The Central Bank of Nigeria, (CBN), has issued guidelines for the execution of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).
The Federal Executive Council (FEC) had since July approved the N75 billion budget for the establishment of NYIF which is to run from 2020 to 2023. The budget for NYIF, which is an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.
The Apex bank, in a statement by its Development Finance Department, revealed that the proposed fund was an integrated strategy to adequately tackle the challenge of youth employment in Nigeria; thereby providing youths with channels to access funds, business management skills, and other inputs that are crucial for sustainable enterprise development.
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It says, ‘It will provide Nigerian youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.’
It added that, ‘The plan targets young people between 18 and 35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors.’
The apex bank further confirmed that the fund will be devoted to investing in the innovative ideas, skills, and talents of Nigerian youths,
‘The ministry is the lead implementation entity and is responsible for budgetary provisions and for funds mobilisation.
‘The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023.’. the apex bank said.
‘It will also generate much-needed employment opportunities to curb youth’s restiveness, boost their managerial capacity, and develop their potential to become the future large corporate organisations.
Adenike Omosanya
Photo Credit: Todayng