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CBN releases framework for N75bn youth investment fund

The Central Bank of Nigeria (CBN) has released guidelines for the implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in an announcement by its Development Finance Department, said that the fund was a built-in strategy to effectively respond to the problem 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 said that the most important goal of the plan was to handle the fragmentation of youths’ initiatives that forestall the evaluation of affect.

`The Federal Government Council on July 22, authorised N75 billion for the institution of the NYIF from 2020 to 2023.

Read more: FEC approves $3.1 billion for ‘automation of Nigeria’s customs service’

“It should present Nigerian youths with funding inputs required to construct profitable companies that may develop into sustainable employers of labour and contributors to the nation’s growth.

“ The plan targets younger folks between 18 and 35 years and particulars the wanted actions required to help enterprise institution, enlargement and consequent employment creation for teens in essential financial and social sectors,” it said.

The apex financial institution stated that the fund was devoted to investing within the progressive concepts, expertise, and abilities of Nigerian youths.

It added that it will institutionally present the youths with particular home windows for accessing the funds, funds, enterprise administration expertise, and different inputs essential for sustainable enterprise growth.

“The ministry is the lead implementation entity and is liable for budgetary provisions and for funds mobilisation.

“The fund goals to financially empower youths to generate no less than 500,000 jobs between 2020 and 2023,’’ the apex financial institution stated.

It added that a part of the targets of the fund was to enhance entry to finance for youths and youth-owned enterprises for nationwide development.

“It should additionally generate much-needed employment alternatives to curb youth’s restiveness, increase their managerial capability, and develop their potential to develop into the future giant corporate organisations,’’ it added.

(NAN)

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