The Central Bank of Nigeria started EDCs in 2008, in South West, North West and South East Geopolitical zones, to reduce the high incidence of unemployment and foster economic activities through entrepreneurship. The idea was that intending entrepreneurs will be hand-held through the entrepreneurship process resulting in strong and sustainable businesses.
Based on the successes of the first three EDCs, CBN remodelled and established new EDCs in South-South, North East & Central zones in 2013. The new model is based on a tripartite Agreement between CBN, Cross Rivers State (Host State Government) & SHIELD Academy Partners Limited (SAPL) the Implementing Agency.
The CBN SSEDC was created in 2013 by the Central Bank of Nigeria as an intervention measure to eradicate poverty, halt the increasing rate of unemployment, promote job creation through new business start-ups, as well as alleviate business failures by helping existing businesses grow.