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 youth 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 youth 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 youth in critical economic and social sectors”.
The apex bank said the fund was dedicated to investing in the innovative ideas, skills and talents of Nigerian youth.
It added that it would institutionally provide the youth with a 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″.
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 youth restiveness, boost their managerial capacity and develop their potential to become the future large corporate organisations”.
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