The Central Bank of Nigeria (CBN) has released the framework on which the proposed N75 billion Nigeria Youth Investment Fund (NYIF) will be implemented. CBN, in a statement by its Development Finance Department, disclosed that the fund was set up in response to the challenge of youth employment in Nigeria.
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The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.
“The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.
“It will provide Nigeria youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development.
“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,” it stated.
CBN stated that the fund was aimed at supporting the innovative ideas, skills, and talents of Nigerian youths.
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It added that it would institutionally devise a means for the youths to access funds, finances, business management skills and other inputs critical for sustainable enterprise development.
“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 youths restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations,’’ it added.
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