BEVERLY HILLS, October 29, (THEWILL) – The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund, NYIF.
The Fund, the Finance Department of the CBN said is a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.
The major objective of the fund, the CBN said is to address fragmentation of youth’s initiatives that prevent assessment of impact.
“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 is dedicated to investing in the innovative ideas, skills and talents of Nigerian youths. It added that it would institutionally provide the youths with a special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.
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“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’’, CBN 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 organizations”, it added.
The Federal Executive Council on July 22, approved N75 billion for the establishment of the NYIF from 2020 to 2023.
An initiative of the Ministry of Youth and Sports Development, the Fund is to be managed by NIRSAL Microfinance Bank. NIRSAL Microfinance is owned by the CBN.
