by creating opportunities for themselves and others, by undertaking different entrepreneurial ventures toward self-reliance. However, this group of people still needs capacity building, financial support and favorable policies.
“The strength of any nation depends on the policy framework and initiatives put in place to develop and empower the youth in order to maximise their potentials, talents and untapped capacities in nation building. Without a vibrant, skilled, focused and equipped youth, no nation can rise to its full potential because the youth are the visionaries and producers who power nations to greater heights.
“Youths are estimated to constitute about 70 per cent of the population of Nigeria. This is a huge advantage for a nation that is seriously and furiously pursuing national development. The youth are assets to a nation not liabilities. The youths, if well-educated, trained and motivated, can utilize their mental, technical and visionary power to develop the Nigerian economy.”
