Nigerian government wants you to provide your degree certificate as collateral for start-up loan

Nigerian government wants you to provide your degree certificate as collateral for start-up loan

The Central Bank of Nigeria (CBN) has unfolded policies to reduce hardship of Nigerians and the current economic recession.

CBN’s Acting Director, Corporate Communications, Isaac Okoroafor said at a fair organised for small and medium scale enterprises that N220 billion funds made available for Micro Small and Medium Enterprises (MSMEs) could be easily accessed.

Mr Okoroafor explained, “If you are a serving corps member and you want to get into business, you can get as much as N3 million to start as an entrepreneur. What happens is that you are not required to provide any collateral because we discovered that collateral is the problem. Your degree or HND certificate will serve, as your collateral because we know it is an asset in which you have made investment. So, just surrender it, and that is all.”

This means that if the entrepreneur cannot pay, government keeps the certificate. We wish things are as simple as that in Nigeria.

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