The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).
CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.
The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.
It stated that the major objective of the plan was to address fragmentation of youths initiatives that prevent assessment of impact.
`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.
The apex bank said that the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youths.
It added that it would institutionally provide the youths with special window for accessing the 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 added that part of the objectives of the fund was to improve access to finance for youths and youth-owned enterprises for national development.
“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.
Contact: [email protected]
- First Bank team visits KAM Holding CEO, Kamoru Yusuf in Ilorin
- After jumping bail, EFCC produces fugitive ex-pension boss Maina in court
- Osun Assembly to work speedily on Bill to protect people living with disabilities
- Sanction contractors who fail to complete projects, FRC advises MDAs
- Children with disabilities most disadvantaged during COVID-19 – UNICEF
- Verdict expected as trial of exiled journalist resumes in Turkey
- FG approves charges on new Lagos-Ibadan rail
- Libyan justice ministry welcomes lifting of travel ban on Gadhafi family members
- Lawyer solicits support for orphanages
- India’s central bank projects faster economic recovery
- News11 months ago
Army approves cigarettes allowance, N20,000 salary increment for soldiers
- Politics1 year ago
Breaking…Kwara assembly suspends 16 LGs chairmen
- Metro8 months ago
BREAKING…. Kwara govt announces total lockdown in Offa
- Education1 year ago
UNILORIN education faculty emerges best in Nigeria
- Politics11 months ago
Gbemi Saraki finally breaks silence, changes political slogan
- Politics1 year ago
Breaking… Kwara governor appoints Yinka Aluko S A Special Duties
- News1 year ago
Sokoto assembly confirms Gov Tambuwal’s 26 comissioner nominees
- Politics2 years ago
Breaking…GOV. ABDULRAZAQ APPOINTS COMMITTEE ON REVIEW OF SALES OF GOVT PROPERTY (See full names)